Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

'Ray, this is a religion': How Bridgewater lost two top hires

nymag.com

Post reply on HN
Print view View original

131–140 of 179 posts

Re: 'Ray, this is a religion': How Bridgewater lost two top hires

#131

Post by duxup »

throw3823423 wrote: post #63

I worked with Ferrucci in BW. The internals of the employee rating system that preceded him were hilarious. In short: Everyone is encouraged to rate anyone else in a variety of categories, as often as possible. Every rating is public. You know who is rating you, and how they did it. Those ratings are put together to get a score in every category, and can be seen by anyone. It's your Baseball Card. The problem is that…

I worked at a place where publicly praising folks via company wide emails was encouraged. It was a painful experience. Almost immediately mutual admiration societies started up. It was like a competition between these small groups to send these nauseating emails every Friday. Mostly it was sales, HR, and the executive team sending these emails.

Most folks just didn't participate and it faded away pretty fast.

Re: 'Ray, this is a religion': How Bridgewater lost two top hires

#132

Post by aatd86 »

steveBK123 wrote: post #76
toomuchtodo wrote: post #42

Earlier quoted context omitted.

Same deal with Bill Gross (“the bond king”). Macro tailwind, a few good compounding successes, and riding that draft for the remainder. They don’t retire, they just graduate to “thought leaders” because what else are you going to do with that much free time and ego. The money no longer matters, all that is left is to chase status. https://www.google.com/search?q=bill+gross+lucky https://www.cnbc.com/video/2013/04/03/…

Yeah that's the thing with investing. Markets change, trades get crowded, data/tech gets commoditized, and strategies stop working. If you do not have a process and evolve, you are roadkill. So some guys who are early, big and right can attract a halo that long outlives its reality. To build some piece of tech you need to have some sort of process, and it is probably replicable to building another piece of tech. It i…

Buffett seems to do quite well for himself from what we often hear.

Re: 'Ray, this is a religion': How Bridgewater lost two top hires

#133

Post by Eddy_Viscosity2 »

throw3823423 wrote: post #63

I worked with Ferrucci in BW. The internals of the employee rating system that preceded him were hilarious. In short: Everyone is encouraged to rate anyone else in a variety of categories, as often as possible. Every rating is public. You know who is rating you, and how they did it. Those ratings are put together to get a score in every category, and can be seen by anyone. It's your Baseball Card. The problem is that…

This reminds me very much of the MeowMeowBeenz epsiode of community.

https://en.wikipedia.org/wiki/App_Development_and_Condiments

https://www.youtube.com/watch?v=CI4kiPaKfAE

https://www.youtube.com/watch?v=bokl1SOfIjQ

Re: 'Ray, this is a religion': How Bridgewater lost two top hires

#135

Post by next_xibalba »

Eddy_Viscosity2 wrote: post #133
throw3823423 wrote: post #63

I worked with Ferrucci in BW. The internals of the employee rating system that preceded him were hilarious. In short: Everyone is encouraged to rate anyone else in a variety of categories, as often as possible. Every rating is public. You know who is rating you, and how they did it. Those ratings are put together to get a score in every category, and can be seen by anyone. It's your Baseball Card. The problem is that…

This reminds me very much of the MeowMeowBeenz epsiode of community. https://en.wikipedia.org/wiki/App_Development_and_Condiments https://www.youtube.com/watch?v=CI4kiPaKfAE https://www.youtube.com/watch?v=bokl1SOfIjQ

One of my absolute favorite episodes. Right up there with the Asscrack Bandit episode.

#SixSeasonsAndAMovie!

Re: 'Ray, this is a religion': How Bridgewater lost two top hires

#136

Post by anotherhue »

throw3823423 wrote: post #63

I worked with Ferrucci in BW. The internals of the employee rating system that preceded him were hilarious. In short: Everyone is encouraged to rate anyone else in a variety of categories, as often as possible. Every rating is public. You know who is rating you, and how they did it. Those ratings are put together to get a score in every category, and can be seen by anyone. It's your Baseball Card. The problem is that…

dots. dots everywhere. https://www.principles.com/principles/3290232e-6bca-4585-a4f...

Re: 'Ray, this is a religion': How Bridgewater lost two top hires

#137

Post by thumbsup-_- »

throw3823423 wrote: post #63

I worked with Ferrucci in BW. The internals of the employee rating system that preceded him were hilarious. In short: Everyone is encouraged to rate anyone else in a variety of categories, as often as possible. Every rating is public. You know who is rating you, and how they did it. Those ratings are put together to get a score in every category, and can be seen by anyone. It's your Baseball Card. The problem is that…

This is classic example of if you give people a metric (that is meant to be a condensation of things that truly matter) based on which they are evaluated it, they will just start optimizing for and gaming that metric instead of focusing on things that truly matter.

Re: 'Ray, this is a religion': How Bridgewater lost two top hires

#138

Post by Ologn »

hash872 wrote: post #123
voisin wrote: post #97

Earlier quoted context omitted.

I read that book too, albeit a number of years ago when it first came out, and I don’t recall “none of the algorithms actually worked” being true.

Was just thinking the same thing. I remember that they went through a long time period to get their algorithms to work, so maybe that's what OP means. I also remember that they found some algorithms that work but they don't know why , but they keep running them anyways. I definitely do not remember anything about Simon making trades based on 'hunches'

I recall Simons saying that early on in his trading career with his partners, they traded on hunches as opposed to purely statistically. He said later on they did not, it was purely algorithmic later on.

Re: 'Ray, this is a religion': How Bridgewater lost two top hires

#139

Post by monkeydreams »

pavlov wrote: post #33

Also in the Vanity Fair there’s an extract from the new book about the time the future FBI director was snooping for employees’ dirty laundry at Dalio’s hedge fund and conducting year-long show trials: “Inside James Comey’s Bizarre $7M Job as a Top Hedge Fund’s In-House Inquisitor” https://www.vanityfair.com/news/2023/11/james-comey-dalio-br... It’s every bit as strange as it sounds.

> It’s every bit as strange as it sounds.

Nope. Much, much stranger.

Re: 'Ray, this is a religion': How Bridgewater lost two top hires

#140

Post by efitz »

I had an ex-Bridgewater colleague a couple jobs ago, who brought “Radical Transparency “ with him.

One on one he was a nice enough guy, and he was super smart. In meetings or as a manager he was a nightmare and left a dumpster fire of problems in his wake including driving off nearly his whole team.

Post reply on HN