- The hedge-fund billionaire Ray Dalio attended Burning Man, the nine-day arts festival in the middle of the Black Rock Desert in Nevada.
- Dalio, 70, tweeted a photo of himself sporting a blue tie-dye fur coat and bell-bottoms with a psychedelic print.
- While he may look outlandish, he probably fit right in at the festival, where Burners are encouraged to wear anything they want.
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The hedge-fund billionaire Ray Dalio seems to be enjoying semi-retirement – and living it up at the famous Burning Man festival, which recently wrapped up.
While some billionaires don’t mind the occasional outlandish outfit – think Richard Branson cross-dressing or Jeff Bezos doing his best Dwayne Johnson impression – Dalio usually sticks to a blue or gray suit, sometimes without a tie. But the Bridgewater Associates founder decided to go all out for his trip to Burning Man, the annual nine-day music and arts festival in Nevada’s Black Rock Desert.
On Monday, Dalio tweeted a photo of himself at Burning Man sporting tie-dye from head to toe: bell-bottoms, a shirt, and a coat with blue fur fringe.
In the tweet, Dalio, 70, said Burning Man was like Woodstock but “with better art (installations) and less good music.” Dalio also noted that the best time to enjoy the festivities was between 1 and 5 a.m.
Just back from Burning Man. Reminds me of Woodstock with better art (installations) and less good music. What a great vibe and what amazing creativity!
Photo is with my pal and coworker Jeff Taylor at his great music camp Root Society. If you go next year, 1-5am is best. pic.twitter.com/ua5UIbRlxo
— Ray Dalio (@RayDalio) September 2, 2019
Dalio is pictured with Jeff Taylor, a senior executive at Bridgewater Associates who founded the job site Monster.
Burning Man was a small gathering when it was founded in 1986 and now attracts about 70,000 people each year. But ultra-wealthy people like Dalio have been criticized for attending the counterculture festival. Dalio’s tweet, for example, was met with criticism and trolling from Twitter users. One tweet said that because of the rich and famous attending, Burning Man’s “allure has been completely fabricated.”
Dalio may not be known for his fashion sense, but he is known for his unusual management style. Since founding his hedge fund, Bridgewater Associates, in 1975, Dalio has used what he calls “radical transparency” to run his company. At Bridgewater, almost all meetings are recorded, and employees can rate one another during meetings using iPads.
He’s credited those management techniques with helping transform Bridgewater from a one-man operation to a hedge fund with $150 billion in assets under management.
In recent years, however, Dalio has taken a step back from management, now serving as the hedge fund’s co-chief investment officer. And as Dalio’s tweet shows, he’s enjoying his free time.
Dalio’s fur coat may look garish in the real world, but at Burning Man he would have fit in perfectly. Part of the reason the festival is so popular is that attendees can wear anything they want. Burners, as they’re known, wear everything from feathers and wigs to bikinis. In many cases, clothing is optional.
Burning Man isn’t the only time Dalio has dressed up (or down) for a party. In 1976, he wore short shorts to Rio de Janeiro’s Carnival.