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THE PHILOSOPHER OF BRIDGEWATER · BRIDGEWATER ASSOCIATES

Ray Dalio

Systematic macro: understanding the "economic machine" and building portfolios that survive every scenario.

Ray Dalio founded Bridgewater Associates in 1975 in his New York apartment, growing it into the world's largest hedge fund by assets. Its Pure Alpha fund has generated more absolute profits for investors than almost any fund in history.

His obsession is the economy as a machine: debt cycles, money printing, the rise and fall of empires. His video "How the Economic Machine Works" has tens of millions of views; his books "Principles" and "Principles for Dealing with the Changing World Order" are global bestsellers.

At Bridgewater he imposed "radical transparency": recorded meetings, brutal feedback and algorithms weighing employees' opinions. A culture loved and hated, studied by business schools worldwide.

Famous moves

• The All Weather fund: the "all seasons" portfolio that inspired thousands of retail imitations (risk parity)
• Foreseeing the 2008 crisis, navigating it with Pure Alpha in profit while the world collapsed
• The multi-billion short against Europe in 2018–2020, among the largest ever disclosed

What are they buying today?

Big funds' moves are public in SEC 13F filings: InsiderFlow tracks and explains them.

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