Lei Daliao: Patristic to pouring fund " way way is natural "

Awe-stricken to what naturally, established social standard of Daliao's unique viewpoint of value and job; Look in him, temporal, include economy and society move, have its underlying law, the time that he spent all one's life goes combing the clew clue of financial currency market, take advantage of an opportunity and for, achievement strikings

Li Wen

Lei Daliao (Ray Dalio) is at the beginning of 2012 by judge inside memory laptop toshiba course of study for the most successful to rushing fund manager on fund history -- company division lays pure alpha foundation (Pure Alpha Fund) came to was investor net 2011 1975 35.8 billion dollar, exceeded the total redound since fund of Suo Luosi quanta founded 1973 oneself. Beautiful couplet store Ceng Ping price says Wo Erke of · of former chairman Paul, bridge water fund of Daliao (Bridgewater Associates) compares beautiful couplet even to statistical analysis of economy store more rely on chart.

This administer is worn of assets of 1200 much dollars top class be in to hiding to fund health city in the woods of Westport, with new York wall street blatant maintain be far from, daliaoben person behavior is unusually low-key also.

He many years old 60 is tall cold cold of bright of thin, fair and clear, look, conversation, without too much mood, come to on Greenwich town one 35 years live in health city with the wife inside many feet of 5500 not costly house, wear at ordinary times outfit is simple, value none to monetary material. Although already ascended body blessing cloth Si Fuhao a list of names posted up, photograph of big alligator of Daliao's lifestyle and other finance is compared, if element is abbe.

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Weird company culture

The culture with bridge the most distinctive water is in of its advocate " extreme transparency " : All employee can criticize each other face to face, no matter level discretion, age is long young, should devote oneself to dug truth only, solve a problem; Rearward speaks ill of a person to be prohibited strictly, because this kind of behavior does not have any value, can destroy employee cohesive affinity only; The meeting make peace of company interior communicates by recording, indoor still contain even videocorder, in order to is recorded and investigate; All sorts of commerce are decision-making, should be opposite employee is frank and sincere, in order to make sure everybody knows true condition, make accurate judgement thereby.

Company computer system contains " question daily record " (Issue Logs) , anybody is OK above the issue with greatly small record, some problems sound complete not matter, the pea of firm dining room is too for instance insipid, closet faucet is bad, but to Daliao, doing not have a problem is small issue, every problem is worth employee to be solved thoroughly.

In bridge water, employee is criticized each other in public is common occurrence, shy person lives hard below such culture, what Daliao wants to be dedicated to a change is a person is egocentric. He thinks, the biggest obstacle in individual development is flimsy proper pride, if the person wants to obtain the truth, perfect oneself, must overcome " face " . So, he is encouraged criticize each other ceaselessly between employee, till them can sober objective, do not take mood ground to review these censuring.

Of course, be not everybody to be able to bear this kind of culture, rate of going from place to place is as high as 30% , because many people are overcome such culture resigns very quickly, and another part also shoulds not because of disposition and be fired by the company. The employee that many leaving one's post thinks, the culture of bridge water resembles an evil cult organizing at all -- " an attractive leader increases article of creed or faith of on one a complete set of " ; The company pays close atten the most popular t mobile prepaid cards tion to the weakness on employee body only it seems that, praise the person's advantage rarely, let a person very easily lose self-confidence.

These censuring did not affect bridge water fund two years this to create brilliant outstanding achievement ceaselessly, also have not shakes the person is opposite Daliaoben of his world outlook and philosophy be certain.

Natural and do-nothing

Daliao is a naturalist. He believes to dim law exists between the universe, because be united with these law harmony,the success that human place gains is. No matter science, economy, politics, comply with natural way only, ability prog most popular selling memory card digital cameras resses, go against " path " bring about disaster.

Daliao's world outlook, with the thought likeness of father. " moral classics " in say: "Person doctrine ground, ground law day, nature law, way way is natural. " everythings on earth all by path generation, the person is between heaven and earth, highest law also should follow the example of its behavior natural. And the place that should reach nature, be about carry out goes " do-nothing " . "Do-nothing " not be attempt and accomplish nothing, however not absurd is, do not counter a day and be.

This kind is opposite what naturally is awe-stricken, established social standard of his unique viewpoint of value and job.

For instance, daliao thinks, people saying place says " good " with " bad " it is opposite, it is the preference that reflected person place to belong to a group essentially -- right " good " " bad " definition, every group can have his different understanding. These understanding may not are reliable, but everybody is right " good " bad " understand, final metropolis gets of natural rule examine.

Make an example again, kill when a flock of hyena fed an antelope, is this " good " be " bad " ? Apparently look, this is a cruel dread it seems that, however, this kind of behavior is in all the time however happening, it has stimulative effect to the ecosystem of whole numerous and jumbled: Be helpful for hyena already live multiply, also be beneficial to pair of older natural systems that include antelope inside, because it can advance species evolution,reform. So, this is actually " good " behavior.

Temporal, include economy and society move, have its underlying law, the time that Daliao spent all one's life goes combing the clew clue of financial currency market, take advantage of an opportunity and for, achievement strikings.

Pick the person's way

Daliao's basic philosophy, and 210 standard that he establishs, decided bridge water fund is other kind company culture, also include to enrol person standard.

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With its he differs to pouring fund, bridge water likes to enrol a this year's graduat free canon ef 15mm es very much, because just gave the student plasticity of school and adaptability stronger. The interview means of bridge water also extraordinary.

Average financial firm likes with mathematical probability problem or brains take a sudden turn detects apply for a person " clever " . However, bridge water does not value this kind of ability that solve a problem, because major person can pass library of face examination questions,short time increases the capacity that solve a problem.

Bridge water besides value school one's previous experience and setting resume, more the disposition that cares about a person and the force that think of differentiate. For instance, interview person can be asked about to be opposite abort or the view of topic for discussion of religious and so on, in answering a process, can be come from the doubt of interview official and challenge ceaselessly, measure those who give a person to fight thereby press ability, proper pride to lose by force, the ability that think of differentiate is waited a moment.

Bridge water " weird " culture ever got many a person of same business person the doubt with past employee, also many people think the success of bridge water and company culture have nothing to do, it is Daliao purely the individual is so old will be opposite of money market experience and wisdom accumulate.

Daliao already arrived emeritus age, already was in at present gradually " come out " the core management responsibility of the company, and future does not have Daliao whether the bridge water of this soul character still can maintain its luxuriant outstanding achievement still is a mystery.

Anyhow, bridge water from amount to li of family mill of abstruse individual in those days, development becomes pair of strong fund with the biggest today whole world, he is right of human nature have an insight into, the analysis to economic machine, he cultivates the company culture basis with the human general lab that rise single-handed, with him element is like abbe, extremely the lifestyle of brief creed, can calls pair of strong fund industry the strange flower inside. (The author is American some industry to study company senior analyst)

Of Daliao " bridge water " road

Li Wen

Lei Daliao was born in the meaning descendants family of area of new York empress 1949, father is a jazz hand, the mother is housewife, he is the home in alone child.

8 years old, he entere free memory card digital cameras d a public school of local, he is fed up with a of the mechanical free t mobile prepaid cards memorizing in the school, do not love to learn, achievement not beautiful. In leisure, he begins to work for oneself earn money -- send newspaper, mow, shovel snow, wash a bowl.

12 years old begin, he is become in club of a golf caddie, many people in the club are wall street investor. In this kind of atmosphere the influence falls, he invested teen-age life the first stock -- northeast aviation, after this share price turned over 3 times. Luck let him earn money, also let him generate interest to stock investment.

After 18 years old of high school graduate, achievement flatly the long island college that Daliao entered place constrainedly. Investing a respect, he at that time already established a value the stock of thousands of dollar invests combination. The free and comfortable environment in the university ignited his interest to study again, university achievement is excellent.

1968, his university one grade. In those days, wrap around head person band goes India repairs Xi Ming to want, be reported extensively by media, also caused him contemplative to exceeding produce the expected result (the interest of Transcendental Meditation) . In this the following in more than 40 years, he insists to purify mood presumably with dark.

1971, after amounting to li of abstruse university to graduate, because achievement is outstanding,be admitted by haing Buddha business school. He in those days already began to trade heavy goods futures -- cereal, oil, cotton. In those day, heavy goods futures belongs to domain of an unexpected winner, on the market hardly what person does this to trade. Go breathing out that summer vacation before Buddha, he works in new York stock exchange. Also be that summer vacation, lay mines pauses silvan system disintegrate, the universal money system that is a center with the dollar breaks down, he feels him body manages storm center, and this kind of excitement also makes him study monetary system and market further.

After entering Ha Fo, brand-new case type education and open mode interlocution exercised his power that think of differentiate. Heart of his whole body is being enjoyed " mad learn, mad play " (Work-hard, the environment of Play-hard) . After the first school year ends the business school, the exercitation that the director that he persuaded ministry of commodity of beautiful Lin Dazong successfully gave him assistant works. Nevertheless, heavy goods trades to still be in the position of unmanned make inquires at that time.

1972, as a result of before of global money system break down, inflation rises urgently, heavy goods price is mad go up, caused directly 1973 oil crisis of the United States. Beautiful couplet store must adopt constrictive monetary policy to come inflation of keep within limits. Result, stock market ebbs greatly, contrary, heavy goods futures traded to welcome its gold opportunity, the talent of relevant domain demands exceeds supply.

After from Ha Fo the business school graduates, he joined Dominick&Dominick became the officer of ministry of company heavy goods, regrettablly, did not pass one year, whole company was immersed in the stagnant be a burden on of stock market market predicament. 1974, he finds new job joined Shearson Hayden Stone of company of broker of another negotiable securities, the department of heavy goods futures that still likes most in him holds a post, the farmer of provisions ox and cereal manufacturer people offer a risk to sug most popular selling brooch pins gest to what rush.

1975, daliao was persuaded once he becomes service of a client advisory, oneself company bridge water held water in apartment. That year, he ability is 26 years old.

Later, daliao marriage is parturient, established oneself family, moved health administrative division, continue he " domestic mill " of type trade investment, he coachs how the company runs a risk, publish the brief report that economy analyses.

1985, he persuaded world bank to retire one share capital hands in fund general to manage by bridge conduit. 1989, emeritus fund also became Kodak the client of bridge water. After this 20 old in, bridge water was attracted increasing the fund of emeritus provide for the aged that comes from world each district and fund of money of governmental sovereign rights (the dominion fund) that includes China, the total assets specified number that bridge water runs at present has exceeded one dollar. Findings of an analysis orgnaization made clear 2011, bridge water is the investment management company with emeritus the most trustful fund.

Be in early 2007, daliao already forecasted the United States the room later borrows the crisis. In those days in December, feel he the situation is bad appeals for help designedly the Ministry of finance, interviewed the employee of the at hand of finance minister Bao Ersen at that time, the warning says the United States or will greet a severe credit crisis, but, do not have what the person cares about him to forecast. His then visited American the White House again, tell policy constitutor the bank to the system will face loss of a huge sum, regrettablly, his judgment still was not caused enough take seriously. Close down till Lei Man, second borrow the crisis to grow in t mobile prepaid cards intensity, governmental high level just remembered Daliao to foregoing forecasting and be analysed.

Lawrence Samosi -- Aobama recruits 2009 to 2010 chairman of American Economic Commission -- during the White House holds a post, insist to read the economic brief report of bridge water all the time, lie between a few months to be about to follow Daliaotong word, he evaluates Daliao is " extremely wisdom aspirant person " .

Begin from acting 1980 initial stage, daliao insists to record his investment rule, revise law ceaselessly according to investing a result. To today, these law already were changed by computer program, use monitor the world automatically each are big economy runs the country, so that make investment judgement.

In his eye, economy is like the machine of a careful. He is opposite this " machine " close understanding, make bridge water grows finally it is pair of strong fund with the biggest whole world.