Hello and welcome. You are listening to Patrick Boyle on Finance, a podcast exploring ideas from quantitative finance, examining events occurring in markets right now and financial history to see what lessons can be taken away, including interviews with some of the most interesting people in the world of finance. To learn more about the podcast, visit onfinance.org.

Today's podcast is sponsored by Compounded Daily, a newsletter written by industry experts like

my friend Darren, who runs the How Money Works YouTube channel, I'll be writing occasional

pieces for them too. One of the difficult things about YouTube is that you have to make content

that the algorithm likes, but sometimes the most insightful pieces aren't a good fit. Compounded

Daily is filled with insightful finance and business stories and perspectives

that you just won't get from people who haven't worked in the financial industry.

I'll be writing up my thoughts on today's interview so that you can get my perspective on it tomorrow

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you can unsubscribe at any time. I'm delighted to have Rob Copeland on the channel today

to discuss his new book, The Fund, about Ray Dalio, the founder of Bridgewater Associates,

the biggest hedge fund in the world. This is the first time I've been sent a book

from a publisher that required me to sign an NDA, and that's because the book is somewhat

controversial. Ray Dalio has written a number of books and made numerous media appearances

describing how his principles led to his phenomenal business success.

Rob, a finance reporter for the New York Times, who was the hedge fund reporter for the

Wall Street Journal, tells a very different story. I wouldn't describe this as a negative book.

I feel it simply gives a different perspective on Ray Dalio. The book calls into doubt whether

Dahlio's well-known principles were at the root of his success or if other attributes led to his

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