Unprecedented achievement: Israeli Nir Bar-Deaa has been appointed co-CEO of Bridgewater,
The largest hedge fund in the world that manages assets worth more than $ 200 billion. Bar-Dea, the son of Strauss CEO Giora Bar-Dea and the brother of One Zero Digital Bank CEO Gal Bar-Dea, has been appointed to the position with Marc Bertolini.
The fund, which manages pensions, advises and manages the finances of countries and central banks, was set up by billionaire Ray Dalio, who ran it until 2009. Bar-Dea and Bertolini were appointed to their new positions after former CEO David McCormick announced his resignation. Candidacy for the U.S. Senate on behalf of the State of Pennsylvania.
Bar-De’a, 40, who holds an MBA from Wharton University and a bachelor’s degree in finance from the Interdisciplinary Center, began his career in Bridgewater’s research department, and in the past year has served as the foundation’s deputy director.
The father, CEO of Strauss Giora Bar-Dea / Photo: Inbal Marmari
The Bridgewater website states that Bar-Dea was responsible in his previous role for the issue of the Foundation’s responses to the Corona plague: from maintaining business continuity, to working remotely – to building protocols for the future.
A former IDF officer who worked in the real estate field
Prior to joining Bridgewater in 2015, Bar-Dea was an advisor to the Israeli delegation to the UN, and also worked in the field of real estate investment and entrepreneurship. In the past, he served as an officer in the IDF. He joined the fund in 2015 and was promoted to the position of Deputy CEO last February. The foundation itself is said to be known for its unusual culture, which includes “radical transparency.” A figure cited in a New York Times report relates to disappointing returns from the Bridgewater Central Fund, Pure Alpha, whose return at the end of 2021 was about 8.2%. This is compared to a return of 27% in the general stock market. Also, the annual return over the past decade has been about 1.6%. The New York Times added that another Bridgewater fund, All Weather, recorded a return of about 11% in 2021 and an annual return of over 10% in the last decade.
The brother, CEO of the digital bank Gal Bar-De’a / Photo: Eyal Yitzhar
A letter released by the fund reporting the changes at the top said the appointment of the two co-CEOs creates a strong combination: Nir, a highly esteemed internal leader who worked closely with Dave (the retiring CEO), management and investment managers for six years. And he is a valued and experienced CEO. ”The new CEOs have already announced some changes in management.
Bar-De’a was previously interviewed by Eran Geffen in Globes, and told of Bridgewater: “From home I have an hour’s drive that ends in the heart of a grove with trees, a stunning but completely isolated ‘compound’. There is a river that runs through the middle of the office “.
“Part of the thing is we’re not Wall Streets”
When asked how it fits in with Wall Street culture? He said: “I think part of the point, honestly, is that we are not Wall Street. As you see me wearing now, jeans and a button-down shirt, that’s how I go to work. On Wall Street wearing a suit. I also think the company’s culture is almost impossible. It was held in downtown New York. “
On starting at Bridgewater, he added: “I studied at IDC, then I studied at Wharton. I finished first in my class at IDC, I also finished very strong at Wharton and I always caught myself the fastest, most analytical, most talking about it. It took me about a week at Bridge. “Water so I can say out loud, ‘Guys, I’m not in the top 50% of the smartest people in the room right now,’ and believe it.”
Regarding Bridgewater’s pursuit of the truth policy, Bar-Dea said that “from both my life experience and my daily work, I think unequivocally there are enemies to the truth. There is something in this ethos of extreme transparency that says there are no manipulations, no gossip, no ‘ I said or did not say ‘. If you said then you said. There is a whole system of ecosystem that produces it. “
One notable example he mentioned is recording each session and listening to each session. “If your name is said, no matter what meeting, you will receive this recording automatically,” Bar-Dea explained. “If someone said something about me at a meeting, they’ll make sure I know about it. I mean, if someone had something to say about you, then we want him to tell you that first thing in your face. Think how much evil it takes out of the organization. If there are conflicts, they are exposed very quickly.” .
“Markets are efficient so many claim Alpha does not exist”
Bar-Dea also told Geffen in an interview: “In markets there is a term called beta and a term called alpha. This beta is when you bet on the success of markets. Markets grow over time and whoever bets on the Tel Aviv-35 or S&P 500 over time will make money, and you can make That money in the best way. “
He says, “Alpha says: Listen, I know something other people do not know. When you sell a stock and go short, I say, ‘Come on, this person knows what others do not know.’ “It exists because if the markets are efficient then many claim that alpha does not exist. We are at Bridgewater with positive alpha for decades. Every year we manage to make money assuming we understand things about how the world works, that other people do not understand.”
ID card Nir Bar-De’a
personal: 40 years old
professional: Holds an MBA from Wharton University and a bachelor’s degree in finance from the Interdisciplinary Center. An opinionated man managed to deal with the effects of the corona at Bridgewater.
Something else: Prior to joining Bridgewater, Bar-De’a was an adviser to the Israeli delegation to the UN.