Core Viewpoint - Ray Dalio, the founder of Bridgewater Associates, has sold all his shares and exited the board, marking the end of an era for the firm [1][3] Group 1: Leadership Transition - Bridgewater has completed the transition of power, with Dalio's exit symbolizing an "ideal conclusion" to ownership transfer [3] - Dalio had previously transferred all voting rights to the board and stepped down from key positions, although he remained involved in company affairs until now [3] - The transition process was lengthy and complicated, with various CEO combinations and even a lawsuit involved [3] Group 2: Financial Performance - Bridgewater's assets under management have decreased significantly, from $168 billion in 2019 to $92.1 billion by the end of 2024 [4] - The decline in management size is partly due to the implementation of a size cap on the flagship Pure Alpha fund to improve performance [4] - After the size cap, the fund's performance improved, achieving a return of 11.3% in 2024 and 17% in the first half of 2025, compared to a mere 5.9% over the previous five years [4] Group 3: Investment Strategy - In the first quarter of this year, Bridgewater significantly reduced its position in SPDR S&P 500 ETF while acquiring over 5.4 million shares of Alibaba, making it the largest individual holding [7] - The firm has also made substantial investments in gold ETFs, indicating a preference for safe-haven assets amid increasing global economic uncertainty [7] Group 4: Dalio's Economic Views - Dalio has warned about unprecedented levels of debt in countries like the U.S., predicting potential debt crises and significant currency devaluation [6] - He advises investors to avoid debt-related assets and instead invest in gold and Bitcoin as inflation-resistant "hard currencies" [6]

近日，知名对冲基金投资人瑞·达利欧（Ray Dalio）出售了其在全球最大对冲基金桥水基金的最后剩余 股份，并退出董事会。达利欧在一份声明中表示，他期待以"客户和导师"身份见证桥水的未来成功。 8月1日，75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，把桥水的接力棒交到下一代手中，我坚信他们完全有能力让 公司继续辉煌蓬勃50年。" 据媒体报道，桥水基金首先回购了达利欧持有的剩余股份，随后向文莱投资局发行新股。这笔数十亿美 元的交易使得这家东南亚主权财富基金获得桥水近20%股权，成为该公司最大股东之一。文莱投资局此 前就是桥水的长期投资者，此次是将其投资于桥水基金产品的资金转为对桥水公司的股权投资。尽管文 莱基金持股比例可观，但桥水联合投资总监Bob Prince仍持有更大股权。 桥水管理资产规模近年来大幅缩水，从2019年底的1680亿美元降至20 ...

Core Insights - Ray Dalio, the founder of Bridgewater Associates, has sold his remaining shares and exited the board, marking the end of a leadership transition that began over a decade ago [1][2] - Bridgewater has repurchased the remaining shares held by Dalio-related entities, and the Brunei Investment Agency has acquired nearly 20% of the firm [1][4] - The transition signifies a significant shift for the world's largest hedge fund, which manages $92.1 billion in assets [1] Group 1 - The recent buyback of Dalio's shares indicates a completed transition of control to a new generation of investors at Bridgewater [1][3] - Dalio expressed excitement about passing the firm to the next generation, stating he is pleased to see Bridgewater thrive without his direct involvement [1][2] - The new investment from the Brunei Investment Agency may alter the ownership dynamics and enhance financial support for Bridgewater [4] Group 2 - Dalio's journey to retirement has been complex, with his succession plan first announced over ten years ago, culminating in the transfer of control in October 2022 [3] - Following his official retirement, Dalio continued to serve in advisory roles until his recent exit, which is seen as a pivotal moment for the industry [3] - The new ownership structure may introduce external influences into Bridgewater's operations, potentially reshaping its strategic direction [4]

Core Viewpoint - Ray Dalio has sold his remaining shares in Bridgewater Associates and exited the board, marking the completion of a succession plan initiated over 13 years ago, which aims to transition leadership to the next generation [1][2]. Group 1: Ownership Transition - The sale of Dalio's shares simplifies Bridgewater's governance structure and allows the firm to refocus on investment performance [2]. - The transaction involved Bridgewater repurchasing Dalio's remaining shares and subsequently issuing new shares to the Brunei Investment Agency, which now holds nearly 20% of the company, becoming one of its largest shareholders [1][2]. - Despite the significant stake held by the Brunei Investment Agency, Bridgewater's co-CIO Bob Prince retains a larger ownership percentage [2]. Group 2: Financial Performance - Bridgewater's 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 [2]. - The flagship fund, Pure Alpha, has shown improvement in performance after limiting its size, achieving an 11.3% return in 2024 and a 17% increase in the first half of 2025 [2]. Group 3: Economic Concerns - Dalio has issued warnings regarding the worsening U.S. debt crisis, likening it to an impending "economic heart attack," emphasizing that U.S. spending exceeds income by 40% [3]. - He cautions that the rising debt interest payments are severely constraining purchasing power, potentially leading to a financial crisis and systemic collapse if new debt is issued merely to cover existing interest payments [3].

Core Viewpoint - Ray Dalio has completely exited his remaining shares in Bridgewater Associates and stepped down from the board, marking the end of a complex leadership transition and ownership structure for the hedge fund he founded [1][3]. Group 1: Leadership Transition - The completion of Dalio's exit signifies the end of a succession plan initiated in 2011, which has been described as lengthy and challenging [2][4]. - The transition involved various CEO combinations, with one former CEO even suing the company, highlighting the difficulties faced during this period [5]. - Dalio's full exit is expected to eliminate governance obstacles, allowing the firm to refocus on investment performance [6]. Group 2: Ownership Changes - Bridgewater repurchased Dalio's remaining shares and subsequently issued new shares to the Brunei Investment Agency, which acquired nearly 20% of the company [7][8]. - This transaction, valued in the billions, positions the Brunei sovereign wealth fund as one of Bridgewater's largest shareholders [8][9]. - Despite the significant stake held by the Brunei fund, Bridgewater's co-CIO Bob Prince retains a larger ownership percentage [10]. Group 3: Performance Metrics - Bridgewater's 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 [2]. - The flagship fund, Pure Alpha, has shown improvement in performance after limiting its size, achieving an 11.3% return in 2024 and a 17% increase in the first half of 2025 [2].

Core Points - Billionaire Ray Dalio has completely exited his remaining shares in Bridgewater, marking the end of a complex leadership transition and the ownership structure of the hedge fund he founded [1][2] - Bridgewater repurchased Dalio's remaining shares and issued new stock to the Brunei Investment Agency, which acquired nearly 20% of the company, making it one of the largest shareholders [1][4] - The transition is seen as a simplification of Bridgewater's governance structure, allowing the firm to refocus on investment performance after a significant decline in assets under management [1][3] Company Transition - Dalio's exit concludes a succession plan initiated in 2011, which was described as a lengthy and challenging process [2] - The company experimented with various CEO combinations during this period, with some executives leaving under contentious circumstances [3] - Dalio's complete withdrawal from ownership and the board is expected to eliminate governance obstacles, as he had previously remained actively involved in company affairs [3] Shareholder Changes - The transaction involving the Brunei Investment Agency represents a shift from investment in Bridgewater's products to direct equity investment in the company [4] - Despite the significant stake acquired by the Brunei fund, Bridgewater's co-CIO Bob Prince retains a larger ownership percentage [4]

华尔街日报：瑞·达利欧出售了其在桥水联合基金（Bridgewater Associates）的最后剩余股份并退出董事会，为其创立的这家对冲基金公司的权力交接画上句号。知情人士表示，希望达利欧退出股东层及董事会能简化公司治理。尽管达利欧近年已陆续卸任首席执行官、联席投资总监和董事会主席等职务，并持续减持股份，但他仍保持深度参与，经常提出要求并表达意见。 ...

来源：环球市场播报 这笔交易标志着这家管理着921亿美元资产的全球最大对冲基金长达数年的转型。76岁的达利欧于2017 年辞去了首席执行官的职务，并于2022年将桥水的控制权交给了新一代投资者。 据知情人士称，全球最大对冲基金桥水的创始人瑞·达利欧出售了他在该公司的剩余股份，而文莱的主 权基金收购了该公司的少数股权。 桥水首席执行官Nir Bar Dea和联席董事长Mike McGavick在7月21日致客户的一封信中表示："我们想告 诉你们，桥水最近回购了达利欧o相关实体持有的最后剩余所有权股份。" 消息人士补充说，在达利欧将他的股份出售给桥水之后，文莱投资局赎回了投资于该公司基金的资金， 并购买了该公司的少数股权。 该消息人士称，联合首席投资官Bob Prince现在是桥水最大的个人合伙人，而该公司由一群员工控制。 桥水的主要基金在2025年上半年取得了不错的收益，其旗舰基金Pure Alpha的波动率为18%，在2025年 上半年的回报率为17%。 达利欧周四在社交媒体上发帖说，他很高兴能把桥水公司传给下一代。 他说："最重要的是，我很兴奋，因为我喜欢看到桥水在没有我的情况下也做得很好，甚至比有我在的 ...

Group 1 - The consensus among global investors has shifted, with a reversal in the previous belief that Trump's tariff policies and fiscal deficits would harm the dollar and US stock market, leading to a preference for European stocks, emerging markets, and gold as safe havens [1] - The US economy showed an unexpected rebound in Q2, resulting in the dollar ending its downward trend and potentially achieving its first monthly increase in 2025 with a rise of 3% [1] - The previously strong performance of European stocks, emerging market assets, and gold has cooled, with gold experiencing its first three-month decline since November last year, and the euro falling below 1.15 against the dollar, marking the largest monthly decline since May 2023 [1] Group 2 - The trend of shorting the dollar and US assets has been one of the most crowded trades in the market, with investors now gradually reallocating to dollar assets, as the US economy and corporate earnings are expected to outperform Europe [2] - Barclays analysis indicates that the previous preference for international assets over US assets was driven by speculative shorting of the dollar, a trend that is now weakening, particularly as trend-following hedge funds have closed their short positions on US Treasuries and reduced exposure to European stocks [2] - A recent trade agreement framework between the US and Europe has alleviated some concerns over global trade tensions, impacting the premium logic associated with non-US assets like the euro, gold, and emerging markets [2] Group 3 - There are doubts about the sustainability of the strong dollar, with some analysts predicting a rotation towards US stocks and currencies, but not expecting this trend to last until the end of the year [3] - Some analysts maintain a long-term bearish outlook on the dollar due to concerns over Trump's borrowing plans and attacks on the independence of the Federal Reserve, although they are open to changing their views if US growth continues to exceed expectations [3] - Caution is advised as historical data shows that the S&P 500 typically performs poorly in August and September, suggesting a good time for reducing positions and adopting a defensive stance [3] Group 4 - A warning has been issued regarding the potential for a sustained dollar rebound to become a key pain point for global investors, as speculative funds withdraw from European stocks and reduce bearish bets on US Treasuries, indicating a significant shift in market sentiment [4] - If the current dollar strength continues, it could pose significant challenges for investors who have benefited from non-US asset allocations this year, potentially exerting further downward pressure on global stock markets, gold, and emerging market assets [4]

Core Viewpoint - The book "How Countries Go Broke: The Big Cycle" by Ray Dalio discusses the mechanisms behind government debt, internal politics, and geopolitical issues, focusing on when and why central banks and nations may face bankruptcy [4][3]. Summary by Relevant Sections Book Overview - The book was completed in March 2025 and published in Chinese just three months later, highlighting the author's long-standing relationship with China since the early 1980s [2]. - Ray Dalio, founder of Bridgewater Associates, emphasizes sharing insights gained from over 50 years in global macro investing, aiming to help policymakers and investors understand the "big cycle" driven by debt and other significant factors [4][3]. Key Themes - The book addresses critical questions about the limits of debt growth, the formation of government debt, and the potential for major reserve currency countries to go bankrupt [3]. - Dalio outlines the importance of understanding historical patterns to predict future events, emphasizing that recognizing causal relationships can help navigate current and future challenges [7][4]. The Big Cycle Theory - The "big cycle" theory is driven by five major forces: debt/credit/money/economic cycles, internal order and chaos cycles, external order and chaos cycles, natural forces, and human creativity, particularly technological advancements [7][12]. - The author argues that we are currently in the late stage of a big cycle characterized by high national debt, increasing nationalism, and geopolitical tensions, which could lead to significant changes in global order [9][11]. Debt and Economic Cycles - Short-term economic cycles average around six years, while long-term debt cycles last approximately 80 years, with unsustainable debt creation leading to crises [8][12]. - The book posits that the current global situation mirrors historical periods of high debt and governance challenges, suggesting a potential rise in populism and authoritarianism [15][14]. Recommendations for Investors - Dalio advises investors to be aware of the risks associated with extreme actions taken by governments and to adopt a diversified investment strategy based on sound fundamentals [17][16]. - The author emphasizes the importance of understanding the interplay between technological advancements and economic cycles, noting that while technology can drive progress, it may also lead to financial instability if not managed properly [12][16].