"The Fund" by Rob Copeland is an in-depth exploration of Ray Dalio, the billionaire founder of Bridgewater Associates, the world's largest hedge fund. The book delves into Dalio's announcement in October 2022 of stepping down from his company and the legacy he leaves behind. Copeland, through extensive interviews, uncovers the inner workings of Bridgewater and Dalio's interactions with his cohorts​​.

Copeland exposes the controversial management techniques of Dalio, highlighting his rigid, authoritarian methods that created a culture of invasive surveillance, demanded ideological conformity, and instilled fear among employees. This culture was driven by Dalio's elaborate system of principles, ratings, tests, and surveillance, aiming to create a transparent, accountable environment but resulting in a cult-like culture focused on alignment with Dalio over truth or effectiveness​​.

A central aspect of this culture was Dalio's manifesto, "The Principles," which covered everything from investment strategy to personal values. Employees were required to memorize and rigorously follow these principles, leading to an environment where dissent was stifled and violations could result in public shaming or dismissal. Dalio also implemented a proprietary "Believability Rating" system to evaluate employees, often ranking himself highest to ensure deference to his opinions​​.

The book also explores Bridgewater's investment methodologies and strategies, revealing that a high percentage of employees worked on projects unrelated to investing or trading. Only a small number of employees had tangible knowledge of the fund's guarded investment strategies, limiting the number of former employees who ventured to establish their own hedge funds​​.

Copeland suggests that despite Bridgewater's appearance as a rules-based system, up to 10% of its assets were traded based on Dalio's personal market views and instincts, often without oversight. This approach reportedly cut into returns and highlighted the firm's dependence on Dalio, contrasting with the image of an impersonal, algorithmic system. Bridgewater's returns were stellar, but in recent years, its performance lagged behind major indices. The book portrays a company where fear was pervasive, and absolute deference to Dalio was required, creating a machine predicated on conformity rather than truth​​.