A few lines later, you will see a paraphrased excerpt from Rob Copeland’s book “The Fund: Ray Dalio, Bridgewater Associates and The Unraveling of a Wall Street Legend.”
This book describes, among other things, the rise of Harvard graduate Katina Stefanova inside Bridgewater and her sudden downfall, together with Ray Dalio’s brutal Insults and humiliation.
The following text shows the true face of Ray Dalio, especially Ray Dalio’s remark:
“You’re a dumb shit! You don’t even know what you don’t know.”
Paraphrased excerpt following
Stefanova was responsible for recruiting a new cohort of 2009 recruits, designated as “management” associates.
Despite her efforts, she did not keep pace with Dalio’s escalating demands for more recruits.
Eventually, Dalio reached a breaking point and demanded answers from Stefanova in front of a gathering of Bridgewater’s senior leadership. Stefanova found herself in the spotlight, seated in a conference room surrounded by Bridgewater’s top brass, as Dalio prepared to scrutinize her performance.
As Dalio sat across from her, he launched into one of his familiar tirades. He pointed out that Stefanova was months behind schedule on hiring, which he claimed impeded his plans to step back from the firm.
Dalio announced to the room that he would first “probe” and then deliver what he called a “diagnosis.” In the probe, he asked her to confirm that she had fallen short of his assignment. The diagnosis was that she was an idiot, a point he made over and over.
“You’re a dumb shit!” Dalio spat. “You don’t even know what you don’t know.”
No one else made a peep.
“I was working really hard,” she eked out. “I was doing my best. What would you have done?”
As Stefanova attempted to defend herself, Dalio showed no inclination to offer guidance. His verbal barrage continued, with him raising his voice and aggressively gesturing, while the room remained silent, witnessing the confrontation unfold.
For Stefanova, this was a pivotal moment. Just four years out of business school, she found herself confronting Dalio, a titan in the financial world. Tears welled up, slowly at first, then flowing uncontrollably down her cheeks. Others in the room averted their gaze, afraid of succumbing to their own emotions.
Finally, unable to bear the humiliation any longer, Stefanova pushed herself away from the table and fled the room, tears still streaming down her face. The meeting came to an abrupt end.
End of the paraphrased excerpt from The Fund: Ray Dalio, Bridgewater Associates and The Unraveling of a Wall Street Legend (Macmillan Business), by Rob Copeland.
