Core Insights - Bridgewater's total disclosed stock portfolio increased from $24.8 billion in Q2 to nearly $25.5 billion in Q3, marking a modest 3% gain despite significant internal reshuffling [1] - The hedge fund reduced its exposure to crowded tech stocks while increasing broad-market hedges, aligning with Ray Dalio's warnings about potential market bubbles and political stress [2][6] Group 1: Portfolio Changes - Bridgewater made substantial cuts to its holdings in major tech companies such as Nvidia, Alphabet, Microsoft, and Meta, indicating a strategic profit-taking move rather than a simple rebalancing [8] - The number of individual positions in Bridgewater's portfolio nearly doubled, reflecting a recalibration of its investment strategy [2] Group 2: Historical Context - Ray Dalio founded Bridgewater in 1975, and it grew to become the world's largest hedge fund, with assets peaking at nearly $168 billion in 2022 [4] - The firm's investment strategies include "Pure Alpha," which focuses on research-driven market bets, and "All Weather," which diversifies capital across various asset classes [5]