Ray Dalio’s Hedge Fund Bug Looks More Like a Feature

Multi-strategy hedge funds have been around for more than three decades. Will they make it to a half century? Ray Dalio, founder of 50-year-old hedge fund Bridgewater Associates has his doubts about this thriving subsector of asset management. The question is whether the flaw he sees in the “multi-strat” model is in fact a feature not a bug.

Dalio created Bridgewater in his apartment and turned it into an institution that had $92 billion under management at the end of 2024. It’s endured despite him leaving both the management team and shareholder register.