Copeland on writing "The Fund" & Dalio's Legacy

‘He wasn’t happy about it before a word had been written’ says the New York Times’ Rob Copeland. In his book “The Fund”, the former Wall Street Journal reporter and longtime finance writer discusses his investigation into the philosophy and culture of Wall Street legend Ray Dalio and his Bridgewater Associates. Yahoo Finance Executive Editor Brian Sozzi discusses the allegations, the process behind the book, and how it came to be in the first place.

"The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend" is out now.

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Transcription de la vidéo

One of the other stories uh that really, I left an impression on me is a story uh Bridgewater uh employee Katrina Stefanova, uh which some had thought could possibly succeed.

Regalo at some point, tell us about that.

So in order to understand also why people put up with this, and I'm gonna tell you about Katina, you have to understand that there's this incredible promise of uh at Bridgewater, which is that if you put up with it, if you do, what did they literally say?

Get through to the other side, which is a phrase that scientology uses too.

The you will you have a chance of this, this these riches self-improvement for yourself by following principles and then this incredible bounty.

So Katina begins to put up with a lot of uh what people around her would say is abuse from Ray Dalio and she messes up one day on something that is not important to task about recruiting people.

And he calls for a trial of her to a diagnosis of her problems as he puts it and then a trial.

So all the top people at the firm come into a room, they put a recording device on the table and he just begins to uh to Exor crate her.

That's not the word, but we'll try and he's criticizing her.

He's yelling at her.

She just starts to be upset.

She starts to sob.

She starts to uh you know, be incredibly upset.

Eventually she runs out of the room leaves the room, he releases this, this tape, he edits it to make himself seem like a kind person and he releases it to the firm under the name.

Pain Plus Reflection equals progress.

Now, I had heard a lot of this throughout the years.

Bits and pieces.

What I didn't know until I uh wrote the book was that, that whole time Katina was pregnant, she wasn't just crying because she had made a mistake or because her billionaire boss was in her face, but she was literally pregnant the whole time.

And he released this snuff tape of her internally and kept re releasing it, by the way, for years, they would play it for uh for applicants to Bridgewater and they would say, what do you think about this?

And if you said I found this disturbing, they would throw your application out.