“The information you consume each day is the soil from which your future thoughts grow.”

James Clear, Author of “Atomic Habits”

According to the International Energy Agency (IEA) report from December, coal demand likely increased by 1.4% in 2023 and surpassed a record level of 8.5 billion tons for the first time. Coal demand was set for a record decline of 20% in the United States and the European Union, while the top coal producers in the world, China, India, and Indonesia, are increasing production. According to the IEA report, in emerging economies, coal use “remains very strong, increasing by 8% in India and by 5% in China in 2023 due to rising demand for electricity.”

I have included the Raymond James January 26, 2024, “Weekly Headings: Thoughts of the Week”, by Raymond James’ Larry Adam, Chief Investment Officer, Private Client Group. Please contact me at your convenience if you would like to discuss.

I recently read “The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend”, written by Rob Copeland and published November 7, 2023. The book isn’t balanced, but the critique of Ray Dalio’s cult-like management of Bridgewater and his emphasis on “radical transparency” is definitely an entertaining read. The author once had interviewed for a job at Bridgewater and as a reporter at the Wall Street Journal (WSJ) had been critical of Bridgewater. Subsequently as a reporter, Copeland and had been critical of Bridgewater, and Dalio had called his writing in the WSJ “trashy”. Copeland’s book appears well researched and highlights a toxic environment at Bridgewater in which Dalio’s ever-evolving “Principles” and desire for “radical transparency” resulted in most employee interactions being videotaped and the establishment of a “Politburo” to resolve disputes. James Comey is one of the recognizable figures in the Bridgewater story who served as General Counsel before later becoming the controversial head the FBI. The impressive success of Bridgewater Associates, established over 50 years ago by Ray Dalio out of his apartment, is only matched by the strangeness of the stories from the inside as told by Copeland.

Thanks for reading and please contact me with any questions or comments.

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