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Learn about the key people involved in passing the torch at Ray Dalio’s Bridgewater Associates

Today we have stories about Vanguard’s tech strategy helping it cut costs, a surprise visitor at a well-known conference on Wall Street, and one of the most creative heists you’ll ever see.

But first, welcome to the new age of Bridgewater.

The all-new Bridgewater look. When it comes to the world of hedge funds, there is arguably no bigger name than Ray Dalio.

Mets fans and meme-stock fans may have some different people in mind, but it’s hard to make a better case for the number one spot than the man who founded the world’s largest hedge fund.

It’s not just the fact that Dalio has grown Bridgewater Associates to the $150 billion it is today. How did he do that.

Learn about the key people involved in passing the torch at Ray Dalio's Bridgewater Associates
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Dalio’s management of “radical transparency” amounts to real-time feedback and severe penalties for those who speak up behind their colleagues. And while that might sound like an episode of “Black Mirror” to some, others seem to really dig it up. (Dalio even created a personality test that you can take, if that’s your kind of thing.)

So when Dalio announced he was relinquishing control of the company in October, formally handing the reins to Near Bar Día and Mark Bertolini, Bridgewater’s co-CEOs, it sparked public interest. Will there be a new-look Bridgewater?

Dalio said the framework he spent nearly 50 years building will remain in place after he’s gone, compared to the United States and the Constitution. However, he was barely out the door before Dia hinted at some business changes at the company.

Bridgewater is certainly not the only hedge fund in the midst of a changing of the guard. We’ve put together some of the largest succession plans across the industry. But Bridgewater’s size and culture make for a unique use case of how succession plans are implemented in the hedge fund world.

If I had won and achieved what Dalio had at his age (73), the only thing I would be concerned about would be any of the bathing suits I wear on the beach every day. But that’s not how people like Dalio are built, which is why all eyes will be over the next few years at Bridgewater without the founder being at the helm.

In the meantime, get to know the new top faces at Bridgewater with this story that shows 11 key CEOs bringing a new era at the company.

Push a large cloud into Vanguard. Michael Carr, Vanguard’s chief technology officer, spoke about the role the public cloud plays in the company’s tech strategy, including how it helped the massive asset manager generate nearly 30% savings. Here’s how they did it.

A fintech company whose proponents include Maria Sharapova, Will Smith and Tony Hawk is looking to Europe. Public.com, which was recently valued at $1.2 billion and is also backed by Tiger Global, is launching in European markets next year. That’s all we know about her plans.

An event run by billionaire Ron Barron and was a surprise guest. Elon Musk, who isn’t in the middle of anything big or important these days, appeared to speak at Baron Capital’s annual client conference. Here’s what Musk had to say about the Twitter deal.

Sharks see blood in the water. Mark Lasry, CEO of Avenue Capital, which specializes in high-interest loans to distressed borrowers, sees plenty of opportunity as the economy deteriorates.

The feud between billionaire Dan Och and Sculptor Capital Management does not appear to be abating any time soon. Och showed no signs of backing down, and did not agree with a statement the board made in defense of its CEO, Jimmy Levine, Bloomberg reports. Get up to speed on the latest.

Credit Suisse is the latest bank to plan a cut. The company is set to cut staff in its global wealth management business, according to Bloomberg. Here’s what is said to be planned.

The Case of Vanishing Wine. Thieves stole $200,000 worth of fine wine from a Michelin-starred restaurant in Madrid. Find out more about the kind of theft that makes Danny Ocean proud.

We had someone watch a movie so violent that it makes the audience pass out. Eamonn Jacobs shares his thoughts on “Terrifier 2.” Don’t bother clicking if you value your sleep.

The main force behind the meteoric rise of Florida Governor Ron DeSantis has largely flown under the radar: his wife. Meet Casey DeSantis, described by as the state’s “co-governor.”

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