The real Bridgewater is a company whose overriding objective is excellence, achieved through constant improvement. Our unique philosophy has guided us since our founding in 1975 and is reflected in our first Philosophy Statement from 1997. We’ve always held close to those values, even as we have evolved as a firm. When we completed the transition from Ray to the current leadership team in 2022, we updated our philosophy statement to better reflect our values today — Bridgewater’s Idea Meritocracy. We are continually improving as an organization; that is what is required to be successful. We do not shy away from criticism when it is valid and honest. When we make mistakes, we acknowledge them, hold each other accountable, and evolve. That is a core component of our culture. Our people, clients, and shareholders demand it, and our mission of understanding markets and economies requires it.