Fund launches in-tents effort
Falling stocks . . . falling trees — it’s all part of a day’s work at Bridgewater.
Ray Dalio’s $138 billion hedge fund has set up tents in the woods across from its Westport, Conn., headquarters so that its traders and other staffers can continue to work from their desks during the coronavirus pandemic, according to a report.
The tents, which can accommodate about 50 of Bridgewater’s roughly 1,500 global staff, were erected in May when it was determined that the safety protocols required for indoor work were too “stressful,” according to Fortune.
While the setup includes kayaks, it also comes with chirping birds that can disrupt calls and at least one downed tree, Fortune says.
“We’re sitting outside — that’s never been a part of our plans,” Nir Bar Dea, cohead of Bridgewater’s investment engine, told Fortune.
The magazine’s reporting on the camps comes as the rest of Wall Street debates whether and how to bring its traders back.
Bridgewater intends to keep the woodsy setup through October, or until the weather gets too cold to comfortably work outdoors, Bar Dea told Fortune.
Once staffers move back indoors, the company, known for welcoming confrontation among colleagues, “may necessitate overnight stretches,” Fortune said. “Think the NBA bubble in Disney,” Bar Dea told the mag.
Bridgewater has been plagued in recent months by poor performance. Its flagship Pure Alpha fund posted its first ever annual loss in 2019 and was down over 13.5 percent through June.
It’s also been hit with discrimination claims by former co-CEO Eileen Murray, and criticisms of Dalio’s management style.