“I Didn’t Want To Hold On Until I Died” – Ray Dalio (Finally) Gives Up Control Of World’s Largest Hedge Fund

The billionaire founder of the world’s largest hedge fund is (finally) stepping down as co-CIO.

Having initiated his succession plan in 2010, 73-year-old Ray Dalio

“This was the natural progression of events; as soon as we were ready, we went ahead,” said Dalio, who will keep his seat on the board with a new title: founder and CIO mentor.

“I didn’t want to hold on until I died.”

Bloomberg reports that succession means he can devote more time to his philanthropy and to passing on the lessons he’s learned as a lifelong student of the economy.

“It’s the most beautiful thing to see,” he said.

“Bridgewater is my extended family, and now my family is well without me. It’s a joy. They’re strong.”

He said he has no plans to sell his minority stake in Bridgewater and looks forward to mentoring the firm’s investors for years to come.

In what sounds like relief (but could be simply out of context), co-Chief Executive Officer Nir Bar Dea said in an interview:

“Ray no longer has the final word…That’s a big change.”

Nir Bar Dea

Presumably, Dalio will just incorrectly time when “cash is trash… or not” on his own private time now.