Confidential
Strategic Partnership Proposal

Carrying the mission
forward

A proposal for strategic partnership between M31 Capital and the Dalio Family Office—built on shared principles, shared DNA, and a shared conviction that understanding how the world really works is the only path to extraordinary returns.

The Opportunity

The Bridgewater model,
applied to private markets

Bridgewater built the most successful hedge fund in history by creating a systematic, principles-based machine for understanding how public markets and economies work. That machine transformed how institutions think about risk, allocation, and truth.

No one has built the equivalent for private markets—for the early-stage technologies that reshape civilization before they're priced into public equities. That is what M31 is building.

Just as Bridgewater built a principles-based, meritocratic idea machine to understand markets, we've built a systematic truth engine to identify which early-stage trends and technologies will reshape civilization—and how to invest in them in an institutional-grade way.

M31 Capital is an investment intelligence firm that discovers technological paradigm shifts before consensus forms. We don't guess. We study the underlying forces that shape history, then systematically identify patterns around the technologies that will fundamentally reshape our lives.

With the support of Ray and the Dalio Family Office, we can carry this mission forward at the scale it deserves.

The Mind Behind the Machine

Nathan Montone:
systematic truth-seeker

Like Ray, Nathan builds machines—not to replace human judgment, but to systematize it. His approach to private markets mirrors what Ray built for public markets: first principles thinking, obsessive curiosity about how the world really works, and the discipline to turn contrarian insights into repeatable, institutional-grade process.

Nathan Montone
Founder & Chief Investment Officer

A pioneer in blockchain technology since 2011, Nathan has invested in and advised over 100 startups driving billions in collective valuation. His exceptional ability to identify paradigm shifts before consensus forms—Bitcoin in 2012, Ethereum in 2015, DeFi in 2019—isn't luck. It's the output of a systematic process for understanding how civilizational change actually happens.

Nathan reasons from first principles the way Ray does: he studies how power dynamics between individuals and institutions shift across history, identifies the technologies driving those shifts today, then builds systematic logic to invest in them before the consensus forms. The result is a truth-seeking engine for private markets—an investment machine that turns contrarian insight into institutional alpha.

Bitcoin Position
Since 2012
Venture Investments
100+
Returns Since Inception
+1,100%
Average Exit MOIC
6.9×
The Parallel

What Ray built

A systematic machine for understanding how economies and public markets work. Principles-based, meritocratic, relentlessly truth-seeking. The output: repeatable alpha through understanding reality better than anyone else.

What Nathan is building

A systematic machine for understanding how technological paradigm shifts reshape civilization. First-principles, contrarian, relentlessly truth-seeking. The output: early positioning in the technologies that will define the next era.

Core Philosophy — Shared DNA

High Curiosity—obsessively asking how the world really works. Pattern Recognition—studying historical parallels and reasoning from first principles. Radical Truth-Seeking—pursuing accuracy over popularity, even when—especially when—the conclusions are uncomfortable. Anti-Authoritarian—investing in technologies that maximize individual sovereignty and human coordination.

Bridgewater DNA

Built by people who
built the machine

Nathan's vision is operationalized by a leadership team that doesn't just admire the Bridgewater model—they helped build it. Three members of M31's core team spent years inside the machine, working directly with Ray and the leadership team on the systems, processes, and culture that made Bridgewater exceptional.

Michael Swensson
Co-Founder & COO
Dept. COO & CMT Member — Bridgewater

Served as a department COO and member of Bridgewater's Client Management Team (CMT), working directly with the firm's leadership to manage risk and client relationships at the world's largest hedge fund. Previously held senior positions at Goldman Sachs and was appointed Co-Chair of SIFMA to prevent systemic risk across the global financial industry.

Jen Berry
Managing Partner
16 Years — Bridgewater

COO of the Investment Engine and Management Committee advisor to Ray Dalio. Led transformative initiatives across technology, operations, and organizational design over 16 years at Bridgewater. Brings the systematic operational thinking that made Bridgewater's machine possible.

Ryden Holman
Investor Relations / Chief of Staff
Trading Strategies & Analytics — Bridgewater

Manager of Trading Strategies and Analytics at Bridgewater. Built and managed trading analytics systems. Founded the international business incubator La Chispa, coaching hundreds of entrepreneurs globally.

What we carry forward

Systematic thinking as the foundation for every decision. Radical transparency in how we evaluate opportunities. The discipline to build an "idea machine"—not just rely on individual genius—for consistent, repeatable insight.

The conviction that understanding how the world really works is not just intellectually interesting, it's the only way to consistently generate alpha.

What we're building new

Bridgewater's systematic approach applied to a fundamentally different domain: private markets and frontier technologies where the most transformative shifts happen years before they reach public equities.

Our 5-Signal Framework is the private-market equivalent of Bridgewater's economic machine—a systematic logic for identifying paradigm shifts before consensus forms.

Track Record

The proof is in
the returns

Our systematic approach to identifying paradigm shifts has produced exceptional results—not through luck, but through disciplined application of our investment logic at moments where the consensus is wrong and the suppression signal is strongest.

+1,100%
Returns Since Inception
6.9×
Average Exit MOIC
2012
First Bitcoin Position
2015
Early Ethereum Position
Strategic Alignment

Where Ray's worldview
meets our thesis

The DFO's interests and M31's thesis areas share deep intellectual alignment. Our investment logic is rooted in the same understanding of how civilizational cycles, power dynamics, and technological adoption shape the future.

The Changing World Order
Bitcoin & Digital Money
Ray's framework on reserve currency decline and debt cycles maps directly to our thesis on Bitcoin as a monetary paradigm shift. We were positioned in BTC from 2012—before the institutional consensus shifted.
Principles-Based Systems
AI × Web3 Convergence
The decentralization of intelligence mirrors the decentralization of finance. AI agents operating on verifiable infrastructure is the next systematic shift in how value is created and exchanged.
Geopolitical Power Dynamics
Defense Technology
As great power competition intensifies—precisely as Ray's framework predicts—the technologies that reshape defense and security become the highest-leverage investment opportunities.
Understanding How the World Works
Humanoid Robotics
The embodiment of AI in the physical world will reshape labor, manufacturing, and human capability—a civilizational shift that demands early positioning before the consensus forms.
Human Flourishing
Psychedelic Healthcare
The mental health crisis demands paradigm-breaking solutions. Psychedelic therapeutics face powerful suppression from incumbent pharma—our strongest contrarian indicator.
OceanX & Frontier Exploration
Post-Einsteinian Physics
Ray's commitment to ocean exploration through OceanX reflects the same instinct that drives our thesis: the most important discoveries happen where others refuse to look.
The Investment Machine

Five steps from insight
to outcome

Like Bridgewater's economic machine, our investment process is systematic, repeatable, and designed to remove bias. Each step feeds the next, creating a continuous loop where outcomes refine the logic that produces them.

01

Understand History

We study how civilizational paradigm shifts have unfolded across history—from the printing press breaking the Church's knowledge monopoly to the microprocessor transferring power from institutions to individuals. Technologies that affect power dynamics shape civilization in ways that aren't immediately obvious when they first arrive. Understanding these patterns is the foundation of everything we do.

02

Evaluate Trends

We systematically identify, prioritize, and deeply research emerging paradigm shifts. Trends are scored against our proprietary 5 Signals and 5 Forces frameworks. Experts are brought in to challenge our thinking. Verified paradigm shifts become official workstreams with investment theses, portfolio construction logic, market sizing, and timing analysis. This is where our contrarian edge is built.

03

Decide the Fund Strategy

Research and Investment work together to design portfolio construction for each thesis and fund—understanding what parts of the paradigm shift are most important, the timing and interdependencies, and what should be invested in, at what time, and in what order. We determine which investors are most strategically important for each trend and build the fundraising approach accordingly.

04

Evaluate Companies Deeply

Each company is put through a systematic evaluation including the people (principles tests, background checks, shadow meetings), the idea (expert validation, network testing), the market (size, timing, competition), the risks (legal, regulatory, structural), operations and execution quality, and financials. A memo is created and the Investment Committee hosts a meritocratic process to evaluate against our criteria. Deal structure is optimized with Labs input.

05

Make Those Companies Successful

M31 Labs works closely with founders post-investment through a 6–8 week bootcamp: diagnosing gaps, coaching leaders, deploying our network of principled operators. Companies are regularly probed and held accountable against KPIs. Labs connects them to global clients, institutions, and policymakers critical to crossing the adoption gap. Performance data feeds back to Research to continuously improve the machine.

Paradigm Shift Validation

The Five Signals:
is this real, and will it last?

Every potential paradigm shift is evaluated across five weighted signals. Together, they distinguish transformative breakthroughs from temporary fads. The Suppression Index—our core alpha signal—carries the heaviest weight: when powerful interests actively oppose a technology that works, it validates disruption potential.

Suppression Index
40%
Are powerful interests fighting this?
Scientific Unlock
25%
Is there a genuine new capability?
Antifragility Index
20%
Can they kill it even if they want to?
Pattern Alignment
10%
Does this fit the patterns that endure?
Convergence Index
5%
Why is this possible now?
Maximum suppression combined with high antifragility is our strongest buy signal. When they want to kill it but can't—that's where the alpha lives.
Paradigm Dynamics

The Five Forces:
what drives paradigm shifts

Beyond evaluating individual signals, we analyze the five fundamental forces that drive every paradigm shift. Understanding which forces are aligned—and which are in tension—determines timing, risk, and conviction level.

I
Nature
Has a scientific unlock disproved the current paradigm?
II
Technology
Is a new technology making the old way obsolete?
III
Capital
Is the economic logic shifting?
IV
Culture
Is belief and behavior changing?
V
Power
Is the establishment mobilizing for or against?

When four or more forces show stress on the existing paradigm, the shift is likely inevitable—the question becomes timing and positioning. When Power is the last force holdout (actively suppressing despite all others aligning), we are in the highest-conviction zone.

The Machine in Action

Real-time paradigm
intelligence

Our frameworks aren't static documents—they power live dashboards that our team uses daily to monitor paradigm shifts, track signal changes, and make allocation decisions. As a strategic partner, the DFO would have access to these systems.

M31 Command Center — Paradigm Signal Monitor
Live
Bitcoin & Macro
4.8 / 5.0
Invest — Maximum Conviction
Web3 × AI
4.6 / 5.0
Invest — Maximum Conviction
Defense Tech
4.7 / 5.0
Invest — High Conviction
Humanoid Robotics
4.3 / 5.0
Invest — High Conviction
Psychedelic Healthcare
3.4 / 5.0
Watch — Fortress Siege
Post-Einsteinian Physics
2.1 / 5.0
Wait — Frontier / Speculative
Illustrative view of M31's live paradigm monitoring system. Signal bars represent: Suppression · Scientific Unlock · Political Timing · Pattern Match · Investability. Strategic partners receive full dashboard access.
M31 Paradigm Dashboard — 5 Forces Analysis
Live
Nature
✓
Unlock Proven
Technology
✓
Maturing
Capital
✓
Stress Visible
Culture
○
Shifting
Power
✗
Defending
Fiat Currency System — Phase 4 Decay
4 of 5 forces showing stress. Power is the last holdout. Classic late-stage pattern.
Illustrative view of M31's paradigm force analysis. This example shows the fiat currency system—directly supporting our Bitcoin & digital money thesis aligned with Ray's Changing World Order framework.
Partnership Opportunities

Three directions for
M31 × DFO

Rather than leave this open-ended, we want to be specific about where we see alignment and how a partnership could take shape.

Opportunity I
M31 Capital as Technology Advisor to Ray

There is deep alignment between what Ray thinks about and what we research every day: Bitcoin, the changing monetary order, emerging technologies like AI, and how all of these forces work together to reshape global power structures. We can serve as a dedicated tech advisory team—producing custom research reports on specific technologies, co-authoring pieces on areas of shared interest, and providing ongoing counsel on how these paradigm shifts intersect with Ray's worldview and portfolio.

Looks like: M31 producing custom research reports for Ray. Nathan acting as Bitcoin advisor for Ray's Bitcoin commentary. Sharing intel from our monthly expert network meetings.
Opportunity II
Ray as a Premier M31 Client

M31 has delivered exceptional returns across three funds, and our VIP clients receive access to all proprietary research, deal flow, and our systematic investment process. Ray would benefit from exposure to the advanced technologies we're investing in while avoiding overhyped trends—and we can be a trusted partner in navigating these rapidly evolving spaces.

Looks like: M31 opening a private account exclusively for Ray's investment, deploying capital into the most promising new technologies on his behalf.
Opportunity III
Ray as an Equity Backer of the Research Machine

Given the deep alignment, Ray may be interested in owning a piece of the M31 Machine itself. With a strategic equity investment, we can build what we believe would be the world's best logic machine for private market investing—with the ability to create custom builds tailored to Ray's specific interests: ocean exploration technology, macro and monetary research, Bitcoin strategy.

Looks like: M31 selling a minority equity interest to Ray and building a custom version of the systematized machine tailored to his Principles and personal technology interests.
See the Machine

Explore our research,
frameworks, and tools

The following links provide a window into the machine we've built—from our investment thesis and paradigm frameworks to the live dashboards and analytical tools our team uses daily.

Research & Thesis
The M31 Manifesto
Our investment thesis: on the patterns of history, the physics of progress, and the machine we built to navigate acceleration.
View →
Bitcoin and the Changing World Order
U.S. strategy for monetary leadership, financial stability, and national security. Directly extends Ray's macro framework.
View →
The Suppression Signal: Deep Dive
Our core alpha signal unpacked—how active opposition from incumbents validates transformative potential.
View →
Case Study: DeFi Summer 2020
How our framework identified the DeFi paradigm shift early—and the returns it produced.
View →
Frameworks & Methodology
The Five Signals Framework
Our proprietary weighted scoring system for validating paradigm shifts: Suppression, Scientific Unlock, Antifragility, Pattern, Convergence.
View →
Signal Framework Reference
Complete technical reference for how signals are scored, weighted, and combined into investment decisions.
View →
The Investment Machine
End-to-end view of our three-pillar process: Research → Investment → Labs. The full architecture.
View →
10,000-Year Replay: DeFi
Historical pattern analysis showing how DeFi follows the same trajectory as previous financial paradigm shifts.
View →
Live Dashboards & Tools
M31 Command Center
Real-time paradigm signal monitor across all thesis areas. 7-signal scoring with trend tracking.
View →
Paradigm Dashboard
5 Forces analysis across active paradigm shifts. Archetype classification and historical backtesting.
View →
M31 Hub
Central intelligence platform integrating all pillars—research, investment pipeline, and portfolio management.
View →
Next Steps

Moving forward

I

Alignment Conversation

A deep session with Nathan, Michael, and Jen to walk through the full investment machine, current thesis areas, and active pipeline—and hear DFO priorities and parameters.

II

Structural Design

Collaboratively design the partnership vehicle—scope, sizing, governance, and reporting cadence—tailored to the DFO's specific needs and risk framework.

III

Deployment

Execute the partnership structure and begin strategic capital deployment across M31's highest-conviction paradigm shifts. Full transparency and collaboration from day one.

“
We feel very connected to the mission Ray started with Bridgewater. With the support of Ray and the Dalio Family Office, we can truly carry that forward and have the impact we want to have in the world.
— Nathan Montone, Founder & CIO