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Bridgewater Associates founder and Chairman Ray Dalio told CNBC on Tuesday that his unusual corporate culture of an "idea meritocracy" helps the hedge fund bet correctly against the consensus in the markets — a key for investors to make money. Collective thinking works, the billionaire said on "Squawk Box." Getting everyone on the same page is key but it must come through testing theories for why they might be wrong, he added. Last week, at the CNBC-Institutional Investor Delivering Alpha conference, Dalio said , "the greatest tragedy of mankind — or one of them — is that people needlessly hold wrong opinions in their minds." Bridgewater, the world's largest hedge fund with about $162 billion assets under management, is known for strong returns and an unusual corporate culture in which employees rate one another's credibility on a number of dimensions, and everyone can see the ratings.
JPMorgan Chase & Co. is partnering with another fast-growing technology firm, this time to help business clients eradicate paper checks. The bank is working with Bill.com, the largest U.S. business-to-business payments network, to enable customers to send and receive electronic payments and invoices, according to Stephen Markwell, a product strategy head for JPMorgan’s commercial bank. The New York-based lender will pilot the service in early 2018 and plans to offer it to more business and commercial clients later in that year, Markwell said. The deal highlights the symbiosis between banks and up-and-coming technology firms. JPMorgan can lean on Bill.com’s established systems and network of 2.5
It comes just as Toys 'R' Us is gearing up for the holiday shopping season, which accounts for the bulk of its sales. "While today's decision does not necessarily mean it is game over for Toys 'R' Us, it brings to a close a turbulent chapter in the iconic company's history," said Neil Saunders, managing director of GlobalData Retail. Toys 'R' Us received a commitment for over $3 billion in debtor-in-possession financing from lenders including a JPMorgan-led bank syndicate and certain existing lenders, said the Wayne, New Jersey-based company, which also operates the Babies 'R' Us chain.