It is high noon in the saloon of the Jackson Hole burger bar in midtown Manhattan and I am butting heads with Ray Dalio, head of the world’s largest hedge fund. A few minutes earlier, the famed financier had turned up for lunch, trailing a spokesperson who asked to join our meal and "check" any quotes. "No!" I tell Dalio. He cuts a discreet figure in slacks and an expensive-looking cardigan but his stance is confident and forceful, as you might expect from a "master of the universe". I know perfectly well that quote-checking is normal in New York, I explain. After all, an entire communications industry exists to protect billionaires from verbal slips. But there are three golden rules at Lunch with the FT: the FT pays, no PRs and no quote-checking. I play my trump card. Dalio has just written a book that exhorts executives to embrace "radical transparency" and "tough love" honesty. The hedge fund titan is so evangelical about this that his employees apparently rate each other with iP...

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