Download Ray Dalio Whats Going on in the World Presentation.pdf PDF

TitleRay Dalio Whats Going on in the World Presentation.pdf
TagsGovernment Budget Balance Derivative (Finance) Fixed Income Investor Debt
File Size309.8 KB
Total Pages42
Table of Contents
                            Slide Number 1
If you’re talented, don’t go into a business in which the macro environment will determine your success.
What each decade is like is determined by the excesses of the prior decade.
If you can understand the linkages and not get carried away by the excitements of the times, you can maneuver strategically.
Whenever there's a boom and debts are rising faster than incomes, a bust will follow.
Governments will always choose to print money rather than tighten their belts, if the pain of debt gets bad enough.
Whatever career has the highest percentage increase in HBS grads going to it is probably headed for trouble.
You can’t chase the good things – you have to be ahead of them or early on their waves.
Slide Number 9
Slide Number 10
Whenever economic conditions are extremely one way and most people are sure that they will continue, they will probably reverse.
The most common mistake of investing is to assume that investments that had the highest returns over the past few years are the best investments rather than they have become expensive.
Slide Number 13
Slide Number 14
Our Alpha
Slide Number 16
Slide Number 17
Our Beta
CONVENTIONAL ASSET RETURN/RISK PERSPECTIVE
RISK-ADJUSTED RETURNS
BALANCE RISK (NOT CAPITAL) EQUALLY ACROSS ECONOMIC ENVIRONMENTS
The Economy:How it Works & What it Looks Like Now
Slide Number 23
Slide Number 24
WE HAVE REACHED OUR DEBT LIMITS
THE SECULAR FALL IN INTEREST RATES KEPT DEBT SERVICE STABLE
DEBT LEVELS ROSE RAPIDLY WHILE DEBT SERVICE DID NOT
MASSIVE PRINTING OF MONEY
Slide Number 29
Slide Number 30
THERE ARE TWO WORLDS
Slide Number 32
Appendix
Slide Number 34
Slide Number 35
Slide Number 36
Slide Number 37
Slide Number 38
Slide Number 39
Slide Number 40
Slide Number 41
Slide Number 42
                        
Document Text Contents
Page 1

One Glendinning Place
Westport, CT 06880

(203) 226-3030
www.bwater.com

September 13, 2010

Ray Dalio
President & Chief Investment Officer

Page 2

- 1 -

If you’re talented, don’t go into a business in which the
macro environment will determine your success.

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Please refer to Note 4 for relevant disclosures.

GROWTH INFLATION

RISING

FALLING

BALANCE RISK (NOT CAPITAL) EQUALLY ACROSS ECONOMIC
ENVIRONMENTS

Presenter
Presentation Notes
Note 4 : For illustrative purposes only. The example does not necessarily indicate the actual historical or current implementation of Bridgewater’s strategies.

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The Economy:
How it Works & What it Looks Like Now

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NOTES
Note 1 : This slide is meant to show an example of how Bridgewater’s active market views are formulated and is purely for illustrative purposes. The charts are not intended to reflect what
actual Bridgewater valuation, signals, and performance were during the periods outlined. Charts are created using backtesting of a portion of Bridgewater’s systems.

Note 2 : For illustrative purposes only. The example does not necessarily indicate the actual historical or current implementation of Bridgewater’s strategies. Markets listed may or may
not be currently traded and are subject to change without notice.

Note 3 : Based on return and risk expectations from an independent study by Rocaton, a third party consultant.

Note 4 : For illustrative purposes only. The example does not necessarily indicate the actual historical or current implementation of Bridgewater’s strategies.

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Research/Outlook Disclosure:
This research is based on Bridgewater Associates, LP proprietary research and analysis of global markets and investing. Bridgewater research utilizes (in whole and in part) data and
information from public, private, and internal sources. Some internally generated information may be considered theoretical in nature and is subject to inherent limitations associated
therein. External sources include the International Energy Agency, International Monetary Fund, National Bureau of Economic Research, Organisation for Economic Co-operation and
Development, U.S. Department of Commerce, as well as information companies such as Bloomberg Finance L.P., CEIC Data Company Ltd., Emerging Portfolio Fund Research, Inc.,
Global Financial Data, Inc., Global Trade Information Services, Inc., Markit Economics Limited, Mergent, Inc., MSCI, Standard and Poor’s, Thomson Reuters, TrimTabs Investment
Research, Inc. and Wood Mackenzie Limited. While we consider information from external sources to be reliable, we do not assume responsibility for its accuracy.

The views expressed are solely those of Bridgewater Associates, LP and are subject to change without notice. Reasonable people may disagree. You should assume that Bridgewater
Associates, LP has a significant financial interest in one or more of the positions and/or securities or derivatives discussed. Bridgewater Associates, LP employees may have long or short
positions in and buy or sell securities or derivatives referred to in this research. Those responsible for preparing this research receive compensation based upon various factors, including,
among other things, the quality of their work and firm revenues.

The research in this presentation is for informational and educational purposes only and is not an offer to sell or the solicitation of an offer to buy the securities or other instruments
mentioned. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors. Investors
should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, where appropriate, seek professional advice, including tax
advice. Investment decisions should not be based solely on simulated, hypothetical or illustrative information. The price and value of the investments referred to in this research and the
income therefrom may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Certain transactions,
including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Fluctuations in exchange rates could have adverse effects
on the value or price of, or income derived from, certain investments.

Bridgewater Associates has no obligation to provide recipients hereof with updates or changes to such data. No part of this material may be (i) copied, photocopied or duplicated in any
form by any means or (ii) redistributed without the prior written consent of Bridgewater ® Associates, LP.

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