Raymond Dalio - the life-changing side hustle
Raymond Dalio is one of the richest people in the world, ranked 60th on the Forbes list.
Raymond Dalio earned his place in the sun thanks to his largest hedge fund, Bridgewater Associates, which, in terms of profitability, earned $500 million in 2015, surpassed the fund of George Soros himself.
Raymond Dalio's current net worth, according to his financial disclosures, is $15.6 billion, while Bridgewater Associates' investment portfolio is worth $154 billion.
In the stock market world, he's known as Ray, and believe me, his success story will surprise even the most jaded critics.
Raymond Dalio was born in 1949 in the historic Jackson Heights neighborhood of New York City. His family was far from poor, but neither was they particularly wealthy. Ray's mother was an ordinary housewife who looked after the house and children, and his father was a popular jazz musician by local standards.
What's interesting about his biography is that as a young boy he delivered newspapers, mowed lawns, shoveled snow, and tried in every way to earn money from his neighbors.
Getting to Know the World of Stocks: Making Your First Investment
When Ray was just twelve years old, he got a job as a sports equipment porter and consultant at the elite Links Golf Club. In the 1960s, the US economy was growing at an unusual rate, and in his job, Raymond began to frequently meet various stock market players and wealthy individuals, for whom he carried balls and clubs.
Whether he liked it or not, Ray often heard about rising stocks and incredible earnings prospects, as well as the plans of various wealthy individuals. So, one day, caught up in another conversation, Ray decided to try his first investment by buying three hundred dollars' worth of Northeast Airlines shares.
You won't believe it, but by sheer luck, Ray increased his investment from $300 to $900. This success captivated the young boy, and he began studying company reports for the first time, making his first trades, and, most importantly, while working as a golf club porter, he constantly spoke with stock market players and absorbed their advice.
The result of his passion was a stock portfolio worth several thousand dollars by the time he graduated from high school, which was quite a substantial sum for a student at the time.
Training: Meditation and the Path to Success
After graduating from high school, Raymond enrolled at CW Post College and continued his active speculative trading. Believe it or not, during this time he began actively studying meditation, believing it to be the key to his success, as it allows him to clear his mind of unnecessary thoughts.
After graduating from college, he enrolled at Harvard and continued his studies. One fine summer, he began trading commodities and became quite successful. To further his trading, he and his fellow students founded Bridgewater Associates.
However, the company was not performing well, so Ray quickly closed it down.
First job – first success
Thanks to his experience in commodity trading and a Harvard MBA in finance, Ray became a sought-after specialist. His career began at Dominick & Dominick, LLC, where he worked for just one year.
After a successful start to his career, Raymond Dalio found a job as a trader at Shearson Hayden Stone. Although a fairly successful asset manager, Ray managed to get into an argument with his boss at a New Year's party, which escalated into a physical altercation.
So he decided to leave the company and relaunch the old, forgotten firm, Bridgewater Associates, from his apartment. You won't believe it, but the investors Dalio worked for left with him.
Things really started to improve, and Bridgewater became popular with major clients, including McDonald's, one of the largest firms it traded for. After acquiring clients, Bridgewater opened a number of hedge funds and trading divisions.
The average annual return on each hedge fund was between 10 and 18 percent, rapidly increasing Dalio's fortune.
In 2011, Raymond Dalio stepped down as CEO and assumed the role of mentor. Today, his brainchild, Bridgewater Associates, continues to operate and ranks among the world's largest hedge funds in terms of returns.
