This story is part of the Behind the Desk series, where CNBC Make It gets personal with successful business executives to find out everything from how they got to where they are to what makes them get out of bed in the morning to their daily routines.
Today, Ray Dalio is a finance legend who’s been called “the Steve Jobs of investing” because of his tough but innovative management style.
Dalio famously founded Bridgewater Associates out his two-bedroom apartment in 1975. He hit rock bottom in 1982 when a bad bet that wiped him out financially and he had to borrow $4,000 from his dad to rebuild his company from scratch.
Since then, the Queens, New York native has amassed a net worth of $17 billion while building Bridgewater into the world’s largest hedge fund, which now manages roughly $150 billion in assets.
Though Dalio stepped down as co-CEO of Bridgewater in 2017, he has remained co-Chairman and co-Chief Investment Officer. But Dalio says he will eventually pass along those titles as well, because now, at 71, he is focused on his next phase of life — pursuing his passions and helping others succeed.
Dalio’s already started passing along his wisdom with the book “Principles: Life and Work,” and now with his new PrinciplesYou assessment (similar to a test he gave Bridgewater employees), which helps people learn about themselves.
He says he wants a legacy beyond Bridgewater as someone who “evolved well” and “contributed to evolution in some small part. And who helped people be all that they could be.”
Here, Dalio talks to CNBC Make It about what his days look like, tough love, what keeps him up at night and more.
