Welcome to The Lost Debate, a show for Politically Clectics.

I'm Ravi Gupta, and today we have a guest I've been meeting to talk to you ever since

this new book came out.

We're talking to Rob Copeland, who wrote a book called The Fund, which is all about Ray

Dahliao and Bridgewater Associates.

If it sounds familiar, I have been talking about it for the past few weeks.

And Rob is a finance reporter

at the New York Times. He was previously the longtime hedge fund beat reporter for the Wall Street

Journal and was also covered Silicon Valley in the hidden world, the wealthy, powerful. His front page

investigations at the Bridgewater won a New York Press Club award. He was also awarded a bunch of other different things for his

reporting, and he has now attracted the attention of the most powerful hedge fund manager in the

world. Rob, congratulations on the book launch.

Thank you. Since you cover hedge funds for the Wall Street Journal, let's start there for our

audience, because I think our audience sometimes gets confused that what's a hedge fund, what's a

private equity fund, you know, what are other sort of, you know, more niche investment outlets?

Just what are these things, these hedge funds?

Sure.

And, you know, the lines bleed between them.

So it's okay not to think that they're all, you know, separate categories.

Essentially a hedge fund, a private

equity fund, any private investment fund is just when a bunch of rich people or rich or large

institutions pool their money together and they try to buy assets that they hope will go up or they

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