If they’re hedge fund investors, they’re used to reading pieces that explain how a manager sees the investment landscape. Anyone who has read Dalio’s writing on the rise of populism in 2017 or his two-part missive on why capitalism needs to be reformed two years later will be familiar with this approach. Rather, Dalio’s modus operandi typically is to establish an economic framework (usually in the context of cycles or “the economic machine”) and then provide key broader principles on how best to navigate the path forward. After all, creating strategies to build wealth amid seismic global shifts is why companies like Bridgewater exist. If Dalio has a clear strategy for how to invest and hedge risk in this environment, he’s not going to explain it here. While Dalio inspired readers with his life story and leadership philosophy in Principles, his new book raises alarm bells about problems for which there are no clear solutions. Those readers may find The Changing World Order to be both eye-opening and potentially frustrating-it is more an academic study versus investment playbook. “ a big thinker and brilliant academic disguised as an investment manager.” Thanks to his bestselling 2017 book Principles, Dalio has become something of a celebrity and cult hero to the millions of readers drawn to his leadership philosophy of “radical transparency.” As a result, Dalio’s new book could attract an audience far bigger than the usual fans of his macroeconomic missives. Instead of writing up his views on the global business landscape for an audience of clients who’ve bought into his fund and stand to profit from his investment strategy, Dalio is sharing them with the wider world. What’s different now is not just the scope of the problem but Dalio’s ability to amplify it. He famously made money during the 1987 stock market crash and predicted the 2008 financial crisis, which enabled his fund to outperform during that crash, too. Treasury Secretary Hank Paulson describes him as a “big thinker and brilliant academic disguised as an investment manager.” Moreover, Paulson adds, Dalio’s assessment of macroeconomic risks and strategies is often right.
Ray Dalio, Founder of Bridgewater Associatesĭalio has built his business and net worth, which Forbes estimates at roughly $20 billion, on figuring out where the world is going and designing investment strategies to profit from it.
We can have a type of civil war or international war based on how we are behaving with each other and our financial conditions.” “It’s very important that we deal with this now.
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