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Sean Combs and Ray Dalio shake hands. Photo: J. Countess via Getty Images

Ray Dalio is more investor than businessman. Still, after making billions in the rarefied world of finance, he found himself on Forbes magazine's list of "100 Greatest Living Business Minds," which in turn led to him being introduced to entrepreneur and rapper Sean Combs (aka Diddy) — who also made the list.

Driving the news: Dalio released a 24-minute video of a "mentor session" he had with Combs, all part of his quest to "help other people." It's even more excruciating than the Blackstone holiday mascot video, if only because it's longer.

  • Given the opportunity to ask questions of the world's third wealthiest hip hop artist — the marketing genius who's behind Cîroc vodka and who also founded Bad Boy Entertainment, Revolt and the Sean John clothing line — Dalio instead talked to Combs about spec sheets, "radical open-mindedness," and how "pain and reflection equals progress."
  • The racial dynamics are hard to ignore: A white billionaire explains to a successful black entrepreneur the ideal "formula for success" — despite the fact that Dalio has just as much to learn from Combs.
  • This is a rather stark contrast to the genuine and symmetrical friendship seen between Martha Stewart and Snoop Dogg.

What they're saying: Axios asked for a comment from Bridgewater about what Dalio learned from Combs. Dalio replied he “learned that [Combs] has that powerful combination that exceptionally successful people have of humble open-mindedness, intelligence and determination.”

  • Dalio’s response points out what he learned about Combs, not from him.

Our thought bubble, via Axios' Felix Salmon: A one-on-one mentoring session with Dalio can be looked at as an invitation to the world's worst VIP room. It's something extremely exclusive, and certain people would pay a lot of money to experience it, but it ultimately provides nothing of real value.

Go deeper: Teaching the ethics of entrepreneurship

Go deeper

3 hours ago - Health

Biden administration to lift travel ban for fully vaccinated international travelers

Photo: Win McNamee/Getty Images

White House COVID-19 response coordinator Jeff Zients announced on Monday that the Biden administration will allow fully vaccinated travelers from around the world to enter the U.S. beginning in November.

Why it matters: The announcement comes as President Biden seeks commitments from countries to donate vaccines to the global COVAX initiative. He is expected to host a COVID summit on the sidelines of the UN General Assembly this week, and many of the countries attending have expressed frustration with the travel ban.

Dan Primack, author of Pro Rata
4 hours ago - Economy & Business

Gen Z breaks into VC

Illustration: Aïda Amer/Axios

When Meagan Loyst joined VC firm Lerer Hippeau, less than two years out of Boston College, she was still living with her parents. She had virtually no online brand presence, and the pandemic made it impossible to build a professional network via in-person meetings.

Why it matters: Loyst wasn't alone. Venture firms have accelerated hiring in line with record deal activity, often seeking younger investors who can spot trends that fly below the radar (or intrinsic understanding) of older partners.

White House aims to protect workers from extreme heat

Two pear pickers in Hood River, Ore. on Aug. 13. Photo: Michael Hanson/AFP via Getty Images

The White House announced a slew of actions Monday, including the start of a rule-making process at the Occupational Safety and Health Administration (OSHA), to protect American workers from extreme heat.

Driving the news: The U.S. just had its hottest summer on record, with triple-digit-temperatures killing hundreds in the Pacific Northwest and exposing outdoor workers to dangerous conditions.