For over two decades, Bridgewater Associates founder Ray Dalio boasted that his $168 billion hedge fund had found the "holy grail" of investing. But like many of Wall Street's "Masters of the Universe," Dalio turned out to be just another bullshitter.
Great article on Dalio. I think I will buy the book. i have read some of his stuff. He says (in too many words) what any student of history SHOULD already know.
In early middle age I began to read in earnest books on finance. They ranged from non-fiction novel style books (such as "When Genius Failed") to how to books (such as "Unconventional Success"). Some were highly interesting and entertaining, such as Niederhoffer's "Education of a Speculator." A handful were revelatory, such as Taleb's "Black Swan." One I thought was a real dud, probably because of my legal training and experience, Truell and Gurwin's "False Profits" about BCCI, Clark Clifford and Robert Altman. As I read it I kept thinking that the case against them sounded like a lot of guilt by association and would not succeed in criminal court. Despite the book's glowing reviews. And that proved to be the case. Mark Hulbert likes to tell the story about going on Rukeyser's show with Al Frank and Joe Granville, the former a good newsletter producer, the latter a poor newsletter producer. But he suspected that the latter may well have sold more newsletters from that appearance because of his energetic confidence. Something in the human psyche allows bluffers to prosper at least until the house of cards collapses, as some recent high profile disasters have illustrated.