Ray Dalio feels more pain than before this debt cycle

Ray Dalio founded Bridgewater Associates in his Manhattan apartment in 1975 and grew it into a massive hedge fund – with about $150 billion in assets – through astute analysis of macroeconomic trends. tissue. Along the way, he developed a series of principles, later articulated in talks, tweets and books, that helped shape the company’s culture of “radical transparency” and transformed Bridgewater. become an “economy worthy of ideas”. Dalio recently handed over management of the Westport, Conn. for the next generation of leaders, but will remain a board member, investor, and advisor to senior executives.

Dalio, 73, is stepping down at a time when Bridgewater’s flagship Pure Alpha fund is at a premium — it’s up more than 22% this year through October 31 — but the world is feeling low. After years of loose monetary and fiscal policy and debt-driven growth, many countries are struggling with rampant inflation, and central banks are raising interest rates to cool price increases. By contrast, higher interest rates have weakened stock and bond markets and threaten to push major economies into recession next year. Meanwhile, in the US, the population is highly polarized, while external conflict between the superpowers threatens to end decades of relative peace.


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