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could be, could also just be them taking the opportunity to cut some costs when it's more "excusable" than normal to do so. You can justify any decision with covid rationale from a PR perspective.

 

Yeah, I heard they’re currently down 14 percent... Wonder how hard it is to get another job if you’re laid off, but you’re coming from a supposedly top place… Whose performance is recently subpar.

 

China is one of the markets where risk parity may still work, but otherwise that business model is dead for developed markets.

I think it is bwat specific to the extent they had a nice 40 year run where being long assets worked well, but that won't be the case going forward over a longer period of time.

Do you really expect bonds to hedge equities on a go forward basis ? It's all about discount rates now, so you will see a lot more bonds down stocks down in what used to be a var shock type event.

 

No, the issue is largely that central banks are determining the prices of risk and their put has forced the market into a spectrum of risk positions. That is why gold has become so attractive as the only thing to offset that via ccy depreciation.

The model has broken because central banks are going to crowd out the private sector on fixed income, and risk parity fails under that model.

There are no real hedges anymore that are investable assets unless you want to play the fx game.

 

I think your missing the point. Capital doesn't disappear. It moves from one pocket to another. If it flows out of active, it moves into passive or maybe another fund. We see our clients move assets from equities funds to other funds.

 
surcitycredit09:
I think your missing the point. Capital doesn't disappear. It moves from one pocket to another. If it flows out of active, it moves into passive or maybe another fund. We see our clients move assets from equities funds to other funds.

I think "you're" missing the point. (Had to before some needs points it out)

Money supply changes, capital does disappear...it's called fiat for a reason. Wtf are you talking about?

If the glove don't fit, you must acquit!
 

If I were a Bridgewater LP I'd be pissed off to see the head of BW preaching Oriental philosophy and "Principles" while his fund incinerates my money. Kind of unbecoming and makes you wonder what his priorities are.

 

Unless i’m wrong, ray doesn’t make any discretionary trades or even discretionary predictions about economies that feed the trades. So whether you think the books are a great use of time or not, it’s not like if you see your discretionary manager’s handicap improving and worry he’s not in front of the screens enough anymore.

 

No, dalios public opinions on the market have been wrong for the last couple of years. Not surprised this correlated to his funds performance. Unfortunate that staff had to be cut but its just the cost of doing business.

 

After the last recession, HFs using insider information was prevented via government crackdowns. Dalio was infamous for using sensitive government info, like the housing bubble, to profit via BA. Now that he can't, of course he's not abnormally exceeding the market. The best way to "win" the market is to hold on for the long run.

 

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