Ray Dalio, We all need a platform like yours
This week Ray Dalio attended the New Work Summit hosted by The New York Times during which he was able to discuss some of his views on corporate culture, as well as topics such as accuracy in media and even the way in which his firm Bridgewater Associates has been wrongly depicted, by the media, to the world. As the Founder and Chairman of one of the world’s largest and best performing hedge funds, Ray is quite fortunate to receive invitations to these types of forums where he can directly address his critics. He can also convey his views and concerns to the world through other big platforms such as his LinkedIn page where he has 240,000 followers.
Having eloquently addressed some of the problems with our media system and some of the criticisms about his firm from this large podium on Tuesday, Ray should certainly see the value in a platform like Panacea Video which aims to provide this same type of podium to everyone in the world. Everyone deserves a platform to address their critics in the public and the media, directly.
Although we at Panacea have a tremendous appreciation for the culture at Bridgewater Associates and the views that Ray espouses, we take issue with one of the comments he made during this week’s summit. Specifically, about 15 minutes into the discussion, on the topic of accuracy in media, he begins by rightly stating that “Well, the media is the most powerful force there is.” He then goes on:
“And the question is whether you can get accuracy through the media, right? The credibility and the rating of the media is at the lowest level that it has ever been in many many decades. It’s a challenge…I’m not saying what to do about it. I’m not smart enough to know what to do about it.”
But Ray, what if the solution were simple? What if the Panacea Open Courtroom is the solution to achieving better accuracy in media? In last week’s medium post we go into great detail about the way in which our Open Courtroom provides people seen in video — or in the news — with a podium to directly address their adversaries or critics in the media, anytime, from any location, similar to what you did at the NY Times Summit.
With the advent of digital cameras and video sharing technologies, people have all been granted a tremendous amount of new power, including a way to address ‘the court of public opinion’, without having to rely on large media gatekeepers (like the NY Times) in order provide their own perspectives. Panacea Video has created a platform to harness these new technologies and empower people all across the world.
People have been needing this platform since the invention of the printing press, because as Ray states “The biggest tragedy to mankind is people holding on to wrong opinions…that can so easily be rectified…and that’s doing them harm cause they’re making wrong decisions”. This is exactly what Panacea Video addresses. This platform is so crucial because no matter how good reporters may be it is impossible for the world to see things from the exact same perspective as the person being reported on. Often times, media outlets are oversimplifying the story and even sensationalizing it.
Ray’s dialogue with NY Times writer Charles Duhigg is quite constructive, and Duhigg admits that “Finding a story that is illustrative of this world is actually harder than it seems. Maybe as reporters we don’t have enough humility when we go in and evaluate a situation. But readers sometimes don’t have enough humility to analyze how difficult it is to capture a story that tells every perspective.” At Panacea, we couldn’t agree more. Hence the reason we recently launched an effort for partnering with media outlets that allows their readers/viewers a channel to get people directly into our Courtroom to speak their own perspectives. We call this our Courtroom Feed.
For news consumers and those being reported on, our platform allows for a deeper dive into what is really true. Consumers of news are so hungry for more accurate (and even more humanized) stories. This demand is supported by statistics and even the audience survey that was solicited during this NY Times hosted dialogue. Similar to this discussion between Ray and Charles, the Panacea Open Courtroom allows people to speak directly to each other but from different locations, which alleviates some of the tensions of an in-person dialogue. The Courtroom section even provides the option to bring in a moderator to help diagnose the problems and even attempt to identify root causes.
The Open Courtroom is a key part of the Panacea Video platform but not the only part. As the world is becoming more open and transparent as a result of the internet, the content flowing throughout has become somewhat haphazard, with a strong lack of accountability for those producing the content. Our platform is an aggregator of content — content that would exist with or without us. We aim to help filter this content by humanizing it and making it more real. With the growing concern of ‘fake news’ and consumers demanding better accuracy in media they now have a place to go, become involved in the stories, and be out there in the open for everyone to see.
The first official Open Courtroom session took place a few months ago and received national attention from outlets such as The New York Post, Mashable, Yahoo News, Ebony, Fayetteville Observer, CBS and Uproxx. The participants in this session felt extremely empowered after the session took place as they were able to address many of negative perceptions that were out floating in the public. These two gentlemen in the Open Courtroom were given a podium like the one Ray Dalio had last week, and they were able to accomplish so much.