The MarketWatch 50: Greg Jensen nailed inflation, the Ray Dalio leadership change, and won at poker. Inside his big year.

by | Nov 3, 2022 | Stock Market

On the first Sunday night of October, Greg Jensen hosted Ray Dalio at his New York City apartment to toast the biggest transfer of power in the history of the $4 trillion hedge fund industry. Over a meal of halibut and grilled cabbage, Jensen, Dalio, and their two wives, marveled at their relationship and the transition atop the world’s biggest hedge fund firm that had just taken place. 

Starting in a much more modest two-bedroom New York City apartment 47 years earlier, Dalio had built Bridgewater Associates into a $150 billion colossus, and for a long time it was unclear whether he would actually ever hand over the business he created. The rollercoaster transition process dragged on for 12 years, with fits and starts that included Jensen’s own demotion. The vast majority of hedge fund firms don’t outlast their founders.  Even as recently as Valentine’s Day 2022, the issue remained in doubt. Jensen had become frustrated working out the final details of how Dalio would relinquish control and ownership of Bridgewater, with tough sticking points over the sharing of future economics remaining. Jensen was scheduled to be married in Anguilla six days later and was determined not to have the tense talks …

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