桥水基金，告别达利欧时代

Core Viewpoint - Ray Dalio, the founder of Bridgewater Associates, has officially stepped down from the firm, marking the end of a 50-year career at the hedge fund he created in 1975. He sold his remaining shares to the Brunei sovereign fund and resigned from the board, expressing confidence in the firm's future without him [3][4][6]. Transition of Leadership - The leadership transition at Bridgewater has been lengthy and complex, with Dalio having initiated a succession plan over a decade ago. He transferred control to a new generation of leaders, with the current management team consisting of younger executives who are expected to modernize the firm while adhering to its foundational principles [6][8][11]. - The current leadership includes co-CIOs Bob Prince and Greg Jensen, and co-CEOs Nir Bar Dea and Mark Bertolini, who are responsible for investment and business operations, respectively [7][9]. Performance and Strategy - Bridgewater's assets under management have decreased from $168 billion at the end of 2019 to $92.1 billion by the end of 2024, partly due to a strategy to limit the size of its flagship product, Pure Alpha, to enhance performance. The fund has seen a return of 17% in the first half of 2025 and 11.3% in 2024 [11]. - The firm is undergoing a significant restructuring to improve performance and reduce Dalio's influence, emphasizing the use of AI and other tools in its operations [11]. Dalio's Continued Influence - Despite stepping down, Dalio remains a significant figure in the investment community, actively engaging in writing and advising on macroeconomic issues. He has expressed a long-term positive outlook on China, advocating for global investment in Chinese assets [13][15][19]. - Dalio's book "Principles" has gained immense popularity in China, reflecting his deep engagement with the country and its financial markets [19].