You may have heard of the annual Burning Man festival. People gather in the Black Rock Desert of Nevada to celebrate all things artistic and creative. Taking place from 25th August - 2nd September, the festival is seen by some as a modern-day Woodstock.
Many notable celebs and prominent figures attend the festival including Ray Dalio, the billionaire investing expert and longtime bitcoin skeptic. What’s interesting is that Dalio has been teased for ruining the festival this year.
Dalio is the founder of Bridgewater Associates which has $125 billion in assets under management. Bridgewater is the globe’s biggest hedge fund.
Dalio took to twitter to say that he had just returned from the festival yesterday and he urged his followers to go to the festival next year if they missed 2019’s.
“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!"
Clearly this didn’t go well with crypto Twitter (or just regular twitter for that matter) as one user reacted to Dalio’s tweet saying:
"Wall Street guys at Burning Man!?!?! WOW, I know people have spelled the end of BM many times, but this has got to be the actual end."
I think the idea goes that Burning man is supposed to be a counter-culture movement, not something that’s mainstream that your parents like…
Personally, I don’t understand the hate, but hey crypto twitter can be a brutal place.
After a weekend of rest and festival parties, Dalio will no doubt be back to work. In a recent LinkedIn post, Dalio said: “diversifying well is the most important thing you need to do in order to invest well.”
He explained that diversification can improve your return risk ratio more than anything else.
"That’s because while you can’t know which of the items you are betting on will provide better results, you do know that they will behave differently. And by mixing them appropriately, you can reduce risk. Diversifying well is a matter of knowing how to reduce your expected risk by more than you reduce your expected return (i.e., improving your return-risk ratio)."