突发！瑞·达利欧宣告退休 震惊全球金融圈！ 早在2010年，这家传奇对冲基金便开始酝酿接班计划。在之后的几年里，前后曾有7人担任桥水基金的唯一或联合首席执行官，达利欧也逐渐移交了日常管 理、投资监督以及公司的多数股权。 领导桥水50年时间里，达利欧最为擅长的便是在变化和风险中寻求盈利。"成功永远更取决于一个人应对未知的能力而不是已知的信息"。对他来说同样重要 的总结是，总结人生中失败提供的教训，增加成功的概率，然后继续挑战极限。 一代人老去，总有人正年轻。两年前，达利欧曾与几位中国年轻人进行了一场别开生面的对话。关于职场，也关于人生，他建议年轻人不能忽视赚钱。年轻 人容易低估或高估金钱的重要性。金钱自身没有价值，唯一重要的是金钱能带给你的东西。 以上素材来源：投资界，致谢。 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2022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50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 ...

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]

他挥一挥衣袖。 投资界获悉，桥水基金创始人瑞·达利欧（Ray Dalio）出售了其在桥水联合基金（Bridgewater Associates）的最后剩余股份并退出了董事会。至此，今年75岁的达利欧离开了一手创建的桥水基金。 本文来自微信公众号：投资界 （ID：pedaily2012），作者：周佳丽，题图来自：视觉中国 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2022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50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。 直到2021年，事情渐渐有了眉目。这年12月，桥水基金宣布成立运营董事会，由首席投资官、独立董 事、职工代表董事等组成，负责桥水基金日常运营。2022年1月，董事会选择Nir Bar Dea和Mark Bertolini担任 ...

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]

初创团队仅有十余人，甚至一度挤在农舍办公，却孕育出颠覆行业的投资哲学，例如"绝对阿尔法"策略 旨在剥离市场波动捕捉纯超额收益，而奠基性的"全天候策略"则通过风险平价理论平衡通胀、增长等不 同类型经济环境下的风险。 图片来源：视觉中国 记者 | 章宇璠 胡颖君 近日，桥水基金（Bridgewater Associates）正式宣布完成对其创始人瑞·达利欧（Ray Dalio）剩余股权的 回购。与此同时，文莱主权财富基金——文莱投资局（Brunei Investment Agency, BIA）斥资数十亿美元 购入桥水20%的股权，成为其最大外部股东。 达利欧亦同步退出桥水董事会，他与这家由其亲手创立、执掌近半个世纪的全球最大对冲基金彻底告 别，一段金融传奇迎来终章。 8月1日，据券商中国报道，76岁的达利欧在其社交媒体上发表了对运营桥水基金50年的反思，重温了他 对生活、工作和投资的原则。他说："从我和一个打橄榄球的家伙在一间两居室的公寓里一起创建桥水 开始，到把桥水打造成全球最大的对冲基金，拥有一支由大约1500人组成的优秀团队，再到我们为客户 赚的钱远超任何其他对冲基金——到现在又完成了最后一步，把桥水的接 ...