Core Insights - Ray Dalio, founder of Bridgewater Associates, has sold all his remaining shares and stepped down from the board, marking his retirement after a legendary investment career [1][8] - Bridgewater has repurchased Dalio's shares and issued new stock to the Brunei sovereign wealth fund, giving it nearly 20% ownership of the firm [1] - Dalio warns of a 65% probability of a global debt crisis in the next five years, which could severely impact the dominance of the US dollar [1][10] Performance - Dalio founded Bridgewater in 1975, and under his leadership, it became the world's largest hedge fund, achieving significant returns during major financial crises [1][2] - The flagship fund, Pure Alpha, saw a cumulative return of only 5.9% over five years ending in 2024, but improved to 11.3% in 2024 and 17% in the first half of 2025 [3][10] Controversies - Dalio's debt theory has faced criticism, particularly regarding his approach to macroeconomic analysis, which some argue is overly simplistic [4][5] - Critics suggest that his understanding of macroeconomics as a machine fails to account for the complexities and unpredictability of economic behavior [6] Legacy - Dalio has emphasized four key principles for success at Bridgewater: the importance of people and culture, learning from mistakes, the value of transparency, and the equation "Pain + Reflection = Progress" [8][9] - He expresses confidence in the next generation of leaders at Bridgewater to continue its legacy of success [8]

Core Insights - Patience is crucial in investing, but swift action is necessary when exceptional opportunities arise [1] - Buffett recalled an incident from 1966 where he received a call about a company generating $2 million annually being sold at a very low price, emphasizing the fleeting nature of such opportunities [1]