In economics, capital, capital goods, or real capital are those already-produced durable goods that are used in production of goods or services. The capital goods are not significantly consumed, though they may depreciate in the production process. Capital is distinct from land in that capital must itself be produced by human labor before it can be a factor of production. At any moment in time, total physical capital may be referred to as the capital stock (which is not to be confused with the capital stock of a business entity.) In a fundamental sense, capital consists of any produced thing that can enhance a person's power to perform economically useful work—a stone or an arrow is capital for a caveman who can use it as a hunting instrument, and roads are capital for inhabitants of a city. Capital is an input in the production function. Homes and personal autos are not capital but are instead durable goods because they are not used in a production effort.

In Marxian economics, capital is used to buy something only in order to sell it again to realize a financial profit, and for Marx capital only exists within the process of economic exchange—it is wealth that grows out of the process of circulation itself and forms the basis of the economic system of capitalism.^[1]

In narrow and broad uses[link]

In classical and neoclassical economics, capital is one of the factors of production. The others are land, labour and, according to some proponents, organization, entrepreneurship, or management. Goods with the following features are capital:

• It can be used in the production of other goods (this is what makes it a factor of production).
• It was produced, in contrast to "land", which refers to naturally occurring resources such as geographical locations and minerals.
• It is not used up immediately in the process of production unlike raw materials or intermediate goods. (The significant exception to this is depreciation allowance, which like intermediate goods, is treated as a business expense.)

These distinctions of convenience have carried over to contemporary economic theory.^[2][3] There was the further clarification that capital is a stock. As such, its value can be estimated at a point in time, say December 31. By contrast, investment, as production to be added to the capital stock, is described as taking place over time ("per year"), thus a flow.

Earlier illustrations often described capital as physical items, such as tools, buildings, and vehicles that are used in the production process. Since at least the 1960s economists have increasingly focused on broader forms of capital. For example, investment in skills and education can be viewed as building up human capital or knowledge capital, and investments in intellectual property can be viewed as building up intellectual capital. These terms lead to certain questions and controversies discussed in those articles. Human development theory describes human capital as being composed of distinct social, imitative and creative elements:

• Social capital is the value of network trusting relationships between individuals in an economy.
• Individual capital, which is inherent in persons, protected by societies, and trades labour for trust or money. Close parallel concepts are "talent", "ingenuity", "leadership", "trained bodies", or "innate skills" that cannot reliably be reproduced by using any combination of any of the others above. In traditional economic analysis individual capital is more usually called labour.

Further classifications of capital that have been used in various theoretical or applied uses include:

• Financial capital, which represents obligations, and is liquidated as money for trade, and owned by legal entities. It is in the form of capital assets, traded in financial markets. Its market value is not based on the historical accumulation of money invested but on the perception by the market of its expected revenues and of the risk entailed.
• Public capital, which encompasses the aggregate body of government-owned assets that are used to promote private industry productivity, including highways, railways, airports, water treatment facilities, telecommunications, electric grids, energy utilities, municipal buildings, public hospitals and schools, police, fire protection, courts and still others.
• Natural capital, which is inherent in ecologies and protected by communities to support life, e.g., a river that provides farms with water.
• Spiritual capital, which refers to the shower, influence and dispositions created by a person or an organization’s spiritual belief, knowledge and practice.

In part as a result, separate literatures have developed to describe both natural capital and social capital. Such terms reflect a wide consensus that nature and society both function in such a similar manner as traditional industrial infrastructural capital, that it is entirely appropriate to refer to them as different types of capital in themselves. In particular, they can be used in the production of other goods, are not used up immediately in the process of production, and can be enhanced (if not created) by human effort.

There is also a literature of intellectual capital and intellectual property law. However, this increasingly distinguishes means of capital investment, and collection of potential rewards for patent, copyright (creative or individual capital), and trademark (social trust or social capital) instruments. Capital (all types collectively) is often the tool that is leveraged in order to build wealth both personal and corporate.

Intepretations[link]

Some thinkers, such as Werner Sombart and Max Weber, locate the concept of capital as originating in double-entry bookkeeping, which is thus a foundational innovation in capitalism, Sombart writing in "Medieval and Modern Commercial Enterprise" that:^[4]

The very concept of capital is derived from this way of looking at things; one can say that capital, as a category, did not exist before double-entry bookkeeping. Capital can be defined as that amount of wealth which is used in making profits and which enters into the accounts."

Within classical economics, Adam Smith (Wealth of Nations, Book II, Chapter 1) distinguished fixed capital from circulating capital. The former designated physical assets not consumed in the production of a product (e.g. machines and storage facilities), while the latter referred to physical assets consumed in the process of production (e.g. raw materials and intermediate products). For an enterprise, both were types of capital.

Karl Marx adds a distinction that is often confused with David Ricardo's. In Marxian theory, variable capital refers to a capitalist's investment in labor-power, seen as the only source of surplus-value. It is called "variable" since the amount of value it can produce varies from the amount it consumes, i.e., it creates new value. On the other hand, constant capital refers to investment in non-human factors of production, such as plant and machinery, which Marx takes to contribute only its own replacement value to the commodities it is used to produce. It is constant, in that the amount of value committed in the original investment, and the amount retrieved in the form of commodities produced, remains constant.

Investment or capital accumulation, in classical economic theory, is the production of increased capital. Investment requires that some goods be produced that are not immediately consumed, but instead used to produce other goods as a means of production. Investment is closely related to saving, though it is not the same. As Keynes pointed out, saving involves not spending all of one's income on current goods or services, while investment refers to spending on a specific type of goods, i.e., capital goods.

Austrian School economist Eugen von Böhm-Bawerk maintained that capital intensity was measured by the roundaboutness of production processes. Since capital is defined by him as being goods of higher-order, or goods used to produce consumer goods, and derived their value from them, being future goods.

See also[link]

• Capital deepening
• Capital accumulation
• Capitalism
• Capitalist mode of production
• Cambridge capital controversy
• Constant capital
• Das Kapital
• Factors of production
• Means of production
• Organizational capital
• Physical capital
• The Accumulation of Capital
• Venture capital
• Wealth (economics)

Further reading[link]

• Boldizzoni, F. (2008). "chapters 4-8". Means and ends: The idea of capital in the West, 1500-1970. New York: Palgrave Macmillan. 
• Hennings, K.H. (1987). "Capital as a factor of production". The New Palgrave: A Dictionary of Economics. v. 1. pp. 327–33. 

References[link]

This article may require copy editing for grammar, style, cohesion, tone, or spelling. You can assist by editing it. (February 2012)

Max Keiser
Max Keiser in a London taxi
Born	Timothy Maxwell Keiser (1960-01-23) January 23, 1960 (age 52) New Rochelle, New York
Education	NYU
Occupation	Journalist
Notable credit(s)	Hollywood Stock Exchange, People & Power, The Oracle with Max Keiser, Karmabanque
Relatives	German and Scottish Ancestry, Hugh Maxwell, V 1777-1860
Website
http://maxkeiser.com

Timothy Maxwell "Max" Keiser (born January 23, 1960) is an American broadcaster and film-maker. He hosts Keiser Report, a financial program broadcast on RT (formerly Russia Today).^[1] Keiser also anchors On the Edge, a program of news and analysis hosted by Iran's Press TV.^[2] He hosted the New Year's Eve special, The Keiser's Business Guide to 2010 for BBC Radio 5 Live.^[3] Keiser presented a season of The Oracle with Max Keiser on BBC World News. Previously he produced and appeared regularly in the TV series People & Power on the Al-Jazeera English network. He also presents a weekly show about finance and markets on London's Resonance FM, as well as writing for The Huffington Post.^[4]

In addition to his broadcasting work Keiser is known for his invention of "Virtual Specialist Technology", a software system used by the Hollywood Stock Exchange.

Early career[link]

Keiser has been involved with markets and finance for 25 years. He started his career as a stock broker on Wall Street after graduating from New York University.

Hollywood Stock Exchange[link]

Keiser is the creator, co-founder and former CEO of HSX Holdings/Hollywood Stock Exchange, later sold to Cantor Fitzgerald.^[5] Alongside Michael R. Burns, he co-created the Hollywood Stock Exchange, ^[6] which allows traders to exchange virtual securities, such as "MovieStocks" and "StarBonds", with convertible virtual currency, the Hollywood Dollar.

Keiser is also the co-founder of HSX films, which went on to make almost a dozen films including Mixed Signals, Six-String Samurai, Dancer, Texas Pop. 81 and Girl. The company was bought by Ignite Entertainment/Lionsgate.

Broadcasting career[link]

Keiser presented Rumble at the Box Office^[7] for NBC's Access Hollywood. He also produced and hosted the weekly talk show Buy, Sell, Hold for CBS radio's KLSX in Los Angeles. Currently, he presents The Truth About Markets on Resonance 104.4 FM in London and on RDU 98.5 in Christchurch, New Zealand.

[edit] People & Power

Keiser produced ten short documentary films covering aspects of financial markets for Al Jazeera's series People & Power.^[8] The films include Rigged Markets,^[9] Money Geyser,^[10] Death of the Dollar,^[11] Peaked,^[12] Extraordinary Antics,^[13] Savers vs Speculators,^[14] Banking On It,^[15] Private Finance or Public Swindle?^[16] and Focus on Locusts.^[17]

[edit] The Oracle with Max Keiser

A pilot episode was produced for Al-Jazeera English titled The Oracle. This was developed into a series for BBC World News.^[18] The series first aired on 9 January 2009 and ran for ten episodes. It explored financial current affairs from the perspective of prediction markets. It was intended to be a humorous take on financial news before it happens.

[edit] On The Edge

A weekly financial commentary show which started in 2009 and is broadcast on Press TV, featuring interviews with well known alternative economists.^[19]

[edit] The Keiser Report

Since September 2009, Keiser has hosted The Keiser Report with financial news and analysis, on the RT network. The 30-minute program is produced three times a week. Stacy Herbert is the co-host and banters with Max on headlines and commentary.^[20]

An episode broadcast in September 2011 featured an interview with comedienne Rosanne Barr who stated that her solution to the financial crisis was to "bring back the guillotine".^[21]

Financial punditry[link]

Keiser has appeared as a financial pundit on a number of news networks. Keiser called for a "fatwā" against Hank Paulson^[22] on Al Jazeera in response to the Troubled Asset Relief Program (TARP). In a later broadcast Keiser said "Paulson stinks".^[23] Keiser has advised investors to buy silver bullion and physical silver, promoting the metal as a store of value.

Activism[link]

Karmabanque[link]

Keiser founded the hedge fund Karmabanque, which sought to profit from any decline in equity-value of companies that are susceptible to boycott from environmental groups.^[24] The hedge fund's progress was followed monthly in The Ecologist magazine.^[25] Its targets included Coca-Cola^[26] and McDonald's.

The Karmabanque hedge fund project was designed to simultaneously short-sell companies while funnelling profits into environmental and ethical-business pressure groups which further act to drive down the price. Describing the project Keiser stated, "The Internet allows people, activists, from all over the world to gather, or swarm, and hit a company where it hurts most - in their stock price".^[27]

Extraordinary Antics[link]

In the Al-Jazeera short film Extraordinary Antics,^[28] Keiser travelled to Milan and Venice to find out how CIA station chief Robert Seldon Lady and his fellow CIA agents spent $500,000 on a procedure known as extraordinary rendition - a practice which is illegal and caused an Egyptian citizen, who had been granted asylum in Italy, to be abducted in order to face torture in Cairo.

The CIA was prosecuted for the case and Mr. Lady was found guilty in a Milan court. He was sentenced on 9 November 2009 to nine years in prison according to the Guardian.^{[citation needed]} This verdict was upheld on appeal. The US refuses to extradite Mr. Lady to Italy.^[29]

Crash JP Morgan - buy silver[link]

Max Keiser has labeled JPMorgan "the biggest financial terrorist on Wall St" in relation to their alleged manipulation of the price of silver.^[30] Keiser started a campaign called "Crash JP Morgan - buy silver",^[31][32][33] whereby people buy silver, thus raising its price and leaving JPMorgan with a huge short position to cover, the margin of which are collateralized by JPMorgan's own stock price, bankrupting itself. Based on the collateralization of silver by the price of its shares and his allegation that JPMorgan's position is an overwhelmingly large naked short position, Keiser predicted that the a per-ounce silver price exceeding JPMorgan's stock price will not only crash JPMorgan but unsettle the underpinnings of the dollar, which he claims are essentially confetti.

Adweek magazine described Keiser as "the most visible character in an underground movement that has spurred hundreds of blog posts and videos, and played some small part in driving up the price of precious metals".^[34] However, Keiser's prediction that JPMorgan would go bust if silver hit 47 dollars has failed to materialise, drawing criticism from the financial community.

Criticism[link]

• The Guardian newspaper, in an item titled "Mad Max", described Keiser's Karmabanque hedge fund as a "fantastical scheme" and accused him of trying to exist "beyond the normal forces and controls of society".^[35]

• Keiser drew criticism at the 2000 ShowBiz Expo in Las Vegas when he said of media content that "Everything is inescapably going to a price point called free". In response Kevin Tsujihara, executive V.P. of New Media at Warner Bros., commented that "Piracy.com" will be the victor if superior content is available on sites supported by advertisements.^[36]

• In 2005 Steven Milloy, the "Junk Science" commentator, demanded that Keiser be removed from the panel of the Triple Bottom Line Investing conference, where he was scheduled to appear. Milloy accused Keiser of making threats against his organization^[37] and petitioned sponsors Calvert Investments and KLD Research & Analytics to withdraw from the project.^[38] Robert Rubenstein, founder of conference organiser Brooklyn Bridge, stated that Keiser's comments "do not constitute a threat to person or property and are not related to the conference or the content that will be presented there".

• Referring to Keiser's Karmabanque project, a spokeswoman for Ryanair said, "Since they put Ryanair on their list our share price has gone up by 10%. We are always delighted to be part of a list which includes Coca-Cola, Starbucks and Wal-Mart".^[39] However, on the same day The Hindu published an article in which Howard Millar, Ryanair deputy chief executive, admitted that his company may be vulnerable to environmental pressure groups, stating, "I am concerned that there is a continuing media campaign and the concern is that people might say 'maybe I will not fly on holiday and maybe I will make a different choice'".^[40]

See also[link]

Biography portal

• Error account - a term often mentioned by Max Keiser
• Central bank or Reserve bank
• Gold standard - where paper currency is backed up by the value of gold
• Hollywood Accounting

References[link]

External links[link]

• MaxKeiser.com Max Keiser's website
• chaostheorien.de Interview with Max Keiser at chaostheorien.de

Walter Block

Austrian School
Walter Block teaching
Born	(1941-08-21) 21 August 1941 (age 70) New York
Nationality	United States
Field	Political economy, environmental economics, transport economics, political philosophy
Influences	Ludwig von Mises, Murray Rothbard, Ayn Rand

Walter Edward Block (born 21 August 1941) is an Austrian School of economics economist and anarcho-capitalist.^[1]

Personal life[link]

Block was born in Brooklyn, New York to Abraham Block, a certified public accountant, and Ruth Block, a paralegal, both of whom Block has said were liberals.^[2] He earned his undergraduate degree in Philosophy summa cum laude from Brooklyn College, where he was a member of the varsity swimming team. Block earned his Ph.D. degree in economics from Columbia University and wrote his dissertation on rent control.^{[citation needed]} Block, who is of Jewish background, self-identifies as a "devout atheist".^[3]

Block's early thinking life was characterized by egalitarian thought. In an interview by the Austrian Economics Newsletter, Block stated, "In the fifties and sixties, I was just another commie living in Brooklyn."^[4] Block credits his "conversion" to Libertarianism to personal meetings with Ayn Rand while he was an undergraduate student. Alan Greenspan was in attendance at some of these meetings.^[2] As Block describes it, "In 1963, when I was a senior at Brooklyn College, Ayn Rand came there to give a lecture. I attended, along with about 3,000 of my fellow mainly leftish students, in order to boo and hiss her, since she was evil incarnate. Afterward, the president of the group that had invited her to campus announced there was to be a luncheon in her honor, and anyone was welcome to take part, whether or not they agreed with her ideas. Not having had enough booing and hissing at Ayn in her formal lecture, I decided to avail myself of this opportunity to further express my displeasure with her and her views."^[2]

Block thereafter attended a luncheon with Rand, Nathaniel Branden, and Leonard Peikoff. After Block's challenging of several luncheon attendees, Branden forged an agreement with Block: "Nathan very graciously offered to come to the other end of the table with me for this purpose, but he imposed two preconditions: first, I would be honor bound not to allow this conversation to lapse with this one meeting, but would continue with it until we had achieved a resolution: either he would convince me of the error of my ways, or I would convince him of his. Second, I would read two books he would later recommend to me (Atlas Shrugged by Ayn Rand and Economics in One Lesson by Henry Hazlitt).^[2]

Although Block credits Ayn Rand, Branden, and other Objectivists with his initial interest in laissez faire theory in general, he says of Murray Rothbard that,

After I met Murray, it took him probably all of 15 minutes to convert me to the same anarcho-capitalist position I have held ever since.... In retrospect, before I had met Murray, I was nine tenths of the way toward embracing laissez faire capitalist anarchism; all I needed was a little push in the same direction I had already been going for some time.^[2]

Professional career[link]

Block now holds the Harold E. Wirth Endowed Chair in Economics at Loyola University in New Orleans. From 1979 to 1991, he was the Senior Economist with the Fraser Institute. In addition to his faculty position at Loyola, Block is also a Senior Faculty member of the Ludwig von Mises Institute for Austrian Economics. His most famous work is Defending the Undefendable, of which John Stossel said, "Defending the Undefendable... opened my eyes to the beauties of libertarianism. It explains that so much of what is assumed to be evil--is not."^[5] Lew Rockwell of the Mises Institute said this about Walter Block's active role in modern libertarianism:

Murray Rothbard, in his life, was known as Mr. Libertarian. We can make a solid case that the title now belongs to Walter Block, a student of Rothbard's whose own vita is as thick as a big-city phonebook, and as diverse as Wikipedia. Whether he is writing on economic theory, ethics, political secession, drugs, roads, education, monetary policy, social theory, unions, political language, or anything else, his prose burns with a passion for this single idea: if human problems are to be solved, the solution is to be found by permitting greater liberty.^[6]

Political views[link]

Block, along with Robert Nozick, is one of the leading libertarian defenders of voluntary slave contracts, arguing that a slave contract is "a bona fide contract where consideration crosses hands; when it is abrogated, theft occurs". He critiques other libertarians who oppose voluntary slavery as being inconsistent with their shared principles. Block seeks to make "a tiny adjustment" which "strengthens libertarianism by making it more internally consistent." He argues that his position shows "that contract, predicated on private property [can] reach to the furthest realms of human interaction, even to voluntary slave contracts."^[7]

On February 17, 2006, Dr. Walter Block publicly expressed his support for the Free State Project (FSP). He is quoted as saying,

You people are doing the Lord's work. The FSP is one of the freshest practical ideas for promoting liberty that has come out of the libertarian movement in the past few decades. May you succeed beyond your wildest dreams, and thus demonstrate in yet another empirical way the benefits and blessings of liberty.^[8]

Books[link]

As author[link]

• Defending the Undefendable (1976; translated into Chinese, Dutch, French, Italian, Portuguese, Romanian and Russian languages) ISBN 0-930073-05-3
• A Response to the Framework Document for Amending the Combines Investigation Act (1982)
• Focus on Economics and the Canadian Bishops (1983)
• Focus on Employment Equity: A Critique of the Abella Royal Commission on Equality in Employment (with Michael A. Walker; 1985)
• The U.S. Bishops and Their Critics: An Economic and Ethical Perspective (1986)
• Lexicon of Economic Thought (with Michael A. Walker; 1988)
• Economic Freedom of the World, 1975-1995 (with James Gwartney, Robert Lawson; 1996)
• The Privatization of Roads and Highways: Human and Economic Factors (2006)
• Labor Economics from a Free Market Perspective: Employing the Unemployable. (2008)
• The Case for Discrimination (2010)
• Ron Paul for President in 2012: Yes to Ron Paul and Liberty (2012)

As editor[link]

• Zoning: Its Costs and Relevance for the 1980s (Ed.; 1980)
• Rent Control: Myths & Realities (Ed. with Edgar Olsen; 1981)
• Discrimination, Affirmative Action and Equal Opportunity (Ed. with Michael A. Walker; 1982)
• Taxation: An International Perspective (Ed. with Michael A. Walker; 1984)
• Economics and the Environment: A Reconciliation (Ed.; 1985; translated into Portuguese 1992) ISBN 0-88975-067-X
• Morality of the Market: Religious and Economic Perspectives (Ed. with Geoffrey Brennan, Kenneth Elzinga; 1985)
• Theology, Third World Development and Economic Justice (Ed. with Donald Shaw; 1985)
• Reaction: The New Combines Investigation Act (Ed.; 1986)
• Religion, Economics & Social Thought (Ed. with Irving Hexham; 1986)
• Man, Economy and Liberty: Essays in Honor of Murray N. Rothbard (Ed. with Lew Rockwell; 1988)
• Breaking the Shackles; the Economics of Deregulation: A Comparison of U.S. and Canadian Experience (Ed. with George Lermer; 1991)
• Economic Freedom: Toward a Theory of Measurement (Ed.; 1991)
• Libertarian Autobiographies (Ed.; forthcoming)

Articles[link]

• "Katrina and the Future of New Orleans" Telos 139, Summer 2007.
• "Hayek's Road to Serfdom". Journal of Libertarian Studies (Center for Libertarian Studies) 12 (2): 339–365 (1996).

Notes[link]

External links[link]

• WalterBlock.com
• Commentary by Walter Block for CNBC
• Biography and Article Archive at Mises.org.
• Media Archive at Mises.org.
• Defending the Undefendable

The topic of this article may not meet Wikipedia's notability guideline for biographies. Please help to establish notability by adding reliable, secondary sources about the topic. If notability cannot be established, the article is likely to be merged, redirected, or deleted. (May 2011)

This biographical article needs additional citations for verification. Please help by adding reliable sources. Contentious material about living persons that is unsourced or poorly sourced must be removed immediately, especially if potentially libelous or harmful. (May 2011)

Anthony Scaramucci is an American financier, entrepreneur, and author. He is the founder and current managing partner of SkyBridge Capital.

Scaramucci graduated from Tufts University in 1986 with a degree in economics, and later received his J.D. from Harvard Law School.^[1] Upon graduating from Harvard, he accepted an offer at Goldman Sachs in their Private Wealth Management division. He then founded his own hedge fund, Oscar Capital Management, which he sold to Neuberger Berman in 2001. When Neuberger Berman was acquired by Lehman Brothers in 2003, he stayed on and served as Managing Director in their Investment Management division.

After selling Oscar Capital Management, Scaramucci founded SkyBridge Capital in 2005 to be an incubator to growing hedge fund businesses, seeding the best global talent. In 2010 Skybridge acquired the Citigroup Alternative Investment - Hedge Fund Management Group, expanding the SkyBridge range of product offerings, particularly in the fund of funds space.

In an Opalesque.TV interview, Anthony describes his motivations for SkyBridge’s evolution from seeder to integrated asset manager with a dual fund of funds/seeding model. Along with a collection of well-established managers in the fund of funds platform, Anthony talks about the need to maintain a “venture capital approach” in seeding the best talent in emerging managers, trying to find the “next Ray Dalio or Dan Och”.

Scaramucci published an autobiography, Goodbye, Gordon Gekko: How to Find Your Fortune Without Losing Your Soul, in 2010, and made a brief appearance in Oliver Stone's Wall Street 2: Money Never Sleeps.

Scaramucci serves on the board of The Lymphoma Foundation and The Brain Tumor Foundation. He is also on the Board of Overseers for the School of Arts and Sciences at Tufts University and a member of the NYC Financial Services Advisory Committee.

References[link]

Ray Dalio (born in 1949 in Jackson Heights, Queens, New York, United States^[1]) is an American businessman and founder of Bridgewater Associates.

Early Life and Education[link]

The son of a jazz musician, Dalio began investing at age 12 when he bought shares of Northeast Airlines for $300 and tripled his investment after the airline merged with another company.^[2]

Dalio received a BA from Long Island University and an MBA from Harvard Business School.^[2]

Career[link]

After completing his education, Dalio worked on the floor of the New York Stock Exchange and invested in commodity futures.^[2] He later worked as the Director of Commodities at Dominick & Dominick LLC.^[3] In 1974, he became a futures trader and broker at Shearson Hayden Stone.^[2] In 1975, he founded the investment management firm, Bridgewater Associates. As of January 2012, the company is the largest hedge fund in the world with nearly $120 billion under management.^[2]

Ray Dalio has written a pdf called "Principles" to share his life and business management principles with his employees.^[4]

Personal[link]

Dalio is a practitioner of the Transcendental Meditation technique and resides with his wife in Greenwich, CT.^[5][6][2] According to Forbes he is the 44th richest person in America and the 88th richest person in the world with a net worth of $10 billion as of March 2012.^[7] Dalio has been labeled as the Steve Jobs of investing.^[8]

Notes[link]

1. ^ Cassidy, John (25 July 2011). "Mastering the Machine". The New Yorker. http://www.newyorker.com/reporting/2011/07/25/110725fa_fact_cassidy?printable=true&currentPage=all#ixzz1ShhRHYRm. 
2. ^ ^{a b c d e f} "Pursuing Self-Interest in Harmony With the Laws of the Universe and Contributing to Evolution is Universally Rewarded" Kevin Roose, April 10, 2011, New York Magazine
3. ^ "Radical Transparency" 2010, Leaders Magazine. Volume 33, Number 3
4. ^ Dalio, Ray (2011). "Ray Dalio’s Principles". http://www.bwater.com/Uploads/FileManager/Principles/Bridgewater-Associates-Ray-Dalio-Principles.pdf. 
5. ^ Opalesque (8 January 2008). "Ray Dalio’s winning strategy". http://www.opalesque.com/fullarticle/41340/ray%20dalio/main_reason_reason470.html. 
6. ^ Comstock, Courtney (October 25, 2010). "Ray Dalio Is Too Modest To Admit He Returned 38% YTD Using Transcendental Meditation". Business Insider. http://www.businessinsider.com/ray-dalio-transcendental-meditation-david-lynch-2010-10. 
7. ^ Ray Dalio Forbes profile page Forbes.com. Retrieved January 2012.
8. ^ aiCIO. "Is Ray Dalio the Steve Jobs of Investing?". Retrieved 13 December 2011.

External links[link]

• Profile at Forbes
• Ray Dalio on Charlie Rose
• "Most Influential 50 People in Global Finance" Bloomberg Markets Magazine, September 7, 2011
• "Mastering the Machine" New Yorker, July 25, 2011
• "In Punishing Year for Hedge Funds, Biggest One Thrived" New York Times, Dealbook, January 26, 2012
• "Ray-man running hedge fund in his own image" Financial Times, March 2, 2012