Bridgewater Associates

41°10′20″N 73°21′46″W / 41.17222°N 73.36278°W / 41.17222; -73.36278

Bridgewater Associates, LP
Company typePrivate
IndustryFinance
GenreHedge fund
Founded1975; 50 years ago (1975)[1]
FounderRay Dalio
Headquarters
Westport, Connecticut
,
U.S.
Area served
Worldwide
Key people
Nir Bar Dea (CEO)[2]
Products
  • Pure Alpha
  • All Weather
  • Pure Alpha Major Markets
  • Daily Observations
AUMUS$125 billion (2023)[3]
Number of employees
c. 1,300 (2023)[4]
Websitebridgewater.com

Bridgewater Associates, LP (informally known as "Bridgewater")[5] is an American investment management firm founded by Ray Dalio in 1975. The firm serves institutional clients including pension funds, endowments, foundations, foreign governments, and central banks. As of 2023, Bridgewater was the fourth-most profitable hedge fund manager in history in absolute dollar returns.[6] The firm began as an institutional investment advisory service, graduated to institutional investing, and pioneered the risk parity investment approach in 1996.

In 1981, the company moved its headquarters from New York City to Westport, Connecticut. It employs about 1,500 people.[7]

History

Bridgewater's history includes pioneering industry strategies such as currency overlay, the separation of alpha and beta strategies,[8] the creation of absolute return products, and risk parity.[9] According to Financial News, the company was the fastest-growing asset manager from 2000 until 2005, when it stopped accepting new accounts.[10] Its assets under management increased by 25% each year from 2001 to 2010, with employees reaching 11 times their 2000 levels.[11] The company's Daily Observations research is reportedly read by leaders of central banks and managers of pension funds worldwide.[12]

1975–1990: Consulting, research, money management

Ray Dalio founded Bridgewater Associates in 1975 in an office in his Manhattan apartment. At that time, the business consisted exclusively of advising corporate clients and the management of domestic and international currency and interest rate risks.[13][14] The firm later changed its emphasis and began selling economic advice to governments and corporations such as Nabisco and McDonald's.[15]

Bridgewater began publishing a paid subscription research report, the Daily Observations, which inspired McDonald's Corp. and its main supplier to become clients in the early 1980s.[16] Another client was Banks of Mid-America, whose treasury department director, Bob Prince, later joined Bridgewater Associates as co-CIO.[17] In 1981, the company moved its offices from New York City to Connecticut.[18]

View of lake and trees surrounding the corporate headquarters in Westport, Connecticut
View of lake and trees surrounding the corporate headquarters in Westport, Connecticut

Bridgewater's first account was funded by a $5 million fixed-income investment by Hilda Ochoa-Brillembourg of World Bank in 1987.[19] In the mid-1980s, the firm changed its business focus from currency and interest rate management to global bonds and currencies for institutional investors.[15] As a fixed-income and currency adviser to institutional clients, the company gained a reputation as a currency trader and a developer of techniques for overlaying currencies. In 1990, it launched a hedge fund portfolio using monies from Kodak and Loews Corporation[13] and began formally offering its clients currency overlay products.[20]

1991–2006: Pure Alpha, All Weather

Bridgewater developed several "innovative investment strategies" during the 1990s, such as inflation-indexed bonds, currency overlay, emerging market debt, global bonds and "super-long duration bonds". The firm also "pioneered the separation of alpha and beta" investments and developed a strategy called "alpha overlay", which involves a portfolio of "20 uncorrelated" investments leveraged for risk or return and combined with cash or an investment market benchmark.[16]

The firm launched its Pure Alpha fund and began to market portable alpha investment strategies in 1991.[8] The Pure Alpha fund did well during the market's downturn from 2000 to 2003 and, as hedge funds became more popular, the company expanded its assets through its connections with various underfunded pension funds, some of which were already clients.[14] In 1992, the firm introduced its global bond overlay program.[11] In 1995, company executives participated in the discussions at the U.S. Treasury[21] and advised the federal government on the development of inflation-indexed bonds.[22][23]

Bridgewater launched its All Weather hedge fund and pioneered the risk parity approach to portfolio management in 1996.[24][25] The firm's assets under management grew from $5 billion in the mid-1990s to $38 billion by 2003.[26] In June 2000, Pensions & Investments magazine named Bridgewater the best-performing global bond manager from 1995 to 2000.[27] In 2002, Nelson Information named the company the World's Best Money Manager in recognition of the 16.3% return on its International Fixed Income program.[28] The firm received the Global Investor Awards for Excellence-Global Bonds award in 2003.[26] The next year, it received the Global Pensions Currency Overlay Manager of the Year award[29] and two "best in class" awards from the PlanSponsor Operations Survey.[30]

In 2006, the company's flagship Pure Alpha fund began "returning money" to its clients in order to maintain its investment strategy and enforce its "capacity limit". The firm began moving all of its clients into alternative strategies (either its All Weather or Pure Alpha Major Markets funds), thereby eliminating the traditional investment approach from its portfolios.[31] That year it received PlanSponsor Magazine's Lifetime Achievement Award,[32] Global Pensions magazine's Currency Manager of the Year award,[33] and Money Management Letter's Public Pension Fund Award for Excellence and Alternatives Manager of the Year award.[34]

2007–2022: Pure Alpha Major Markets, Ray Dalio retires

By 2007, the firm's total assets under management grew to $50 billion (from $33 billion in 2000).[16] According to a 2007 article in Barron's magazine, "nobody was better prepared for the global market crash" than its clients and subscribers to its Daily Observations. Bridgewater "began sounding alarms...in the spring of 2007 about the dangers of excessive financial leverage".[35] The company's researchers reviewed the public accounts of most of the major financial institutions around the globe and found that estimated future losses due to bad debts totaled $839 billion. In December, these conclusions were reported to the U.S. Treasury Department when Dalio met with U.S. Treasury Secretary staff and other White House economic advisers.[36] Bridgewater's Pure Alpha fund "spared its investors" from most of the stock market's "meltdown" in 2008,[37] but this strategy was unsuccessful in 2009, when economic growth responded faster than anticipated and the Dow Jones Industrial Average increased by 19% while the company's Pure Alpha fund reportedly gained only 2% to 4%.[37] Bridgewater's Pure Alpha II has posted a historic average return of 10.4%, with only three losing years.[38] Bridgewater actually underperformed the S&P 500, which saw annualized rates of 10.73% during the same period. John McCain visited the firm and addressed company employees during his 2008 presidential campaign.[39]

Dalio began using the term "d-process" in February 2009 to describe the deleveraging and deflationary process of the subprime mortgage industry, as distinct from a recession.[35] That year, the company was called the largest hedge fund in the U.S. and received the Alternative Investment News 7th Annual Hedge Fund Industry's Lifetime Achievement award and PlanSponsor's Hedge Fund Manager of the year award.[40][41] When the U.S. gross domestic product faltered in 2010, the firm had significant gains on its investments in Treasury bonds and other securities, and in November founded the $10 billion Pure Alpha Major Markets fund, which brought the company's total assets under management to more than $100 billion.[36][37] In 2011, Bridgewater received several honors. It was first on Institutional Investor's "world's top 100 hedge funds" list.[42] It received the Macro-Focused Hedge Fund Firm of the Year award[43] and the aiCIO Hedge Fund Industry Innovation Award.[44] Absolute Return + Alpha (AR) ranked it first in its Hedge Fund Report Card[45] and Billion Dollar Club categories.[46] The Teacher Retirement System of Texas (TRS) invested $250 million in a stake in Bridgewater Associates Intermediate Holdings. The firm's total funds in early 2012 were around $120 billion.[47]

Between 2014 and 2016, the Regents of the University of California withdrew $550 million from Bridgewater Associates due to concerns about Bridgewater's future leadership.[48] In 2016, Connecticut approved $22 million in grants and loans via a program initiated by Governor Dannel P. Malloy in exchange for job training, job creation, and building renovations, with the agreement that the firm would retain the 1,402 jobs it supported in Connecticut. The company also received $30 million in urban tax credits.[49][50] In 2016 the firm managed about $150 billion.[49]

In 2017, Dalio retired as co-CEO.[51] In September 2017, Bridgewater announced plans to launch an investment fund in China with the Chinese government's approval.[52]

In June 2018, Bridgewater announced to clients and employees that it would change its corporate structure and become a partnership. By June 2018, the Ontario Municipal Employees Retirement System, Singapore's sovereign wealth fund, and the International Monetary Fund had invested in Bridgewater Associates.[53]

In 2020, Bridgewater reported hefty losses due to COVID-19-related market volatility, with the pure Alpha II fund losing 18.6% as of August 2020.[54] During the pandemic, Bridgewater Associates bet against European companies.[55][56][57] Losses for 2020 were $12.1 billion.[58]

In December 2021, after 11 months in the doldrums, Bridgewater posted a 7.8% return, its best annual performance since 2018.[59]

In January 2022, Nir Bar Dea, a retired major and platoon leader in the Israeli Defense Forces, and Mark Bertolini were announced as co-CEOs.[60][61][62] In the volatile bear market of the first half of 2022, the firm's Pure Alpha II fund posted a 32% return. Bridgewater finished the year with AUM of $126.4 billion.[63]

2023-2024

As of January 31, 2023, Bridgewater had $123.5 billion in AUM. That was the second-highest, behind the London-headquartered Man Group's $138.4 billion in hedge fund AUM as of September 30, 2022. By comparison, Bridgewater's AUM totaled about $162 billion as of September 30, 2019; $141 billion as of September 30, 2020; and $153 billion as of February 28, 2022.[64] At all of those points, it still ranked first in hedge fund AUM.[65][66][67]

Nir Bar Dea took over as the lone CEO in March 2023.[68]

As of April 2024, Bridgewater maintained the top ranking in hedge fund AUM, with about $124 billion.[69]

Investment philosophy

According to Ray Dalio, Bridgewater Associates is a "global macro firm".[70] It uses "quantitative" investment methods to identify new investments while avoiding unrealistic historical models.[20] Its goal is to structure portfolios with uncorrelated investment returns based on risk allocations rather than asset allocations. Additionally, the company reportedly accepts funds only from institutional clients such as pension funds, foundations, endowments, and central banks, rather than private investors.[14][19]

A 2023 New York Times investigative report, based on a book by the paper's finance journalist Rob Copeland,[71] raised questions about whether the firm uses a sophisticated investing system.[72] The report said that the fund's investments are primarily based on Dalio's personal picks and that investment choices are driven by information derived from his associations with prominent government actors.[72]

Separation of alpha and beta

The company divides its investments into two basic categories: Beta investments, whose returns are generated through passive management and standard market risk, and Alpha investments, whose goal is to generate higher returns not correlated with the general market and which are actively managed. Dalio introduced the separation of alpha and beta investments in 1990 and gained other equity managers' recognition in 2000. The firm is reportedly the first hedge fund manager to separate alpha and beta investment strategies and offer dedicated investment funds for each.[16][73]

Systematic diversification

According to Bloomberg, Bridgewater uses an investing system that combines traditional diversification with "wager[s] on or against markets around the world" and attempts to invest in instruments and markets that do not "move in lock step" with each other.[14] To guide its investment strategies, the company's top executives have compiled hundreds of "decision rules" that are the financial corollary to the firm's employee handbook, Principles, and these guidelines are incorporated into the firm's computers' analysis.[36]

Products

The firm offers three hedge funds: the Pure Alpha fund, the All Weather fund, and the Pure Alpha Major Markets fund. It also publishes a white paper, the Daily Observations, which is read by investors worldwide on a subscription basis.[74]

Pure Alpha

Bridgewater Associates launched its flagship fund, Pure Alpha, in 1989. It calls the fund a "diversified alpha source" that invests across a group of asset classes.[8] It was designed to balance risk among various non-correlated assets through active management.[75] It includes 30 or 40 simultaneous trading positions in bonds, currencies, stock indexes, and commodities to avoid affecting prices by concentrating funds in a single area.[76] The fund was closed to new investors in 2006 when it reached its predetermined maximum funds level.[31] As of 2019, the fund is reported to have lost money in only three of its 20 years of existence and had an average annualized return of 12%.[77] However, an investment in Pure Alpha has returned 4.5% annualized since 2005 and underperformed major indices.[78]

All Weather

All Weather launched in 1996 and highlighted low fees, global inflation-linked bonds, and global fixed-income investments. The fund began as Dalio's personal trust fund and was subsequently opened to clients.[36] Its goal was to create "high, risk adjusted returns" that exceeded the general market's return.[36][79] The All Weather fund contains more than $46 billion and is one of the largest funds in the U.S. as of 2011.[80] In April 2009, after Lehman Brothers collapsed, the fund moved into "safe portfolio" mode, which included nominal and inflation-linked bonds and gold instead of equities, emerging market debt, and commodities. The fund is reported to contain 40% inflation-linked bonds, 30% Treasury bills, 20% Treasury bonds, and 10% gold.[81]

In June 2018, Bridgewater was granted permission to develop and market domestic investment products to qualified investors in China. In October 2018, Bridgewater launched its first Chinese investment product, Bridgewater All Weather China Private Fund Number 1,[82] which by January 2024 had grown to $5.5 billion.[83]

Pure Alpha Major Markets

Under the guidance of then co-CEO Jensen, the firm created the Pure Alpha Major Markets in 2011 with $2.4 billion from existing clients.[84][failed verification] In the summer of 2011, the fund was opened to a group of outside investors who had made a total advance commitment of $7.5 billion. At that time, it was reported to be the largest hedge fund launch. The fund was established to provide an investment vehicle similar to the company's Pure Alpha fund but with enhanced liquidity by focusing on the major markets such as European bonds.[16] The fund's launch brought the company's total assets under management to more than $100 billion.[85]

Daily Observations

Daily Observations is a private communication[86] and Bridgewater's flagship product and service. It synthesizes Bridgewater's decades of following the markets and offers an alternative perspective on investment trends.[87] It has been characterized as comprehensive, with some editions up to 43 pages long. It is reportedly read by leaders of central banks and managers of pension funds worldwide and is said to be "one of the most widely forwarded pieces of market analysis" in the industry. It is the centerpiece of the company's outreach program and as of 2009 was read by members of the U.S. Treasury and the Executive Office of the Obama administration.[88]

Corporate affairs

Headquarters

In 1981, Bridgewater moved its headquarters 50 miles north of New York City to Wilton, Connecticut, and in the late 1990s it moved to a larger office space on a corporate campus in Westport, Connecticut.[18] As the company continued to expand, it became the sole tenant at the 22-acre campus. The campus has been called retreat-like and is surrounded by the trees of a former nature reserve.[20] It contains three buildings made of "midcentury modern fieldstone and glass". Since 2000 its staff has grown from 100 to 1,500,[7] and the firm has taken office space in three additional buildings in the area.[11] In an effort to consolidate its offices, the company made plans to build a 750,000-square-foot headquarters in Stamford, about 15 miles from Westport, but canceled the project in 2014.[89]

Employees

Bridgewater Associates grew from 100 employees in 2003 to 1,500 in 2017.[7][90][91] It is reportedly one of the few hedge fund managers that hire its analysts and employees right out of college and from the annual pool of graduates of elite universities.[92] Employees are transported daily in a "fancy" bus that ferries them from Manhattan to the company's Westport offices. According to Bloomberg, "about a quarter of all new hires" leave within the first two years.[14] Those that remain are reported to receive "generous" compensation and form bonds with fellow employees that are "like family".[12] Dalio helps pay for any employees who wish to learn Transcendental Meditation.[93]

Dalio relinquished his chief executive officer (CEO) title in 2011 and took on the role of "mentor". The company's administration consisted of three co-CEOs: Greg Jensen; Eileen Murray, former Controller at Morgan Stanley;[94] and David McCormick, the former undersecretary of the Treasury Department.[95] The company also had three co-CIOs (chief investment officers): Dalio, Jensen (who was also co-CEO), and Bob Prince.[11] Jensen oversaw the firm's research programs and came to the company as a Dartmouth College intern.[84][96] Britt Harris, formerly of Verizon Investment Management, joined Bridgewater as co-CEO in November 2004 but left six months later. According to Dalio, the cultural fit was a problem, but Harris "is a superstar, with an absolutely fabulous character".[97] From 2010 to 2013, Bridgewater's general counsel was James Comey, former United States Deputy Attorney General and Director of the Federal Bureau of Investigation from 2013 to 2017.[98] In 2016, Bridgewater removed Jensen as co-CEO and hired Jon Rubinstein instead.[48] Rubinstein, a former Apple executive, left Bridgewater after 10 months in early 2017. Within a few years, Rubinstein was the third top-level executive to leave Bridgewater after less than 12 months on the job.[99] In December 2019, Bridgewater announced that Murray planned to step down as co-CEO in 2020, making McCormick the sole CEO.[100]

Corporate culture

In 2005, Dalio created a handbook, Principles, in response to Bridgewater's fast growth. In 2017, he published a revised version, Principles: Life & Work, which became a New York Times best seller.[101] The publication is said to be part self-help book, part management manual, and part treatise on the mechanics of natural selection as it functions in a business setting.[36] According to one trade journal, six years after the publication of Principles, the firm's rapid expansion led to the institution of a "bizarre culture of criticism".[102] The company acknowledges that employees "often encounter culture shock" when they begin working there, and Dalio has said "it's not for everyone".[36] According to the company's website, employees are encouraged to be assertive and discussions about disagreements and mistakes are considered an integral part of the company's culture because they stimulate learning and progress.[103] In addition to Principles, Bridgewater employees use the "dot collector", a tool that allow them to give real-time assessments of each other's views, contributing to the open environment.[104]

In 2011, New York magazine called Bridgewater the "largest and indisputably weirdest hedge fund" because of its unwavering commitment to "total honesty and accountability" and minute detail in its corporate culture.[12] For example, Dalio encourages employees to do "whatever it takes to make the company great" and emphasizes transparency and openness in its decision-making.[8][105] All meetings are recorded and can be viewed by any employee as long as the meeting topic is not proprietary.[102] Dalio says he fosters "an extreme meritocracy of ideas" and that investment decisions are made without considerations of hierarchy. He says that any employee can respectfully say anything to anyone in the firm, but they must be prepared to be challenged in return.[97][106] The company's flat corporate structure aims to remove the barriers associated with traditional asset management firms, and stodginess and risk-aversion are discouraged.[32][107] In April 2017, Dalio gave a TED talk about Bridgewater's culture and attributed most of its success to identifying the best ideas.[108]

Bridgewater has been likened to a cult,[36] but Dalio denies that and insists that it is a dedicated "community".[11] In The New Yorker, John Cassidy wrote, "the word 'cult' clearly has connotations that don't apply to an enterprise staffed by highly paid employees who can quit at any moment". He also wrote that Bridgewater is located far from other financial institutions and headed by a "strong-willed leader", and that employees use a "unique vocabulary".[36] While Bridgewater's practice of radical transparency has at times been criticized, its executives maintain that open communication helps the firm better evaluate risk and is the key to its success.[109]

In 2016, a Bridgewater employee filed a complaint with the Connecticut Commission on Human Rights and Opportunities, saying that Bridgewater was like a "cauldron of fear and intimidation".[110] The New York Times reported that "several former employees recalled one video that Bridgewater showed to new employees that was of a confrontation several years ago between top executives including Mr. Dalio and a woman who was a manager at the time, who breaks down crying".[110]

In 2018, Wharton Professor Adam Grant published a podcast featuring a Bridgewater manager who was ranked last in performance after a meeting to illustrate how radical transparency works at the firm.[111]

Robert Kegan's book An Everyone Culture: Becoming a Deliberately Developmental Organization explores Bridgewater's culture.[112]

References

  1. ^ Fortado, Lindsay; Wigglesworth, Robin (December 6, 2019). "Former US Ranger ready to take command at Bridgewater". Financial Times. Nikkei. Retrieved December 9, 2019.
  2. ^ "People: Our leadership". Bridgewater Associates. Retrieved February 1, 2021.
  3. ^ Mackenzie, Nell; Mandl, Carolina (August 16, 2023). "Bridgewater's flagship fund was bearish on US stocks as rally fizzled". Reuters.
  4. ^ Schatzker, Erik (March 1, 2023). "Ray Dalio is out at Bridgewater and the new CEO is cutting jobs and doubling down on A.I.: 'Evolve or die. That's what's happening here'". Fortune. Retrieved July 11, 2023.
  5. ^ "Tim Cook and Ray Dalio Among Few US Chiefs Attending China Business Summit". Bloomberg.com. March 23, 2023. Retrieved April 3, 2023.
  6. ^ Lovell, Hamlin. "50 Giants: Bridgewater's Ray Dalio". The Hedge Fund Journal. Retrieved November 27, 2024.
  7. ^ a b c Goldstein, Matthew; Stevenson, Alexandra (September 8, 2018). "Bridgewater's Ray Dalio Spreads His Gospel of 'Radical Transparency'". DealBook. The New York Times. p. BU1. Retrieved September 8, 2017.
  8. ^ a b c d Schultes, Renée (September 11, 2006) "Bridgewater seeks competitive advantage through lateral thinking", Financial News. Retrieved April 7, 2010.
  9. ^ Dunstan, Barrie (November 20, 2008). Investment Legends: The Wisdom That Leads to Wealth. John Wiley & Sons. pp. 131–148. ISBN 978-0-7314-0837-5. Retrieved July 27, 2011.
  10. ^ (September 11, 2006)"Bridgewater is Fastest Growing Asset Manager", Financial News. Retrieved October 2011.
  11. ^ a b c d e Celarier, Michelle; Lawrence Felefingne (July 2011). "Ray Dalio's Radical Truth". Institutional Investor. Retrieved March 2, 2011.
  12. ^ a b c "Pursuing Self-Interest in Harmony with the Laws of the Universe and Contributing to Evolution Is Universally Rewarded" by Kevin Roose, New York, April 10, 2011
  13. ^ a b David Snider; Chris Howard (February 16, 2010). Money Makers: Inside the New World of Finance and Business. Palgrave Macmillan. pp. 224–. ISBN 978-0-230-61401-7. Retrieved July 31, 2011.
  14. ^ a b c d e Teitelbaum, Richard (November 29, 2005). "Bridgewater's Dalio Lures Pension Funds With 13.3 Percent". Bloomberg Markets. Archived from the original on November 6, 2012. Retrieved March 22, 2010.
  15. ^ a b The World According to Ray Dalio Archived 2009-12-17 at the Wayback Machine, DerivativesStrategy, October 2000. Retrieved March 30, 2010.
  16. ^ a b c d e Williamson, Christine (February 4, 2008). "Hedge Funds: Living Large". Pensions & Investments. Crain Communications Inc. Retrieved March 26, 2010.
  17. ^ Kishan, Saijel (September 14, 2011). "Hedge Funds Face Succession Challenge as Kovner Hands Off Caxton to Law". Bloomberg News. Retrieved October 3, 2011.
  18. ^ a b "Economist Dalio Foresees Greatest Crisis Since '29". Wilton Bulletin. September 22, 1982.
  19. ^ a b O'Keefe, Brian (March 19, 2009). "Inside the World's Biggest Hedge Fund". Fortune. Retrieved March 22, 2010.
  20. ^ a b c Brewster, Deborah (January 8, 2008) The alpha and beta of a lone manager, Financial Times.
  21. ^ Schlesinger, Jacob (September 26, 1996). "U.S. Bonds To Be Tied To the CPI – Long-Awaited Project Will Be Sold Only in 10-Year Note Form". The Wall Street Journal. Archived from the original on September 29, 2011. Retrieved August 10, 2011. Bridgewater Associates Inc., a Connecticut money manager that participated in the Treasury discussions
  22. ^ Fromson, Brett D. (December 24, 1996) The Washington Post, "Treasury Delays Debut Of Inflation-Indexed Notes", December 24, 1996
  23. ^ Schlesinger, Jacob and Zuckerman, Gregory (December 24, 1996) Treasury Delays Sale of Bonds Tied to Inflation, The Wall Street Journal
  24. ^ Appell, Douglas (November 30, 2009). "Bridgewater Under the Weather". United States: Pensions & Investments. Crain Communications Inc. Retrieved April 18, 2010.
  25. ^ Schwartz, Stephanie (April 2011) "Risk Parity: Taking the Long View"[permanent dead link‍] IP&E, retrieved June 2011
  26. ^ a b (2003) "Global Investor Awards for Excellence", Bridgewater Associates official web page. Retrieved October 28, 2011
  27. ^ Fromson, Brett D. (December 24, 2000). "The TSC Streetside Chat: Ray Dalio of Bridgewater Associates". TheStreet.com. Archived from the original on April 17, 2008. Retrieved August 25, 2011.
  28. ^ (October 20, 2002) PEP Briefs Accounting Today
  29. ^ Global Investor, Global Pensions, 2004. Retrieved March 26, 2010.
  30. ^ "2005 Investment Manager Operations Survey: Bridgewater Associates". PlanSponsor. 2005. Archived from the original on May 22, 2012. Retrieved August 8, 2011.
  31. ^ a b Williamson, Christine; Appell, Douglas (August 23, 2010). "Bridgewater adds liquidity to Pure Alpha clone". United States: Pensions & Investments. Crain Communications Inc. p. 4. Archived from the original on September 9, 2017. Retrieved December 8, 2019.
  32. ^ a b "The Pursuit of Excellence". Plansponsor. December 2006. Archived from the original on October 7, 2011. Retrieved April 12, 2010.
  33. ^ "Global Pensions Awards winners announced", Global Pensions, January 24, 2006. Retrieved March 22, 2010.
  34. ^ (April 3, 2006)"Alternatives Manager of the Year" Archived 2011-07-14 at the Wayback Machine, Money Management Letter, Retrieved March 22, 2010.
  35. ^ a b Ward, Sandra (February 9, 2009) "Recession? No, It's a D-process, and It Will Be Long", Barron's. Retrieved March 18, 2010
  36. ^ a b c d e f g h i Cassidy, John (July 25, 2011) "Mastering the Machine", The New Yorker. Retrieved July 2011
  37. ^ a b c Corkery, Michael and Eder, Steve, June 22, 2011, "Bridgewater Goes Large", The Wall Street Journal, pp. C1–C2
  38. ^ The losses continue to pile up for hedge fund king Ray Dalio, 15 September 2020
  39. ^ Pazsniokas, Mark (April 10, 2008) "A Tough Audience Investment Workers? Pointed Questions Pierce McCain's Stump Lines", Hartford Courant
  40. ^ "7th Annual Hedge Fund Industry Award Winners". Alternative Investment News. June 26, 2009. Retrieved August 7, 2011.
  41. ^ Kouwe, Zachery (September 2, 2009). "Bridgewater Leads in Investor Survey". DealBook. The New York Times. Retrieved March 22, 2010.
  42. ^ Opalesque (September 2, 2009). "Bridgewater remains largest US hedge fund".
  43. ^ (June 202011) "Hedge Fund Industry Awards", Institutional Investor. Retrieved October 28, 2011
  44. ^ aiCIO 2011 Award Winners Archived 2011-10-06 at the Wayback Machine aiCIO Announces 2011 Asset Management/Servicing Award Winnerst, September 26, 2011. Retrieved September 2011.
  45. ^ Tunick, Britt Erica (September 2011). "Hedge Fund Report Card 2011" (PDF). Absolute Return + Alpha. Archived from the original (PDF) on April 25, 2012. Retrieved October 28, 2011 – via Elliott Management Profiles.
  46. ^ Allen, Katrina Dean (March 2, 2011)"Billion Dollar Club", Absolute Return. Retrieved October 2011
  47. ^ "Bridgewater and Strategic Investing, American Public Pensions are Becoming More Innovative", SWFI, February 26, 2012. Retrieved July 2014.
  48. ^ a b Stevenson, Alexandra; Goldstein, Matthew (July 17, 2016). "Bridgewater, World's Biggest Hedge Fund, Is Said to be Solwing Hiring". The New York Times. p. B1. Retrieved December 10, 2018.
  49. ^ a b Dixon, Ken (May 23, 2016). "Republicans criticize Malloy over $22 M grant to Bridgewater". CTPost. Retrieved May 25, 2016.
  50. ^ Schott, Paul (May 25, 2023). "Hedge fund giant Bridgewater Associates pays back state loan, forgoes $18M in tax credits". CTinsider. Retrieved July 10, 2023.
  51. ^ "Founder & CIO Mentor, Bridgewater Associates". Forbes.
  52. ^ Copeland, Rob; Hope, Bradley; Areddy, James T. (September 8, 2017). "Bridgewater to Launch Big Investment Fund in China, Three Decades in the Making". The Wall Street Journal. Retrieved September 24, 2020.
  53. ^ Sorkin, Andrew; de la Merced, Michael (June 28, 2018). "Bridgewater Plans to Become a Partnership as Ray Dalio Takes a Step Back". The New York Times. p. B3. Retrieved December 17, 2018.
  54. ^ Burton, Katherine (September 15, 2020). "For Ray Dalio, a Year of Losses, Withdrawals and Uneasy Staff". Bloomberg News. Retrieved October 7, 2020.
  55. ^ Der Aktionär.de: Hedgefonds-Legende wettet im großen Stil gegen Europa
  56. ^ Institutional Money: Bridgewater geht 14 Milliarden-Leerverkaufposition in Europaaktien ein, 19. März 2020
  57. ^ Zschäpitz, Holger (March 19, 2020). "Spekulanten stürzen sich auf deutsche Konzerne". DIE WELT. Retrieved September 24, 2020.
  58. ^ Robertson, Harry (January 25, 2021). "Ray Dalio's Bridgewater lost $12.1 billion in 2020 — but he's still the best-performing hedge fund manager of all time". Retrieved July 11, 2023.
  59. ^ Burton, Katherine (December 31, 2021). "Bridgewater Gains 7.8% in December as One Big Month Saves Year". Bloomberg News. Retrieved July 11, 2023.
  60. ^ Schatzker, Erik; Burton, Katherine (January 3, 2022). "Bridgewater Names Bar Dea, Bertolini CEOs as McCormick Quits". Bloomberg. Retrieved July 11, 2023.
  61. ^ "CEO Nir Bar Dea Discusses Critical Generational Shift at Bridgewater". Bridgewater Associates, LP. October 12, 2022. Retrieved July 11, 2023.
  62. ^ "Nir Bar Dea — Bridgewater Associates". Bridgewater. Retrieved June 9, 2024.
  63. ^ "Top 10 largest hedge fund managers 2022". June 30, 2022. Retrieved June 11, 2024.
  64. ^ "Ray Dalio is out at Bridgewater and the new CEO is cutting jobs and doubling down on A.I.: 'Evolve or die. That's what's happening here'". Fortune. Retrieved August 20, 2023.
  65. ^ Burton, Katherine (July 5, 2022). "Bridgewater's Flagship Hedge Fund Gains 32% for First Half of Year". Bloomberg News. Retrieved July 11, 2023.
  66. ^ Daniel, Will (July 6, 2022). "How Bridgewater's flagship hedge fund beat the bear market in the first half of 2022 when most others tanked". Fortune. Retrieved July 11, 2023.
  67. ^ Tan, Huileng (July 6, 2022). "Bridgewater's flagship hedge fund posted gains of 32% in the first half of 2022 even in a broad market decline". Business Insider. Retrieved July 11, 2023.
  68. ^ "Bridgewater's chief says he has 'rewired' world's largest hedge fund". www.ft.com. Retrieved June 17, 2024.
  69. ^ "Top 10 Hedge Funds Of June 2024 – Forbes Advisor". www.forbes.com. Retrieved June 11, 2024.
  70. ^ Roose, Kevin (October 21, 2011). "Bridgewater's Dalio: 'I Think I Did Everything Right'". DealBook. The New York Times. Retrieved October 28, 2011.
  71. ^ Copeland, Rob (2023). The Fund: Ray Dalio, Bridgewater Associates and the Unraveling of a Wall Street Legend. Pan Macmillan. ISBN 9781529075564.
  72. ^ a b Copeland, Rob (November 1, 2023). "How Does the World's Largest Hedge Fund Really Make Its Money?". The New York Times.
  73. ^ Leim, Harry (2007) 2020 Vision: Investment Wisdom for Tomorrow, p. 19, Mercer 2007
  74. ^ Barr, Alistair "Bridgewater's deleveraging view pays off", Market Watch, October 22 2010, retrieved October 2011
  75. ^ Bridgewater leads the Drive for Pure Alpha[permanent dead link‍] Money Management (May 18, 2007) Liam Egan
  76. ^ Burton, Katherine (March 29, 2010). "Paulson's $32 Billion Funds Prompt Too-Big Concerns". Bloomberg News. Archived from the original on November 2, 2012. Retrieved March 29, 2010.
  77. ^ "Here's What Ray Dalio Made in Bridgewater's Impressive 2018".
  78. ^ Dalio's Hedge Fund Risks Being Dumped by Pension on Weak Returns, Bloomberg News, 2 September 2021
  79. ^ Carlson, Robert (June 14, 2007) Invest Like a Fox... Not Like a Hedgehog: How You Can Earn Higher Returns With Less Risk, John Wiley and Sons, ISBN 9780470126332, p. 169, retrieved July 2011
  80. ^ Appell, Douglas (October 3, 2011). "Risk-parity strategies drawing big interest despite bond worries". Pensions & Investments. Retrieved October 3, 2011.
  81. ^ Euromoney Institutional Investor;p Money Management Letter, "Bridgewater Shapes Portfolio For Depression, Sara Behunek, April 20, 2009
  82. ^ Hall, Phil (November 1, 2018). "Bridgewater Associates debuts onshore China fund". Westfair Communications. Retrieved November 25, 2019.
  83. ^ "Bridgewater draws more investors in China, nearly doubles assets" by Summer Zhen and Samuel Shen, Reuters, January 19, 2024
  84. ^ a b "40 Under 40 – 3. Greg Jensen". CNN Money. October 25, 2011. Retrieved December 10, 2023.
  85. ^ Return of the Mega Launch Archived 2012-03-28 at the Wayback Machine (July 1, 2011) Institutional Investor, Retrieved August 2011
  86. ^ Jiang, Ethel (March 13, 2019). "'Pain + Reflection = Progress': Here are 13 brilliant quotes from hedge-fund legend Ray Dalio | Markets Insider". Business Insider. Retrieved November 21, 2019.
  87. ^ Marley, Jay; Oyedele, Akin; Ciolli, Joe. "Introducing: The 10 people transforming investing". Business Insider. Retrieved November 25, 2019.
  88. ^ "Inside the Crisis Larry Summers and the White House economic team", The New Yorker, October 12, 2009. Accessed April 5, 2010.
  89. ^ MacEachern, Frank (June 27, 2014) "Westport-Based Bridgewater Nixes Move to Stamford", Stamford Daily Voice
  90. ^ (February 2003)"Global bonds winner 2003: Bridgewater Associates", Investor Magazine. Retrieved October 2011
  91. ^ Murray, Eileen (Interview: Summer 2011)"Interview with Eileen Murray" Archived October 15, 2011, at the Wayback Machine Leaders Magazine. Retrieved October 2011
  92. ^ David Snider; Chris Howard (February 16, 2010). Money Makers: Inside the New World of Finance and Business. Palgrave Macmillan. p. 141. ISBN 978-0-230-61401-7. Retrieved July 31, 2011.
  93. ^ Comstock, Courtney (October 25, 2010). "Ray Dalio Is Too Modest To Admit He Returned 38% YTD Using Transcendental Meditation". Business Insider.
  94. ^ Moore, Karl. "How Eileen Murray, Co-CEO Of Bridgewater Associates, Encourages Risk-Taking". Forbes. Retrieved December 1, 2019.
  95. ^ Levin, Bess (July 18, 2011)"Bridgewater Associates Truth Probings Are About to Get Turbo Charged", Deal Breaker
  96. ^ Abad-Santos, Alexander (August 5, 2011) "Dartmouth Student and Bridgewater Clash on Recruiting", Atlantic Wire. Retrieved October 2011
  97. ^ a b Williamson, Christine (June 27, 2005). "A quick exit for Bridgewater's Harris". United States: Pensions & Investments. Crain Communications Inc. Retrieved December 8, 2019.
  98. ^ "AP Sources: Obama Preparing To Name Comey To FBI". NPR. AP. May 29, 2013. Archived from the original on May 30, 2013. Retrieved May 30, 2013.
  99. ^ Stevenson, Alexandra; Goldstein, Matthew (March 1, 2017). "Bridgewater Associates, World's Biggest Hedge Fund, Shakes Up Leadership". DealBook. The New York Times. p. B1. Retrieved December 10, 2018.
  100. ^ Levy, Rachel (December 3, 2019). "Bridgewater Co-CEO Eileen Murray to Depart". The Wall Street Journal. Retrieved December 4, 2019.
  101. ^ "New York Times Best Sellers: Business". The New York Times. May 12, 2019. Retrieved December 1, 2019.
  102. ^ a b (March 3, 2011) "Bridgewaters Ray Dalio: There's a Cultural Misunderstanding", Westport Now. Retrieved October 28, 2011
  103. ^ Dalio, Ray. Bridgewater Associates: Culture and Principles, Bridgewater Company Website. Retrieved January 10, 2008.
  104. ^ "Citizen Ray: Bridgewater's Ray Dalio is the wise uncle you wished you had". TechCrunch. August 2019. Retrieved December 11, 2019.
  105. ^ Stern, Stefan (January 15, 2008) "Time to toughen up and embrace the joys of conflict", Financial Times. Retrieved March 22, 2010.
  106. ^ Taub, Stephen (June 28, 2011) Euromoney Institutional Investor, "Bridgewater's Alpha is up 11 Percent This Year", June 28, 2011, "Dalio also encourages subordinates to challenge their superiors, and expects every employee to express blunt honest opinions"
  107. ^ Stern, Stephan (January 15, 2008) "Time to Toughen Up and Embrace the Joys of Conflict", Financial Times. Retrieved October 2011
  108. ^ Dalio, Ray (September 6, 2017), How to build a company where the best ideas win, retrieved December 11, 2019
  109. ^ Moore, Karl. "How Eileen Murray, Co-CEO Of Bridgewater Associates, Encourages Risk-Taking". Forbes. Retrieved December 11, 2019.
  110. ^ a b Stevenson, Alexandra; Goldstein, Matthew (July 26, 2016). "At World's Largest Hedge Fund, Sex, Fear and Video Surveillance". DealBook. The New York Times. p. A1. Retrieved December 7, 2019.
  111. ^ Grant, WorkLife with Adam (March 8, 2018), How to love criticism, retrieved December 15, 2019
  112. ^ Kegan, Robert; Lahey, Lisa (2016). An Everyone Culture. Boston, Massachusetts: Harvard Business Review Press. ISBN 9781625278623.