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Hedge fund founder Ray Dalio said son’s death triggered enormous pain

The death of Devon Dalio, who died in car accident in Greenwich on Dec. 17, was remembered by his philantropist father,  Ray Dalio, who said he was unprepared for his loss.
 

The unexpected loss of his son in a vehicle tragedy  affected Ray Dalio with “an enormous amount of pain and reflection,” the founder Bridgewater Associates said this Wednesday.

The current co-chairman of the above mentioned capital association, recently wrote he was unprepared for the death of his 42-year old son, in a  Linkedin post

“It is now 13 days since Devon’s passing. Over that time, I went through a journey that I’m still on,” Dalio wrote in an essay titled “My Journey and Reflections Following My Son’s Passing.”

Devon Dalio passed away when upon the impact of his car had when crashing into a Verizon store located in Thruway Shopping Center, Greenwich. Moments later the vehicle caught fire and while the local police have been investigating, the family spokesman didn’t immediately follow up to return a call for updated information. 

Devon Dalio, son of Ray and Barbara Dalio, killed in Greenwich car crash »

“I had previously helped many people through the death of loved ones over my 40+ years overseeing Bridgewater,” Dalio said. “With 1,500 people at the company and these being their most meaningful experiences, I had the occasion to go through such experiences with many people, which affected my views about how they should be well handled.’’

“Also, I had lost a number of loved ones before, so this affected my perspectives. However, these things did not prepare me for this,” he said.

The Dalio family – a powerful influential group with Ray Dalio being ranked by Forbes at $16.9 billion net worth – has organized philanthropic events for oceanic exploration as well as public education. Barbara her husband Ray launched – in 2019 – an initiative involving both the state of Connecticut and their own, private funding, in order to help disadvantaged young people finish high school and ensure their success for finding jobs. Both parties were supposed to each contribute $100 million to achieve such goals but unfortunately the initiative was since discarded. 

Having played a critical role in helping the state of Connecticut obtain N95 masks, infrared thermometers and medical equipment, Dalio uses the Microsoft owned LinkedIn media platform to share thoughts to his almost 2 million followers, on topics such as global macroeconomy, business principles or social issues. He has heavily criticized the economic system’s flaws, focusing, in particular, on its inability to reduce the inequality gaps between classes. 

“All through this, from the first day, we realized that there is nothing unique about our having this experience — so many people have in the past and are now going through analogous experiences — and realized how lucky we are in many ways, most importantly to have such a great family bound together this way,” Dalio wrote. “That helped me know that there are great wisdoms and principles of those who acquired them before us and to take them in.”

The “outpourings of kindnesses and speaking with people who were close to Devon in different capacities and are good friends” made a “huge difference.”

Dalio also mentioned he and his family  “talked a lot, which helped a lot.”

“Of course we focused on Devon — our memories of him, which brought up tears at first and then laughs about memories,” he said.

Dalio credited “friends from all different cultures and parts of the world who helped me see things differently, including Taoist, Buddhist, Judeo-Christian and Islamic philosophies that most importantly helped me to stop feeling sorry for myself and to start thinking about how I could help Devon and his wishes, and to help our family members do that.”

Devon Dalio started working alongside his father in Bridgewater, which was launched back in 1975. He then became co-CEO of the Dalio family office after which he then founded P-Squared Management Enterprises, a private equity firm which was focused on smaller health care and tech companies. 

In addition to his parents, Devon Dalio’s legacy will be lived on by his wife, daughter and three other siblings.

“There is still a painful void and probably will be for some time, but there is also a lot of joy. We walked where he walked and visualized him being there with us and we watched a couple of his favorite movies including comedies so we laughed with him,” Ray Dalio said. “In doing these things I realized that we shouldn’t be so focused on the now. That life is like a movie and what we are seeing now is just the latest episode.”

Dalio said his remembrance will be his final comments about his son’s death.

“I won’t talk any more about this,” he said. “Starting on Monday I will be on to my new normal.”

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