Highly recommended by The New York Times, The New Yorker, The Wall Street Journal, and The Financial Times!
The one book Ray Dalio wanted to keep hidden the most!

Wall Street legend, hedge fund tycoon, the Steve Jobs of finance.
These are all nicknames referring to Ray Dalio.
True to his nickname, Dalio is known as a pioneer in driving innovation in the financial world.
But do we really know the real Ray Dalio? In this book, financial journalist Rob Copeland delves into the truths Ray Dalio wanted to keep hidden.

Dalio has built his image as an "intelligent manager" with his best-selling book, "Principles."
But this book, Betrayal of Principles, directly refutes that image.
By referencing interviews with current and former Bridgewater executives, memos, emails, transcripts, court records, numerous internal and external documents, media interviews, and articles, the author reveals that behind Dalio's image of extreme truth and transparency lies not an intellectual manager, but a fearsome tyrant.

The author delves into the truth about Ray Dalio and Bridgewater, offering us greater insight.
Do we truly understand a leader? Do his words and actions align? Is he trustworthy? "Betrayal of Principles" sharply exposes the true face of leadership we face today and forces us to confront the true nature of power hidden beneath the image of success.

Awards
※ One of the New Yorker's Best Books of 2023
※ Selected as an Amazon Editor's Pick

Bridgewater showed applicants a scene of Stepanova suffering as the first step in an open-ended conversation and personality test.
Do you think she got what she deserved? Do you feel sorry for her? If you wanted to get a good score, the answer was set.
---From "What a damn company"

It wasn't just that her billionaire boss had been particularly angry in her presence that day that she lost her composure.
It wasn't just because he made a mistake at work or talked back to his boss.
It wasn't even that I was worried about my job.
She was pregnant.
---From "What a damn company"

The Reeve family was wealthy, but they were self-made nouveau riche.
Viking often told his grandchildren that he sold his heaviest coat in the 1920s to buy his first stake in the brokerage that would later bear his name.
On the other hand, Barbara Dalio was born with a silver spoon in her mouth.
---From "A Sure Assurance"

Dalio, who had not made much of an impression on the show until then, took the opportunity to grab attention.
He told Winfrey.
“To be clear, the Japanese are racists.
“One thing is certain: Japanese people are racists.”
---From "Pure Alpha"

The reporter asked, “Do you think the United States is at risk of a recession?”
Dalio replied.
“No, not yet.
There's a lot of money going around.
“With liquidity overflowing everywhere, it would be shocking for me if this subprime problem spread and brought down the economy.” And the subprime problem soon spread and brought down the economy.
---From "Big Thing"

Baseball cards are getting bigger and bigger.
Dalio also instructed that Ikinzer's first personality test results, MBTI results, and other things be included on the baseball card.
We also created a segment in the weekly MPT video that documented how reliable each employee's test results were and how closely their answers matched Dalio's.
New categories were constantly added, just as scaffolding was continually installed while building a building with an ever-increasing number of floors.
---From "A Different Company"

Each person could interpret the 'principle' to their own taste and use it to attack the company's rough edges and drive out all the scum.
As a result, people began demanding video recordings, internal public “trials,” and investigations into even the most trivial issues within the company.
Dalio eventually brought in a prominent former prosecutor turned lawyer for $7 million a year.
And he informed his employees that this newcomer would become the “godfather” of the company.
His name is James B.
It was a comedy.
---From "A Different Company"

The article, which covered Apple followers, cited Dalio as an example and, citing McDaniel's article, described Dalio as "the 'Steve Jobs of the investment world.'"
Dalio's official profile on Bridgewater's website later changed to "Ray Dalio has been called the 'Steve Jobs of the Investment World' by aiCIO and Wired."
---From "Attack"

Dalio found in Jobs a model for his own journey to becoming a hero.
The two had a common image of being bad guys, to put it mildly.
---From "Attack"

“I want to work for a company that does work that is worth doing.
But this place is like a collective farm with hedge funds thrown in as a bonus.”
---From "The Truth Factory"

Jensen said.
“Bridgewater is a truth factory.
In this way, the truth about investment is produced naturally.
“If we put our minds to it, we can even cure cancer.”
---From "The Truth Factory"

As he told his inner circle, the future book was expected to be as historic as Apple's invention of the first iPhone.
It might sound far-fetched, but Dalio often points out that Steve Jobs also changed the world by beating down naysayers.
---From "Prince"

The recording edited out all of Stepanova's complaints about the company's poor culture, and only included Dalio's complaints pointing out Stepanova's mistakes.
The case study, titled “Can You Trust Stepanova?”, included a survey asking viewers whether they agreed with her firing.
---From "The Truth Factory"

Dalio predicted quite directly that the same thing could happen again in 1937, when the stock market crashed by more than 50 percent in a year.
But that didn't happen.
Jensen's computer monitor was displaying the report card for Pure Alpha, which had been betting on a recession, following Dalio's gloomy outlook.
---From "Deviation from Principle"

FreeOS failed miserably.
It worked for very simple tasks, such as searching for a specific word in "principles" and displaying related phrases, but Dalio's vocabulary choices were more unpredictable than anyone else's.
McDowell felt like he was programming the GPS in a grueling car video game, navigating winding roads and narrow bridges.
---From "The Way of Being"

The driving force behind Bridgewater's success was not trust, but the faith of its employees.
Rubinstein said.
“Ray, this is religion.”
---From "Ray, this is religion."

One topic Dalio rarely mentioned from March to November 2020, during the early days of the pandemic, was Bridgewater.
Perhaps this was not simply because his body was far from the company, but because the loyalist forces were gradually weakening.
---From "The Age Without Heroes"

Perhaps most shockingly, even Dalio himself has stopped paying attention to the assessment tools he has poured so much energy into.
Of course, he never hinted at this publicly.
His first invention, the dot collector, based on the 'principle', is no longer in use.

---From "The Age Without Heroes"