初創(chuàng)橋水時(shí),瑞?達(dá)利歐的理念便是“徹底透明”。在今年春季,這四個(gè)字真的被實(shí)現(xiàn)了:四個(gè)月以來,橋水一直在戶外辦公。
橋水公司(Bridgewater Associates)是全球最大的對(duì)沖基金。在其位于康涅狄格州韋斯特波特總部對(duì)面的松樹林中,50名員工正在那里辦公,管理著1,400億美元資產(chǎn)。今年5月,由于新冠疫情持續(xù)擴(kuò)散,傳統(tǒng)交易所風(fēng)險(xiǎn)上升,于是他們想出一個(gè)奇招:拖著監(jiān)視器及其他設(shè)備,搬到樹林里。
面對(duì)疫情或者其他災(zāi)難,橋水有一套自己的應(yīng)對(duì)計(jì)劃,包括禁止高管乘坐同架飛機(jī)或同輛公交車,限制公司人群聚集。此外,橋水還安排了包括遠(yuǎn)程網(wǎng)站在內(nèi)的至少4處應(yīng)急地點(diǎn),以便讓公司在自然災(zāi)害或網(wǎng)絡(luò)攻擊發(fā)生后依然順利運(yùn)行。
但在疫情期間,這些備用辦公室也面臨一個(gè)問題:它們都在室內(nèi)。橋水投資部門的聯(lián)合主管尼爾?巴爾?迪亞說:“于是計(jì)劃以外的情況來了——我們開始在室外辦公。”
因?yàn)橐咔?,橋水?月底關(guān)閉了辦公室,只對(duì)幾位關(guān)鍵員工開放。但幾個(gè)月后,由于工作團(tuán)隊(duì)缺少面對(duì)面的溝通,公司打算重啟辦公室,但人們也意識(shí)到,要避免室內(nèi)工作。
“我當(dāng)時(shí)想,我們得把口罩摘掉。”巴爾?迪亞回憶道。他補(bǔ)充說,瑣碎而不可或缺的安全防護(hù)(如戴口罩等)帶來了不可忽視的壓力。而搬到室外工作就可以完全改變這一窘境。
為了確保安全,園區(qū)里的每個(gè)員工每周都要進(jìn)行兩次核酸檢測(cè)。在森林里,大家便無需佩戴口罩——因?yàn)樯掷锏囊巫拥任锛紩?huì)按照一定間隔擺放,可以確保社交安全距離。
橋水的團(tuán)隊(duì)迅速組裝了開放式帳篷,升級(jí)了Wi-Fi,還購(gòu)買了皮艇作為娛樂設(shè)施。每周一,在橋水著名的“世界正在發(fā)生什么”三小時(shí)晨會(huì)中,會(huì)有25人聚集在主帳篷下,另外還有100多人通過Zoom參會(huì),參會(huì)人會(huì)顯示在帳篷一側(cè)的大屏幕上。帳篷之外,會(huì)議的背景是一叢高大的松樹,針葉落下,仿佛鋪了一層紅色的地毯。
這里的風(fēng)光讓人有一種置身于露營(yíng)地的感覺。橋水的員工們已經(jīng)學(xué)會(huì)了如何保護(hù)椅子不被落下的樹液侵蝕。原先的屏幕和網(wǎng)絡(luò)攝像頭在室外經(jīng)歷幾周的風(fēng)吹雨打后壞掉了,便被替換成了防風(fēng)雨的版本。
橋水甚至解決了“帶羽毛的新鄰居們”在視頻通話時(shí)發(fā)出的啁啾聲——通過部署噪音消除軟件Krisp。當(dāng)然這個(gè)軟件也可以幫助那些家里有孩子和寵物的人消除噪聲。
“我聽到很多鳥叫聲,但你什么也聽不到。”身穿T恤、光著腳的巴爾?迪亞把腳邊的人字拖踢開,對(duì)著Zoom解釋道。
“帳篷辦公室”的地點(diǎn)頗為隱蔽,以避免被小徑上的徒步旅行者偶然發(fā)現(xiàn)。橋水的房地產(chǎn)經(jīng)理哈德利?哈斯雷格雷夫表示:“外界也會(huì)想要了解我們對(duì)沖基金在做什么,所以我們也必須考慮安全問題——要知道,在室外工作要比在室內(nèi)工作麻煩得多?!?/p>
對(duì)于森林辦公,她還有一個(gè)重要建議:“無論如何都不要忘了抹防曬霜。”
新英格蘭地區(qū)的氣候變化莫測(cè),在8月的颶風(fēng)期間,橋水就曾經(jīng)暫時(shí)關(guān)閉了室外場(chǎng)地。但他們估計(jì),團(tuán)隊(duì)依然計(jì)劃在那里盡可能長(zhǎng)時(shí)間地工作,無論穿著防風(fēng)大衣還是厚帽子,也要堅(jiān)持下去,一直到10月底。
“舒適感肯定和室內(nèi)無法相比,但在室外也可以感受到一些積極的東西?!卑蜖?迪亞補(bǔ)充道。他們已經(jīng)定好雪季前搬離森林,把戶外辦公設(shè)備搬進(jìn)室內(nèi)——這可能得花掉整個(gè)晚上。
自上述舉措實(shí)施以來,投資部門的生產(chǎn)率指標(biāo)有所改善。不管疫情是否會(huì)持續(xù),該團(tuán)隊(duì)都打算明年夏天繼續(xù)使用這個(gè)木質(zhì)的工作空間。
但他們也不得不忍受偶然出現(xiàn)的干擾:9月初的一天,市場(chǎng)收盤后不久,一棵老橡樹從大帳篷的臺(tái)階邊上倒了下來?!白罱覀冇龅搅撕芏唷畼涞膯栴}’?!惫吕?哈斯雷格雷夫補(bǔ)充道。幸運(yùn)的是,這棵樹只撞到了停車場(chǎng)。(財(cái)富中文網(wǎng))
本文另一版本登載于《財(cái)富》雜志2020年10月刊,標(biāo)題為《森林里的對(duì)沖基金》。
編譯:楊二一
編輯:徐曉彤
初創(chuàng)橋水時(shí),瑞?達(dá)利歐的理念便是“徹底透明”。在今年春季,這四個(gè)字真的被實(shí)現(xiàn)了:四個(gè)月以來,橋水一直在戶外辦公。
橋水公司(Bridgewater Associates)是全球最大的對(duì)沖基金。在其位于康涅狄格州韋斯特波特總部對(duì)面的松樹林中,50名員工正在那里辦公,管理著1,400億美元資產(chǎn)。今年5月,由于新冠疫情持續(xù)擴(kuò)散,傳統(tǒng)交易所風(fēng)險(xiǎn)上升,于是他們想出一個(gè)奇招:拖著監(jiān)視器及其他設(shè)備,搬到樹林里。
面對(duì)疫情或者其他災(zāi)難,橋水有一套自己的應(yīng)對(duì)計(jì)劃,包括禁止高管乘坐同架飛機(jī)或同輛公交車,限制公司人群聚集。此外,橋水還安排了包括遠(yuǎn)程網(wǎng)站在內(nèi)的至少4處應(yīng)急地點(diǎn),以便讓公司在自然災(zāi)害或網(wǎng)絡(luò)攻擊發(fā)生后依然順利運(yùn)行。
但在疫情期間,這些備用辦公室也面臨一個(gè)問題:它們都在室內(nèi)。橋水投資部門的聯(lián)合主管尼爾?巴爾?迪亞說:“于是計(jì)劃以外的情況來了——我們開始在室外辦公?!?/p>
因?yàn)橐咔?,橋水?月底關(guān)閉了辦公室,只對(duì)幾位關(guān)鍵員工開放。但幾個(gè)月后,由于工作團(tuán)隊(duì)缺少面對(duì)面的溝通,公司打算重啟辦公室,但人們也意識(shí)到,要避免室內(nèi)工作。
“我當(dāng)時(shí)想,我們得把口罩摘掉?!卑蜖?迪亞回憶道。他補(bǔ)充說,瑣碎而不可或缺的安全防護(hù)(如戴口罩等)帶來了不可忽視的壓力。而搬到室外工作就可以完全改變這一窘境。
為了確保安全,園區(qū)里的每個(gè)員工每周都要進(jìn)行兩次核酸檢測(cè)。在森林里,大家便無需佩戴口罩——因?yàn)樯掷锏囊巫拥任锛紩?huì)按照一定間隔擺放,可以確保社交安全距離。
橋水的團(tuán)隊(duì)迅速組裝了開放式帳篷,升級(jí)了Wi-Fi,還購(gòu)買了皮艇作為娛樂設(shè)施。每周一,在橋水著名的“世界正在發(fā)生什么”三小時(shí)晨會(huì)中,會(huì)有25人聚集在主帳篷下,另外還有100多人通過Zoom參會(huì),參會(huì)人會(huì)顯示在帳篷一側(cè)的大屏幕上。帳篷之外,會(huì)議的背景是一叢高大的松樹,針葉落下,仿佛鋪了一層紅色的地毯。
這里的風(fēng)光讓人有一種置身于露營(yíng)地的感覺。橋水的員工們已經(jīng)學(xué)會(huì)了如何保護(hù)椅子不被落下的樹液侵蝕。原先的屏幕和網(wǎng)絡(luò)攝像頭在室外經(jīng)歷幾周的風(fēng)吹雨打后壞掉了,便被替換成了防風(fēng)雨的版本。
橋水甚至解決了“帶羽毛的新鄰居們”在視頻通話時(shí)發(fā)出的啁啾聲——通過部署噪音消除軟件Krisp。當(dāng)然這個(gè)軟件也可以幫助那些家里有孩子和寵物的人消除噪聲。
“我聽到很多鳥叫聲,但你什么也聽不到?!鄙泶㏕恤、光著腳的巴爾?迪亞把腳邊的人字拖踢開,對(duì)著Zoom解釋道。
“帳篷辦公室”的地點(diǎn)頗為隱蔽,以避免被小徑上的徒步旅行者偶然發(fā)現(xiàn)。橋水的房地產(chǎn)經(jīng)理哈德利?哈斯雷格雷夫表示:“外界也會(huì)想要了解我們對(duì)沖基金在做什么,所以我們也必須考慮安全問題——要知道,在室外工作要比在室內(nèi)工作麻煩得多?!?/p>
對(duì)于森林辦公,她還有一個(gè)重要建議:“無論如何都不要忘了抹防曬霜?!?/p>
新英格蘭地區(qū)的氣候變化莫測(cè),在8月的颶風(fēng)期間,橋水就曾經(jīng)暫時(shí)關(guān)閉了室外場(chǎng)地。但他們估計(jì),團(tuán)隊(duì)依然計(jì)劃在那里盡可能長(zhǎng)時(shí)間地工作,無論穿著防風(fēng)大衣還是厚帽子,也要堅(jiān)持下去,一直到10月底。
“舒適感肯定和室內(nèi)無法相比,但在室外也可以感受到一些積極的東西?!卑蜖?迪亞補(bǔ)充道。他們已經(jīng)定好雪季前搬離森林,把戶外辦公設(shè)備搬進(jìn)室內(nèi)——這可能得花掉整個(gè)晚上。
自上述舉措實(shí)施以來,投資部門的生產(chǎn)率指標(biāo)有所改善。不管疫情是否會(huì)持續(xù),該團(tuán)隊(duì)都打算明年夏天繼續(xù)使用這個(gè)木質(zhì)的工作空間。
但他們也不得不忍受偶然出現(xiàn)的干擾:9月初的一天,市場(chǎng)收盤后不久,一棵老橡樹從大帳篷的臺(tái)階邊上倒了下來。“最近我們遇到了很多‘樹的問題’。”哈德利?哈斯雷格雷夫補(bǔ)充道。幸運(yùn)的是,這棵樹只撞到了停車場(chǎng)。(財(cái)富中文網(wǎng))
本文另一版本登載于《財(cái)富》雜志2020年10月刊,標(biāo)題為《森林里的對(duì)沖基金》。
編譯:楊二一
編輯:徐曉彤
Ray Dalio founded his hedge fund Bridgewater Associates upon the principle he calls “radical transparency.” Yet the firm had perhaps never practiced the concept quite so literally until this spring, when they applied it to their very own walls: Indeed, for more than four months, Bridgewater has operated an office outdoors.
Out among the pine trees across from Bridgewater Associates’ headquarters in Westport, Conn., sit as many as 50 employees who help manage the $140 billion in assets of the world’s largest hedge fund. They moved out there in May, lugging monitors and other equipment into the woods as the coronavirus made traditional trading floors hazardous.
Bridgewater has plans for catastrophes—it prohibits its senior executives from taking the same plane or bus and even from mingling all together during bad flu seasons—and readies at least four locations, including a remote emergency site, so that it could still execute trades in the event of a natural disaster or cyberattack. But those backup offices had their own problem during the pandemic: They were all indoors. “We're sitting outside—that's never been a part of our plans,” says Nir Bar Dea, cohead of Bridgewater’s investment engine.
Tracking the coronavirus, Bridgewater had shut its offices to all but essential staff at the end of February. But a couple of months later, missing in-person teamwork, it sought to reopen them. Staffers immediately realized they could not collaborate inside. “I was like, we got to take the masks off,” recalls Bar Dea. The multitude of requisite safety protocols were “more stressful than calming,” he adds. “The move outside just flipped that completely.”
While everyone on campus takes COVID-19 tests twice a week, masks are not required out in the woods, where furniture is spaced well apart and a safe distance can be maintained. The firm’s team quickly assembled open-sided tents as shelter from the elements, upgraded the Wi-Fi, and procured additional kayaks for socially-distanced recreation. Bridgewater’s famous three-hour Monday morning “What's Going On In the World” meeting now includes 25 people congregated under the main meeting tent, plus more than 100 others Zooming in on the large screen mounted to its side. In the background is a thicket of tall pines, their needles forming a reddish carpet beneath.
If the bucolic scene has some of the look of a campground, it also has much of the feel. Bridgewater staff have learned to protect their chairs from falling tree sap, and replaced their screens and webcams with weather-resistant versions after the original ones failed within a couple of weeks of outdoor exposure. The firm even solved for its new feathered neighbors' chirping on video calls, deploying noise-canceling software Krisp—which also helps those with kids and barking dogs at home. (“I hear a lot of birds; you don't hear any of them,” Bar Dea explains via Zoom, in a t-shirt and bare feet, having kicked off his flip flops.)
And Bridgewater strategically located its tented workstations to avoid hikers on nearby trails accidentally stumbling upon them. “We’re also a hedge fund where people are trying to find out what we're doing," says Hadley Haslegrave, Bridgewater’s real estate manager. "You have to think about security too, which is much easier when you're in a building than when you're outside of the building."
Another pro tip for woodland working she recommends: "Wear sunscreen every day, no matter what."
New England climes are fickle—Bridgewater temporarily closed the site during an August hurricane—but the team plan to work out there as long as they can, whether in parkas and hats—until the end of October, they estimate. “Comfort doesn't have to be it feels like indoors; you could have other positive aspects to being outside,” Bar Dea adds. (They draw the line at snow, and are already planning to take the setup inside for the winter—though it may necessitate overnight stretches: “Think the NBA bubble in Disney,” he says.)
After all, productivity metrics for the investment engine have improved since the move al fresco; the group intends to use the woodsy workspace next summer too, regardless of whether COVID still lingers.
They just may have to put up with an occasional interruption: Soon after market close one day in early September, an old oak tree crashed down steps from the big tent. "We've had a lot of tree problems lately," adds Haslegrave. Luckily, it only hit the parking lot.
A version of this article appears in the October 2020 issue of Fortune with the headline “A hedge (fund) in the forest.”