(Bloomberg) -- Billionaire Ray Dalio, the sage of Bridgewater Associates, has a theory about organizations. When leaders hit 60, he says, it's time to start preparing the youngbloods to run the place.

Grizzled veterans in the investment industry are finding Dalio's advice easier said than done as they struggle to line up the next generation. Dalio, 67, announced this week the second shakeup within a year at the top ranks of his $160 billion firm, showing that succession planning is sometimes tougher than formulating an investment strategy.

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