75岁，达利欧宣告退休

Core Insights - Ray Dalio, founder of Bridgewater Associates, has sold his remaining shares in the firm and exited the board, marking his complete departure from the hedge fund he established [2][3][4] - Bridgewater has repurchased Dalio's shares, and the Brunei Investment Agency has acquired nearly 20% of the firm, becoming one of its largest shareholders [3][4] - The transition of leadership at Bridgewater has been a long process, beginning in 2010, with Dalio gradually relinquishing control over the years [5][6][7] Company Transition - The succession plan for Bridgewater began in 2010, with multiple individuals serving as CEO, and Dalio gradually transferring daily management and majority ownership [5][6] - By December 2021, Bridgewater established an operational board to oversee daily operations, leading to the appointment of Nir Bar Dea and Mark Bertolini as co-CEOs in early 2022 [6][7] - Dalio's complete exit signifies the successful culmination of the ownership transition, as stated in a letter to investors [7] Investment Performance - Bridgewater has achieved significant success over the years, notably predicting the 2008 financial crisis and generating high returns during various market downturns [10] - By 2022, Bridgewater managed over $150 billion in assets, solidifying its position as a leading hedge fund [10] Relationship with China - Dalio has had a longstanding relationship with China, beginning in 1984, and Bridgewater has significantly invested in the Chinese market over the years [11][12] - In recent developments, Bridgewater has increased its holdings in Alibaba and other Chinese companies, reflecting a strategic focus on Chinese assets [11][12] Leadership Philosophy - Dalio emphasizes the importance of culture and talent selection in achieving success, advocating for a culture of transparency and learning from mistakes [14][15] - His principle of "pain + reflection = progress" has been a guiding philosophy throughout his career, highlighting the value of learning from failures [15][16]