Ray Dalio says hardship weighs in his hiring decisions
The Bridgewater founder said early struggles in school and a caddying job helped shape how he judges talent.
By Hana Yoshida · Markets Reporter
3 min read
Ray Dalio says his uneven academic record and early work as a golf caddy helped draw him into investing and still influence how he evaluates job candidates. The Bridgewater Associates founder told Carlyle Group CEO Harvey Schwartz on a CNN podcast that he looks for signs a person has pushed through barriers, not only elite academic credentials.
Dalio described himself in the interview as a below-average student who could count a C-minus as a decent grade. He said high school was difficult because he had a weak memory and felt classes often rewarded recall more than curiosity.
He also said he was not drawn to much of the material in school, so he spent time earning money through various jobs. One of them put him near the investors and traders who helped spark his interest in markets.
A caddy job led to stocks
Dalio told Schwartz that he caddied when the stock market was attracting broad attention and would discuss stocks while walking the golf course with clients. He said he then used his caddying earnings to buy shares.
His first purchase, Dalio said, was based on a faulty idea: he chose a company trading below $5 a share because he thought owning more shares would mean larger gains if the price rose. Dalio has previously identified that company as Northeast Airlines, which he bought at age 12, according to Fortune.
The investment did not play out in a straightforward way. Dalio said the company went bankrupt, but was later bought by another firm and the value of his holding tripled, leaving him fascinated by investing. Fortune reported that Delta acquired Boston-based Northeast Airlines in 1972.
Fortune also reported, citing Dalio’s previous comments to Golf, that he caddied at The Links Golf Club on Long Island, a club that no longer exists. Dalio told Golf that among the people he caddied for were Donald Stott of Wall Street trading firm Wagner, Stott & Co., and George Leib, who had chaired the investment banking house Blyth & Co.
What he looks for in candidates
Dalio said college suited him better because he had more control over what he studied. He attended C.W. Post College at Long Island University, according to Fortune.
His own experience with school, he told Schwartz, has affected how he thinks about hiring. Dalio said he has access to candidates from top schools but does not assume that strong academic performance alone signals the qualities he wants.
In the CNN podcast, Dalio said students who excel by remembering what they were taught may not have developed the same inventiveness or determination as people who had to work through hardship. He said he sees substantial talent among people who faced obstacles and found ways past them.
That view comes as younger workers face a tougher labor market than many older workers. Fortune cited St. Louis Fed data showing unemployment among Americans ages 16 to 24 at 9.4% in May 2026, lower than in mid-2025 but still above the levels seen in the preceding years.
Fortune also reported that experts have said young workers are dealing with a labor market that is changing from year to year, including shifting skill demands tied to artificial intelligence. Dalio’s comments point to a different filter: evidence that a candidate can learn, adapt and persist after setbacks.
This story draws on original reporting from Fortune.