One way to understand how the cycle is playing out is by breaking down the spending in the economy into its sources: incomes, borrowing, and changes in saving. Private sector borrowing has been crushed by the tightening and households have stopped reducing their savings, but strong income growth has outweighed these drags and will likely take more than just the tightening to date to crack.

When we look across the metrics we’re tracking to know if the tightening has been sufficient, we see the Fed has made notable progress toward its goals. However, we still don’t see the conditions that would warrant the easing markets are currently discounting.

Co-CIO Greg Jensen explains how changes to the composition of US debt issuance have temporarily averted some of the most important consequences of the tightening, and why this support to assets is likely to turn into a drag.

Greg joins Bloomberg’s Odd Lots podcast to discuss the opportunities and risks of artificial intelligence, how we’re using AI at Bridgewater, and the potential impacts of AI on the economy and investing. He also describes how the tightening has played out, what we missed, and our outlook going forward.

Margo Cook will join Mike McGavick as co-Chair of Bridgewater’s Operating Board of Directors. Margo has been part of the Bridgewater community since 2021, currently serving as an Outside Director on our Operating Board, and brings more than 30 years of executive leadership, operating experience, and innovative thinking as an investor.

Despite a year’s worth of monetary tightening, most major economies remain in disequilibrium. Co-CIO Bob Prince explains how this is not unusual, as restoring equilibrium often takes a series of moves over time. The implications for policy and markets remain material.

Co-CIO Karen Karniol-Tambour joins a panel of industry leaders at the Milken Institute’s Global Conference to discuss a wide range of topics impacting global capital markets and investors. Karen focuses on current credit conditions, the asymmetry she’s seeing in the markets, the paradigm shift from a low inflation world, China as a diversifier, and more.

Diversity, Equity, and Inclusion is a top priority at Bridgewater. Learn more about the DEI work that is essential to living out our values and succeeding on our mission.

Differences in macro conditions and the corresponding policy responses and market action are as large as they have been in 40 years. Co-CIO Bob Prince highlights the importance and potential of geographic diversification for investors.

Co-CIO Greg and Co-Head of Fixed Income Research Alex Schiller discuss our recent three-part series on the banking crisis and its implications for the financial system, the economy, markets, and the Fed.

Our newest co-CIO shares her thoughts on the secular changes shaping economies and markets, how she’s assessing cyclical conditions around the world, and what these dynamics mean for investors.

Odds favor a third stage of this tightening cycle likely to be marked either by an economic downturn or failure to meet the inflation target, prompting more tightening. Either would be bad for most portfolios.

Even with the tailwind of falling energy prices, Europe’s inflation problem looks persistent, which is bad news for European assets.

Karen joins co-CIOs Bob Prince and Greg Jensen as a full partner in leading Bridgewater’s Investment Committee and holding ultimate responsibility for our investment strategy and outcomes.

Bridgewater’s Co-CIO Karen Karniol-Tambour describes why today’s environment is so different from what we’ve seen in recent decades and how investors can prepare their portfolios.

The publicly traded firms in a handful of emissions-intensive sectors are responsible for about 60% of all global emissions. By allocating capital to climate solutions and carbon improvers in these sectors, investors can make progress toward their net zero goals, even if that leads to higher spot portfolio emissions than if they were to cut these emissions-intensive sectors altogether.

Bob shares his views with Milken Institute on today’s self-reinforcing inflation, what needs to happen to bring inflation down, and the likelihood of a coming recession. He also touches on the US relationship with China and the potential ramifications for the economy and capital flows going forward.

Greg Jensen and Bob Prince describe how they think the tightening cycle is likely to evolve, what it means for the economy and markets, and their areas of agreement and disagreement.

Nir describes the work required to complete a successful generational transition at Bridgewater and his vision for the firm's future across talent, culture, and business priorities.

Bridgewater celebrated the completed transfer of control from Ray Dalio to the next generation of the firm’s leadership.

Daniel Yergin, one of the world’s leading experts on energy, and Angela Stent, one of the world’s leading experts on Russia, discuss the current state of the Russia-Ukraine war, how the war is reshaping the global energy map, and Russia’s role in an increasingly bipolar world.

The economy is in transition, and the path forward depends on how central bankers play their hand. What we see as likely and what the markets are discounting are very different scenarios, signaling the strongest near-term probability of stagflation (too-high inflation and too-low growth) in 100 years. What are the impacts of stagflation on financial markets? Co-CIO Bob Prince shares Bridgewater’s analysis on what’s transpired and what’s yet to come.

Alongside other industry leaders, CEO Nir Bar Dea shares insights on what he believes will be the most important innovations over the next 30 years. Nir shared how enabling “open collaboration” is the key to solving humanity’s most difficult problems.

The founders of Bridgewater and GMO discuss the big risks they’re watching, including inflationary pressures, political conflict, asset bubbles, and climate change — and what investors can do to protect themselves.

An article published by Institutional Investor credits recent success to a series of structural changes to Bridgewater’s management and investment processes.

In an interview with Jessica Pliska for Forbes, Co-CEO Nir Bar Dea discusses growing up in Israel, the potential for growth through failure and reflection, and the power of Bridgewater’s radical transparency.

Earlier this week, Ray Dalio, Bob Prince, Greg Jensen, and Co-CEOs Nir Bar Dea and Mark Bertolini signed the agreements providing for the transfer of control of Bridgewater from Ray to the Operating Board of Directors, successfully finalizing the terms of this transition.

Today Bridgewater announced that CEO David McCormick has stepped down after 12 years at the firm, including nearly five successful years as CEO. In succession, the Operating Board of Directors named two co-CEOs: current Deputy CEO Nir Bar Dea and current Co-Chair of the Operating Board Mark Bertolini.

The company’s Operating Board of Directors was announced in an email to employees.

The new Rising Fellows Program will be a three-week virtual experience with a focus on connecting with students from backgrounds underrepresented in the industry.

Hear from some of our key leaders about the their life and work, as well as the culture and community that defines the Bridgewater experience.

Karen Karniol-Tambour and Carsten Stendevad to lead effort as Co-Chief Investment Officers for Sustainability.

The past year brought about hardships and tragedy that few could have predicted. As 2020 unfolded, these challenges prompted individuals and teams at Bridgewater to step up in new ways to serve our clients, our community, and one another. Looking back on the year, the Bridgewater team produced a video that was viewed together on the final all-company call of 2020. With the permission of those involved, we invite audiences to watch a version of that video and hear our community reflect on a year that won’t be forgotten.

Nearly 300 of our employees have been at Bridgewater for a decade or longer and every year we honor all those who are reaching their 10-year milestone. We recently welcomed 53 new members into this special group in a virtual celebration, toasting all of them for their contributions to the firm and to our community. Watch highlights from the event and reflections from employees about what ten years has meant to them.

In the midst of a remote work environment, Bridgewater sought ways to allow team members to safely meet in person — to facilitate collaboration and benefit from the richness of face-to-face interactions. Our team responded by building a tented outdoor office space at our Westport, CT headquarters.