Ray Dalio, who runs the hedge fund behemoth Bridgewater Associates, is speaking at the Bloomberg Markets Most Influential Summit with former New York City mayor Michael Bloomberg.
Bloomberg TV's Stephanie Ruhle is the panel moderator.
Both CEOs are talking about the intense focus on transparency at both of their firms.
Dalio is also one of those closely followed macro fund managers. He is also known for 'round-the-clock surveillance at his firm. Everything is recorded.
Dalio said that makes for "meaningful work and meaningful relationships through radical truth and radical transparency."
Bloomberg's firm is also constructed differently from traditional institutions. There are no titles, and all seating is open-plan. The CEO himself sits in the center of a bullpen.
At the same time, he also believes in delegating down and forcing all employees to take responsibility for pieces of the operation.
About 10 minutes into the conversation, Stephanie Ruhle brought up a point you hear in cocktail conversation about both Bloomberg and Bridgewater — "what do you say to people who say that your companies are cultish?"
Dalio responded that his culture comes with questioning, not blind following as in a cult. You have to talk about your firm's core values, he said. They guide your company, and if you don't talk about them, you won't have them.
You have to know what you're living out, Dalio said. "Mike, what are you living out?"
"I'm living out the American Dream," Bloomberg responded. "My mother said the only people we knew whose names were in the paper were there for petty crimes and thievery."
He came from nothing, and he had the opportunity to meet some of the most famous people in the world — like JLo, he mused.
That's how he wants people to feel at Bloomberg — like they can achieve whatever they want through hard work. That aspiration is what gets him to work every day and was why he went back after serving as the mayor of New York....
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