Core Insights - Ray Dalio, founder of Bridgewater Associates, has sold his remaining shares and stepped down from the board, marking his retirement from the hedge fund he created [2][3] - Bridgewater recently repurchased Dalio's remaining ownership stakes, and the Brunei Investment Agency has acquired nearly 20% of the firm, becoming one of its largest shareholders [2] Group 1 - Ray Dalio has been a prominent figure in the investment world, founding Bridgewater at the age of 26 and leading it to become the largest hedge fund globally [2] - The transition of leadership at Bridgewater has been in the works since 2010, with Dalio gradually transferring daily management and majority ownership to others [3] - Dalio emphasized the importance of learning from failures to increase the probability of success, highlighting the need to adapt to change and risk in investment [3] Group 2 - The recent changes in ownership and leadership at Bridgewater signal a significant shift in the company's future direction, with new leadership now in place [3] - The acquisition by the Brunei Investment Agency indicates strong interest from sovereign wealth funds in Bridgewater's operations and potential [2]

Core Insights - Billionaire Ray Dalio has completely exited his remaining shares in Bridgewater Associates, marking the end of a complex leadership transition and ownership structure for the hedge fund he founded [3][4] - Bridgewater repurchased Dalio's remaining shares and subsequently issued new shares to the Brunei Investment Agency, which acquired nearly 20% of the firm in a multi-billion dollar transaction [3][7] - The transition is expected to simplify Bridgewater's governance structure and allow the firm to refocus on investment performance, as its assets under management have significantly decreased from $168 billion at the end of 2019 to an estimated $92.1 billion by the end of 2024 [3][5] Leadership Transition - The leadership transition process initiated by Dalio in 2011 has been described as lengthy and challenging, culminating in his complete exit from ownership and board roles [4][5] - Despite stepping down from various leadership positions, Dalio remained actively involved in company affairs until his full exit, which is anticipated to remove governance obstacles [5] Shareholder Changes - The Brunei Investment Agency, a long-term investor in Bridgewater, has now become one of the largest shareholders following the conversion of its investment in Bridgewater products into equity [8][9] - Although the Brunei fund holds a significant stake, Bridgewater's co-CIO Bob Prince still retains a larger ownership percentage [9]

Core Insights - Ray Dalio, founder of Bridgewater Associates, has sold all his remaining shares and stepped down from the board, marking his retirement after a 50-year investment career [1][2][9] - Bridgewater has repurchased Dalio's shares and issued new stock to the Brunei sovereign wealth fund, giving it nearly 20% ownership [2] - Dalio warns of a 65% probability of a global debt crisis in the next five years, which could severely impact the dominance of the US dollar [2][4] Company Performance - Under Dalio's leadership, Bridgewater became the largest hedge fund globally, achieving significant returns, including over 14% in 2008 and more than 40% in 2010 [3] - However, Bridgewater's assets have decreased from $168 billion at the end of 2019 to $92.1 billion by the end of 2024 [4] - The flagship fund, Pure Alpha, has seen a cumulative return of only 5.9% over five years, but improved performance with an 11.3% return in 2024 and 17% in the first half of 2025 [4] Investment Philosophy - Dalio emphasizes understanding the causal relationships driving changes in the economy, which can help investors predict future events [4][11] - He advocates for a systematic approach to decision-making, including backtesting and computerization of investment strategies [4][11] - Dalio's investment principles include diversification, seeking out differing opinions, and ensuring the probability of unacceptable losses is zero [11] Future Outlook - Dalio believes that five major forces will reshape the world in the coming years, leading to significant changes in the investment landscape [11][12] - He expresses confidence in the next generation of talent at Bridgewater to continue its legacy and achieve future success [9][10]

Core Insights - Ray Dalio, founder of Bridgewater Associates, has sold his remaining shares in the firm and exited the board, marking his complete departure from the hedge fund he established [2][3][4] - Bridgewater has repurchased Dalio's shares, and the Brunei Investment Agency has acquired nearly 20% of the firm, becoming one of its largest shareholders [3][4] - The transition of leadership at Bridgewater has been a long process, beginning in 2010, with Dalio gradually relinquishing control over the years [5][6][7] Company Transition - The succession plan for Bridgewater began in 2010, with multiple individuals serving as CEO, and Dalio gradually transferring daily management and majority ownership [5][6] - By December 2021, Bridgewater established an operational board to oversee daily operations, leading to the appointment of Nir Bar Dea and Mark Bertolini as co-CEOs in early 2022 [6][7] - Dalio's complete exit signifies the successful culmination of the ownership transition, as stated in a letter to investors [7] Investment Performance - Bridgewater has achieved significant success over the years, notably predicting the 2008 financial crisis and generating high returns during various market downturns [10] - By 2022, Bridgewater managed over $150 billion in assets, solidifying its position as a leading hedge fund [10] Relationship with China - Dalio has had a longstanding relationship with China, beginning in 1984, and Bridgewater has significantly invested in the Chinese market over the years [11][12] - In recent developments, Bridgewater has increased its holdings in Alibaba and other Chinese companies, reflecting a strategic focus on Chinese assets [11][12] Leadership Philosophy - Dalio emphasizes the importance of culture and talent selection in achieving success, advocating for a culture of transparency and learning from mistakes [14][15] - His principle of "pain + reflection = progress" has been a guiding philosophy throughout his career, highlighting the value of learning from failures [15][16]

他 挥 一 挥 衣 袖 。 投 资 界 获 悉 ， 桥 水 基 金 创 始 人 瑞 · 达 利 欧 （ Ra y Da li o ） 出 售 了 其 在 桥 水 联 合 基 金 （Bri dgewa t e r Ass o c i a t e s）的最后剩余股份并退出了董事会。至此，今年7 5岁的达利欧 离开了一手创建的桥水基金。 在投资圈，瑞·达利欧无人不晓——12岁就开始投资股票，26岁创办桥水基金，此后半生 带领桥水成为全球最大的对冲基金。犹记得2 02 2年，达利欧与红杉中国创始及执行合伙 人沈南鹏进行一场精彩对话，当中他分享的人生信条——"痛苦+反思=进步"，至今影响 了无数人。 "过去5 0年来，我一直创立并发展桥水基金，很多人问我，现在离开它有何感想？我对此 感到非常激动。因为我喜欢看到桥水基金没有我也能活得好好的——甚至比有我在的时候 还要好。"达利欧8月1日在回顾桥水50周年的声明中感慨。 达利欧，告别桥水基金 痛 苦 + 反 思 = 进 步 。 作者 I 周佳丽 报道 I 投资界PEdaily 在 一 封 桥 水 基 金 致 投 资 者 的 信 函 中 ， 桥 水 首 席 执 行 官 Ni ...

Core Points - Ray Dalio has officially stepped down from Bridgewater Associates, selling his remaining shares to the Brunei sovereign fund and resigning from the board [1][2] - Dalio's departure marks the end of a 50-year career at Bridgewater, which he founded in 1975, transforming it into one of the largest hedge funds globally with assets under management reaching $92.1 billion by the end of 2024 [3][12] - The leadership transition at Bridgewater has been complex, with multiple CEOs and a long-term succession plan initiated by Dalio over a decade ago [6][8] Company Overview - Bridgewater Associates was founded by Dalio as a small consulting firm for the futures market and has grown to manage significant assets, peaking at nearly double its current size [3] - The current leadership includes co-CIOs Bob Prince and Greg Jensen, and co-CEOs Nir Bar Dea and Mark Bertolini, who are responsible for the investment and business operations respectively [7][8] - The firm has faced challenges in maintaining its identity and performance during this leadership transition, especially as the hedge fund industry undergoes significant changes [10][11] Investment Strategy - Bridgewater has been known for its macroeconomic investment strategies and a culture of transparency, but it is now focusing on modernizing its operations under new leadership [10][11] - The firm has seen a decline in assets under management from $168 billion at the end of 2019 to $92.1 billion by the end of 2024, partly due to limiting the size of its flagship product, Pure Alpha, to enhance performance [12] - Pure Alpha achieved a return of 17% in the first half of 2025, up from 11.3% in 2024, indicating a potential recovery in performance [13] Dalio's Future Focus - Post-retirement, Dalio plans to focus on his family office and explore opportunities in the Middle East, while continuing to engage in macroeconomic discussions and writing [14][15] - Dalio has been a prominent commentator on global economic issues, particularly regarding China, where he has invested significantly and advocated for global portfolio diversification into Chinese assets [16][18]

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].

Core Insights - Ray Dalio, founder of Bridgewater Associates, has sold all his remaining shares and stepped down from the board, marking his retirement after a 50-year investment career [1][8] - Bridgewater has repurchased Dalio's shares and issued new stock to the Brunei sovereign wealth fund, giving it nearly 20% ownership [1] - Dalio warns of a 65% probability of a global debt crisis in the next five years, which could severely impact the dominance of the US dollar [1] Performance - Bridgewater Associates, founded by Dalio in 1975, has become the world's largest hedge fund under his leadership, achieving significant returns during key financial crises [2] - The flagship fund, Pure Alpha, has seen a decline in assets from $168 billion at the end of 2019 to an expected $92.1 billion by the end of 2024, with a cumulative return of only 5.9% over five years [3] - However, after limiting its size, Pure Alpha improved its performance, achieving an 11.3% return in 2024 and 17% in the first half of 2025 [3] Controversies - Dalio's debt theory has faced criticism, particularly regarding his approach to macroeconomic analysis, which some argue is overly simplistic [4][5] - Critics suggest that his view of national debt as a direct precursor to crises does not account for the complexities of macroeconomic behavior and the unique position of the US as the issuer of the world's primary reserve currency [5][6] Legacy - Dalio has emphasized the importance of principles in his investment philosophy, including the need for a culture of transparency and learning from mistakes [8] - He has expressed excitement about the future of Bridgewater without his direct involvement, hoping for continued success under new leadership [8] - Dalio's investment principles highlight the significance of understanding causal relationships, diversification, and the importance of adapting to changing market conditions [10]

Core Insights - Ray Dalio, founder of Bridgewater Associates, has sold all his remaining shares and stepped down from the board, marking his retirement after a 50-year investment career [1][8] - Bridgewater has repurchased Dalio's shares and issued new stock to the Brunei sovereign wealth fund, giving it nearly 20% ownership [1] - Dalio warns of a 65% probability of a global debt crisis in the next five years, which could severely impact the dominance of the US dollar [1][9] Performance - Dalio founded Bridgewater in 1975 and has successfully predicted major trends, including the 2008 financial crisis and the European debt crisis, achieving significant returns for investors [2][3] - Bridgewater's assets under management have decreased from $168 billion at the end of 2019 to an expected $92.1 billion by the end of 2024 [3] - The flagship fund, Pure Alpha, has underperformed compared to the US stock market, with a cumulative return of only 5.9% over five years, although it improved to 11.3% in 2024 [3] Controversies - Dalio's debt theory has faced criticism, particularly regarding his approach to analyzing macroeconomic issues with a microeconomic mindset [4][5] - Critics argue that his views on national debt do not account for the unique position of the US as the issuer of the world's primary reserve currency, which allows for sustainable debt levels as long as the dollar remains accepted globally [5][6] Legacy - Dalio has emphasized the importance of principles in his investment philosophy, including the need for a diversified portfolio and understanding the causal relationships that drive market changes [9][10] - He has outlined seven key investment principles, stressing the importance of risk management and the need to adapt to changing market conditions [9][10] - Dalio expresses confidence in the future of Bridgewater under new leadership, hoping it will thrive without his direct involvement [8][9]

Core Insights - Bridgewater Associates has completed the buyback of founder Ray Dalio's remaining equity, marking the end of an era for the world's largest hedge fund [2] - The Brunei Investment Agency has invested several billion dollars to acquire a 20% stake in Bridgewater, becoming its largest external shareholder [2] - Ray Dalio has stepped down from the board, concluding his nearly 50-year leadership of the firm [2] Company Transition - The succession process for Bridgewater has been a carefully planned transition over more than a decade, with Dalio gradually stepping back from leadership roles since 2011 [2][5] - Dalio's reflections on his journey highlight the growth of Bridgewater from a small team in a two-bedroom apartment to a global powerhouse with around 1,500 employees [2][3] - The firm has developed innovative investment strategies, including the "All Weather" strategy and "Pure Alpha" approach, which have contributed to its success [3][4] Investment Strategy and Performance - Bridgewater has seen fluctuations in its global management scale, peaking at $168 billion in 2019 and dropping to $92.1 billion in 2024, while its flagship fund achieved an 11.3% return in 2024 [4] - The firm has significantly increased its investments in Chinese assets, including a 21-fold increase in Alibaba shares, reflecting a strategic focus on the Chinese market [4][5] Governance and Future Direction - Following the investment from the Brunei sovereign wealth fund, there will be a focus on environmental, social, and governance (ESG) matters, although the fund's daily investment operations will remain unaffected [5] - Dalio will shift his focus to his family office and philanthropic efforts, having donated over $1 billion to various causes [5] - The end of Dalio's era signifies a pivotal shift towards institutionalized operations for Bridgewater, with a continued commitment to the investment principles he established [5]