We just got an insight into how one of the most secretive firms on Wall Street is run

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The biggest hedge fund in the world just announced a big shake-up.

Bridgewater Associates, the $169 billion hedge fund behemoth led by Ray Dalio, has hired former Apple executive Jon Rubinstein as co-CEO. He will replace Greg Jensen in that role. Jensen will remain co-CIO.

In a note to clients, Bridgewater outlined how the secretive firm is run, and how a transition in leadership is being managed. Bridgewater also took a shot at the media, saying the firm has been mischaracterized in the press.

Here is a reminder of some of the best bits from Dalio’s exhaustive management guide, “Principles.”

In markets news, the European Central Bank cut all of its main rates and said it would buy corporate bonds in its asset purchase program. Markets have been going haywire since.

Elsewhere, the congressman holding hearings into drug pricing sent another letter to Valeant, this time asking for an explanation for why it continues to withhold documents about its drug-pricing practices. In related news, all signs point to Bill Ackman setting up the oldest trick in the book, building Valeant up and then breaking it down.

On Wall Street, BlackRock is betting on millennials to help fix the market’s biggest weakness, and Citigroup is going after a $70 trillion opportunity.

And in sad news, John Gutfreund, the legendary banker who features heavily in Michael Lewis’ book “Liar’s Poker,” has died. Here are the most iconic scenes from the book.

Here are the top Wall Street headlines at midday:

The real economy and markets are so far apart they look like ‘two parallel realities’ Depending on where you look the outlook for the economy is either serene or a total disaster.

Hedge fund managers are pouring money into the 2016 race — and Donald Trump is a factor Major US hedge fund managers are on pace this year to more than double the amount they gave in the 2012 election campaign.

Analysts are losing sleep over what’s happening at US banks right now The economy is all about cycles. And to Matthew Mish, a credit strategist at UBS, there may be none more important than the credit cycle.

5 successful women at Morgan Stanley share their best career advice Wall Street has not traditionally been a woman’s world.

WeWork is now a $16 billion company – Office-sharing startup WeWork is raising $430 million in new funding that places it at around a $16 billion valuation.

Go inside New York City’s most expensive rental, a $500,000-a-month full-floor apartment at The Pierre hotel The Pierre, a legendary hotel in New York, is home to one of the city’s most dubious distinctions.

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