Ray Dalio ( Bridgewater Associates )

Re: Ray Dalio ( Bridgewater Associates )

Postby winston » Sun Apr 01, 2012 5:28 pm

Ray Dalio Interview By Charlie Rose By Jeff Harding March 31st, 2012

Charlie Rose does a good job at getting the essence of one of Wall Street’s most successful investors, Ray Dalio of Bridgewater Associates, the world’s largest hedge fund.

Although I have criticized him for some conventional and wrong views about deleveraging, I admire him for his usual, very unconventional thinking.

http://dailycapitalist.com/
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Re: Ray Dalio ( Bridgewater Associates )

Postby winston » Sat May 19, 2012 10:08 am

Ray Dalio's World

The famed hedge-fund manager applauds the deleveraging of the U.S. economy -- but sees a 30% chance of a "really bad shock" from Europe.

Source: Barron's
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Re: Ray Dalio ( Bridgewater Associates )

Postby winston » Thu Jun 28, 2012 8:14 am

Ray Dalio: Don't Assume That Germany Will Bail Europe Out; Consider The "Fat Tail" A Significant Possibility
by Tyler Durden

http://www.zerohedge.com/news/ray-dalio ... ossibility
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Re: Ray Dalio ( Bridgewater Associates )

Postby winston » Sat Sep 08, 2012 6:18 am

Ray Dalio on the Primary Reason to own Gold by Cullen Roche



Ray Dalio’s latest investment letter updates some of their macro positioning and offers some insights into the bull case for gold. He writes:

“Gold is primarily an alternative to fiat currency and a storehold of wealth.

The main advantage that gold has over other currencies is that it can’t be printed. While we have just gone through a period in which the degree of monetary stimulation has ebbed, the ongoing deleveraging means that developed economic will remain highly reliably on continued stimulation for years.

By the end of the quarter, central banks were starting to shift back toward renewed stimulation. In addition, one of the primary disadvantages of gold relative to fiat currencies, that it doesn’t pay interest, is mitigated by low rates in the current environment.

Real interest rates are likely to remain very low and below real growth rates as a means of combating deleveraging and improving debt sustainability (as described in our “beautiful deleveraging” work).

As such, deleveragings strongly favor shifts from financial assets into gold and other tangible assets.

Gold is also being supported by secularly increasing demand. “


http://pragcap.com/ray-dalio-on-the-pri ... o-own-gold
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Re: Ray Dalio ( Bridgewater Associates )

Postby winston » Sat Oct 06, 2012 8:26 pm

CNBC Interview

"I think [Buffett] is making a big mistake…"

In a recent CNBC interview, hedge-fund billionaire Ray Dalio explained how he has a different view on gold than legendary investor Warren Buffett.

Regular readers know Buffett is one of the most vocal detractors of gold ownership. Buffett dislikes the precious metal because it produces nothing and provides no income. He says the only thing you can do with gold is "fondle it… but it will not respond."

Regular readers also know we disagree with Buffett on a few ideas… This is one of them.

Dalio is the founder of Bridgewater Associates. In 2011, Bridgewater was ranked as the largest and best-performing hedge fund in the world. It has about $130 billion under management. Over the last 20 years, it has returned 14.7% on average. Dalio is rightly one of the most respected investors in the world. And when talking about gold, Dalio says Buffett is dead-wrong…

Keep in mind… Dalio is not a "gold bug." He's an investor who will trade any asset class, including stocks, currencies, bonds, commodities, and gold. And Dalio believes it is too risky not to have gold in one's portfolio.

In the interview, Dalio said, "Gold should be a part of everybody's portfolio." His reason is simple: It's sound diversification. Gold is real money. Its value cannot be debased like paper currencies can.

The words had barely left Dalio's mouth before the interviewer interjected, "Warren Buffett won't touch gold!" Dalio responded by saying he thinks Buffett is making a big mistake.

As we've written many times, most of the large, developed economies of the world (like the U.S. and Europe) are in a "no way out" situation. They have taken on incredible debts and massive, unfunded liabilities. The only way to pay for it all is to print more money. Dalio noted the same by saying, "We have a situation now where you have too much debt. Too much debt leads to printing of money to make it easier to service."

Supporting Dalio's thesis, gold recently hit a new high in euros and Swiss francs.


Source: Growth Stock Wire
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Re: Ray Dalio ( Bridgewater Associates )

Postby winston » Wed Nov 14, 2012 7:32 am

The All-Weather Portfolio was introduced by Ray Dalio- the founder of Bridgewater -which is arguably the largest and most successful hedge fund in the world.

His landmark concept was to create a portfolio that would have roughly equal risk in four different economic regimes:
1) rising growth
2) falling growth
3) rising inflation and
4) falling inflation.

His other major concept was to leverage up each asset to have the same risk so that returns could come from multiple different sources, and not rely on an equity-centric environment.

http://seekingalpha.com/article/878251- ... -portfolio
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Re: Ray Dalio ( Bridgewater Associates )

Postby winston » Thu Feb 14, 2013 6:22 am

The world's biggest hedge fund is super-bullish on stocks and commodities now

Bridgewater Associates LP, the $140 billion hedge fund founded by Ray Dalio, is betting on global stocks and oil as it expects money to move into equities and other assets amid increased economic confidence.

Bridgewater, the world's biggest hedge fund, is bullish on stocks, oil, commodities, and some currencies as it expects cash to shift to riskier assets, co-chief investment officer Bob Prince said on a client conference call on Jan. 23.

"You want to be borrowing cash and hold almost anything against it," Prince said, according to a transcript of the call obtained by Bloomberg News.

Bridgewater likes oil because of the potential for falling stockpiles at wholesalers and economic growth in the U.S. and China, Prince said.

"If you get better growth in the U.S., better growth in China, inventories coming down some, and then the incremental supply coming down some -- we're seeing some shifts in the supply-demand balance in oil," Prince said, according to the transcript. "A bullish shift there for oil."

Bridgewater, which is also betting on the price of gold to increase, forecasts U.S. growth of about 2.5 percent, Prince said during the call without citing a time period, according to the transcript. Economists estimate an average increase of 2 percent in 2013 gross domestic product, according to a Bloomberg survey of 82 respondents.

"It's more of a movement of capital. The money moving out the risk curve and into risk assets won't take much growth to trigger that kind of shift."

Bridgewater is positive on currencies including the British pound, Korean won, Mexican peso and Russian ruble, according to a chart in the transcript showing the firm's current views, which Prince referred to during the call. The firm is bearish on the Japanese yen, Australian dollar, and Canadian dollar, the chart shows.

"We're now short the yen, largely related to the change in their balance of payment circumstances and, subsequent to that, the emphasis on a more aggressive monetary policy," Prince said.

"We are bullish on sterling, largely related to differences in capital flows and the impacts of monetary policy between the U.K., Europe, and United States."

Bridgewater is wagering on European bonds and betting against those in the U.S., Japan, U.K., and Australia, the firm's chart shows. It's bearish on emerging sovereign credit.

"You're likely to do reasonably well until you hit the tail end of that cycle, where you get the central banks pulling back on liquidity," Prince said.

"That can continue for some time until the Fed no longer continues to inject liquidity. That would end that cycle and push all yields up which would, of course, hurt asset returns."


Source: Bloomberg
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Re: Ray Dalio ( Bridgewater Associates )

Postby winston » Fri Sep 13, 2013 6:47 pm

"More than anything else, what differentiates people who live up to their potential from those who don't, is a willingness to look at themselves and others objectively."

- Ray Dalio
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Re: Ray Dalio ( Bridgewater Associates )

Postby profittaker » Sat Jan 04, 2014 6:01 am

Bridgewater's Ray Dalio: No more alpha
Published: Tuesday, 12 Nov 2013 | 1:10 PM ET
By: Jeff Morganteen | Producer, CNBC.com

Dalio predicts rising asset prices will cause equity returns to average out at 4 percent over the next decade, limiting the Federal Reserve's ability to influence economic recovery.

"I think going forward most investors are not going to be able to produce alpha," Dalio said in an interview during The New York Times' DealBook conference on Tuesday morning. "Alpha is a zero sum."

Dalio said the Federal Reserve's massive bond-purchasing program creates a "wealth effect" that concentrates in the hands of asset owners. But that has a diminishing "trickle-down" effect over time, he said.

"In addition, what happens is that as that price rises the expected future return goes down," Dalio said. "So for example, the expected future return of equities is about 4 percent now, because of the price rise."

He said investors need to create a proper balance between stocks, bonds and cash because of the narrowing return rates between them.

Source: http://www.cnbc.com/id/101190961
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Re: Ray Dalio ( Bridgewater Associates )

Postby winston » Wed Aug 26, 2015 7:59 am

Bridgewater's Dalio: Next big Fed move will be to ease, not tighten

BY JENNIFER ABLAN

Source: Reuters

http://www.reuters.com/article/2015/08/ ... Name=usdai
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