Bridgewater Associates

Ray Dalio Apostles Give Up The Ghost

Howard Wang and Robert Wu are ready to face the kind of radical truth that Bridgewater alums are brought up to face: If their new hedge fund, Convoy Investments, is going to post the kind of gains that make it look more like a mutual fund than old Ray in his glory days, they’ll just have to charge clients as though they were a mutual fund. By which they mean: a management fee several times that charged by the average mutual fund, but no performance fee. Oh, and some feel-good pro bono work. Sign up now (especially if you’re not a charitable organization or one of the 100% of U.S. public pensions that are underwater)! Read more »

  • 04 Aug 2014 at 1:29 PM

A Lot Of People Owe Ray Dalio An Apology

Last Friday was the Bridgwater founder’s birthday– did you wish him a happy or even pause to commemorate the moment he came into this world? Or did it go by unnoticed, unremarked? Start thinking now about how you’re going to do better next year. At three-days out, we’ve already missed the window for coming in with a belated phone call or text. Read more »

October 17, 2012: “In addition to a five-story, 850,000-square-foot office, the campus for Bridgewater Associates calls for a helipad, a floating recreational barge, a restored estuary and a marina…Made up of two long, curved buildings joined in the center by bridges and paths, the structure is poised to become the most striking presence on the Stamford coastline. The project’s goal, according to the coastal site plan application, is ‘to house a corporation in an environment that fosters personal interaction and a strong connection to the living world.’” June 27, 2014: “After careful examination and reflection surrounding the challenges, time, energy, and resources needed to bring the proposed Stamford project to completion, we have decided not to proceed with the move.” [AP]

For the most part, 2013 was not kind to Steve Cohen. The Feds put his balls in a jar and put that jar on Preet Bharara’s desk. One of his ex-employees went to trial for (and was later found guilty of) masterminding the “most lucrative insider trading scheme ever.” Other former traders helped bring the number of SAC alums indicted on securities fraud charges to nine. His genius idea to give out free hot dogs on the front lawn of SAC HQ failed to prevent a number of departures. He lost his biggest fan. For a lot of hedge fund managers, all of this would add up to moping around the office and turning in less than stellar work. For Steve Cohen, it meant turning up the Styx and getting down to business. Read more »

Surprise, surprise: Low-key investment funds that diversify their portfolios across asset classes to protect them for the long term are again proving their value. So-called “risk parity” funds—run by prominent investment firms like Bridgewater Associates, AQR Capital Management and Invesco—are up an average of 3.3 percent through March, according to data from Morningstar, easily beating returns for stocks and bonds. That also is better than a classic 60-40 percent stock-bond allocation, which gained 1.87 percent in the first quarter. [NetNet]

Lovestruck George Soros Is Back On Top

Just in time for Valentine’s Day comes the romantic story that the the 83 year-old hedge fund manager made a ton of money in 2013, and about 80%* it before his September 21st nuptials and can therefore keep to himself,** should this marriage should end in a similar manner to his first two. Read more »

Ray Dalio > Louis Bacon > PTJ > Andy Hall

January’s numbers are in and they are… not great. Especially for Andrew Hall of Phibro fame, who, if he is in fact God, is proving the almighty rather fallible. Read more »