Good morning. It's Thursday, April 16, and welcome to this week's Business & Finance newsletter. This week, we're covering Bridgewater Associates Founder Ray Dalio, commodity trading, and, in light of all the buzz around the SpaceX IPO, initial public offerings. Questions? Comments? Concerns? We're all ears—simply reply to this newsletter to send us a note!
As always, thank you for being a reader.
—Phoebe Bain, 1440 Business & Finance Section Editor
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Who is Ray Dalio?
Ray Dalio is best known as the founder of the world's largest hedge fund, Bridgewater Associates. At its peak in 2020, the hedge fund managed more than $150B in assets—roughly the size of Mississippi's total 2023 GDP.
Born in 1949, Dalio founded Bridgewater Associates out of a New York City apartment in 1975. To build Bridgewater's portfolio, Dalio sought out investments across uncorrelated asset classes to manage risk rather than focusing on returns. That way, he reasoned, the portfolio (which evolved into Bridgewater's famous low-volatility "All Weather" portfolio) could provide steady returns through any economic season.
Dalio is also known for authoring bestselling business books, including "Principles," in which he chronicled his leadership philosophies. Those include building an "idea meritocracy"—a workplace where the best ideas win—and supporting "radical transparency" by encouraging employees to practice unflinching honesty.
Critics have characterized Dalio as obsessive and controlling, saying he created a unique but "cutthroat" corporate culture at Bridgewater.
Explore everything else we've found on Ray Dalio.
Also, check out ...
> Watch Ray Dalio explain how the economy works. (Watch)
> Read about former FBI Director James Comey's time working at Bridgewater Associates. (Read)
> Hear how Ray Dalio spends his time since he retired. (Listen)
> Ray Dalio started his career as a golf caddy in Long Island. (Read) |
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In partnership with Fisher Investments |
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What Legacy Will You Leave Your Family? |
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Commodity trading, 101
From gold to wheat to oil, commodity trading refers to the buying and selling of primary raw materials and goods via exchanges, over-the-counter deals, or physical spot markets for more immediate trades. Commodities are the building blocks of commerce: They're used to create just about every good that is bought or sold around the world. So it follows that the global commodity market is enormous, with tens of trillions of dollars changing hands in commodity trades each year.
Long predating stock markets and even fiat currency, commodity trading is among humanity's oldest economic activities. It can be traced back to ancient Mesopotamia (around 4,000 to 4,500 years ago), when people documented agreements for future deliveries of agricultural materials on clay tablets.
Commodities are typically sorted into four categories: energy (such as crude oil and natural gas), metals (such as gold and silver), livestock (such as live cattle), and agriculture (such as wheat and corn). They often trade on specialized commodity exchanges, such as those within the Chicago Mercantile Exchange Group or the Intercontinental Exchange.
Explore everything else we've found on Commodity Trading.
Also, check out ...
> Futures contracts are the primary way commodities are bought and sold. (Watch)
> How retail investors can get portfolio exposure to commodities. (Read)
> Shrunken human heads were once a valuable commodity. (Read)
> See how much key commodities are trading for in real time. (View) |
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IPOs, explained
An initial public offering is the process of a private company becoming public. In an IPO, a company puts shares of the company on the stock market for the public to purchase.
IPOs often have all the pomp and circumstance of a graduation ceremony, as they are one of the biggest milestones a company can achieve. From Apple in 1980 to Reddit in 2024, every public company has gone through an IPO at some point.
To begin the process, a company hires investment bankers (who earn roughly 7% of the IPO's gross proceeds) to help set the organization's target valuation range—an estimate of how much the company is worth—and schedule an IPO date. From there, the bankers market the IPO to hedge funds and other large potential investors.
Transitioning from a private to a public company allows an organization to more easily raise a significant amount of capital. This helps the company expand.
Explore everything else we've found on Initial Public Offerings.
Also, check out ...
> The first-ever IPO was likely issued by the Dutch East India Company. (Read)
> Why investing app Robinhood opened up its IPO for the general public to purchase right away. (Listen)
> Some of the wildest IPO day stunts of all time. (Read)
> Why highly anticipated IPOs aren't always a success. (Watch) |
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One Story We're Taking Stock In |
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With the US birthrate in decline, the number of teenagers graduating from American high schools is expected to begin shrinking this spring—and that's a problem for one subset of universities and colleges. While competitive, nationally known schools likely won't be affected, the hundreds of higher education institutions that primarily cater to local, place-bound students will likely face severe financial consequences, including shutting down completely.
The story below, one of the most compelling pieces we read this week, highlights why the stopgap measures that regional universities have taken to make up for their already declining enrollment rates will likely fall short as high school graduating classes shrink. |
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> The looming college-enrollment death spiral. (Read) |
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> Why colleges charge so much for tuition. (1440 Topics) |
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Build a Legacy That Lasts Generations |
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We curate hundreds of resources into 1440 Topics each week. Here are some of our favorites from the world of business and finance.
> What happens if you miss the April 15 tax deadline?
> Community groups are aiming to decommodify real estate.
> The states where Americans pay the most taxes, mapped.
> Why caviar is still so expensive, even though it's no longer rare.
> How much money states are making from marijuana taxes.
> Stablecoins, explained in four minutes.
> How Q1 2026 became the highest global VC funding quarter on record.
> One of the biggest short squeezes in history, explained.
> Why Gen X has the most student debt per borrower.
> The history of dating apps. |
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