Bridgewater Associates#All Weather

Bridgewater's history includes pioneering industry strategies such as currency overlay, the separation of alpha and beta strategies, the creation of absolute return products, and risk parity.{{Cite book |last=Dunstan |first=Barrie |url=https://books.google.com/books?id=ydFgLQAACAAJ |title=Investment Legends: The Wisdom That Leads to Wealth |date=November 20, 2008 |publisher=John Wiley & Sons |isbn=978-0-7314-0837-5 |pages=131–148 |access-date=July 27, 2011}} According to Financial News, the company was the fastest-growing asset manager from 2000 until 2005, when it stopped accepting new accounts.(September 11, 2006)[https://www.scribd.com/doc/28906850/Bridgewater-is-fastest-growing-asset-manager "Bridgewater is Fastest Growing Asset Manager"], Financial News. Retrieved October 2011. Its assets under management increased by 25% each year from 2001 to 2010, with employees reaching 11 times their 2000 levels.{{Cite news |last1=Celarier |first1=Michelle |last2=Lawrence Felefingne |date=July 2011 |title=Ray Dalio's Radical Truth |work=Institutional Investor |url=http://www.institutionalinvestor.com/article/2775995/ray-dalios-radical-truth.html?ArticleId=2775995&single=true |access-date=March 2, 2011}} The company's Daily Observations research is reportedly read by leaders of central banks and managers of pension funds worldwide.[https://nymag.com/news/business/wallstreet/ray-dalio-2011-4/ "Pursuing Self-Interest in Harmony with the Laws of the Universe and Contributing to Evolution Is Universally Rewarded"] by Kevin Roose, New York, April 10, 2011

Ray Dalio founded Bridgewater Associates in 1975 in an office in his Manhattan apartment. At that time, the business consisted exclusively of advising corporate clients and the management of domestic and international currency and interest rate risks.{{Cite book |last1=David Snider |url=https://archive.org/details/moneymakersinsid0000snid |title=Money Makers: Inside the New World of Finance and Business |last2=Chris Howard |date=February 16, 2010 |publisher=Palgrave Macmillan |isbn=978-0-230-61401-7 |pages=[https://archive.org/details/moneymakersinsid0000snid/page/224 224]– |access-date=July 31, 2011 |url-access=registration}}{{Cite magazine|last=Teitelbaum |first=Richard |date=29 November 2005 |title=Bridgewater's Dalio Lures Pension Funds With 13.3 Percent|magazine=Bloomberg Markets|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aDsi0HCXGll8&refer=home |url-status=dead |url-access=limited |access-date=22 March 2010 |archive-url=https://web.archive.org/web/20121106053752/https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aDsi0HCXGll8&refer=home |archive-date=6 November 2012}} The firm later changed its emphasis and began selling economic advice to governments and corporations such as Nabisco and McDonald's.

Bridgewater began publishing a paid subscription research report, the Daily Observations, which inspired McDonald's Corp. and its main supplier to become clients in the early 1980s.{{Cite news |last=Williamson |first=Christine |date=4 February 2008 |title=Hedge Funds: Living Large |language=en |publisher=Pensions & Investments |agency=Crain Communications Inc |url=https://www.pionline.com/article/20080204/PRINT/226004570/hedge-funds-living-large |url-access=subscription |access-date=26 March 2010}} Another client was Banks of Mid-America, whose treasury department director, Bob Prince, later joined Bridgewater Associates as co-CIO.{{Cite news |last=Kishan |first=Saijel |date=14 September 2011 |title=Hedge Funds Face Succession Challenge as Kovner Hands Off Caxton to Law|work=Bloomberg News|url=https://www.bloomberg.com/news/articles/2011-09-14/hedge-funds-facing-succession-challenge-as-kovner-hands-off-caxton-to-law |url-access=limited |access-date=3 October 2011}} In 1981, the company moved its offices from New York City to Connecticut.{{Cite news |date=September 22, 1982 |title=Economist Dalio Foresees Greatest Crisis Since '29 |work=Wilton Bulletin}}

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Bridgewater's first account was funded by a $5 million fixed-income investment by Hilda Ochoa-Brillembourg of World Bank in 1987. In the mid-1980s, the firm changed its business focus from currency and interest rate management to global bonds and currencies for institutional investors.[http://www.derivativesstrategy.com/magazine/archive/2000/1000qa.asp The World According to Ray Dalio] {{Webarchive|url=https://web.archive.org/web/20091217104922/http://www.derivativesstrategy.com/magazine/archive/2000/1000qa.asp |date=2009-12-17 }}, DerivativesStrategy, October 2000. Retrieved March 30, 2010. As a fixed-income and currency adviser to institutional clients, the company gained a reputation as a currency trader and a developer of techniques for overlaying currencies. In 1990, it launched a hedge fund portfolio using monies from Kodak and Loews Corporation and began formally offering its clients currency overlay products.

Bridgewater developed several "innovative investment strategies" during the 1990s, such as inflation-indexed bonds, currency overlay, emerging market debt, global bonds and "super-long duration bonds". The firm also "pioneered the separation of alpha and beta" investments and developed a strategy called "alpha overlay", which involves a portfolio of "20 uncorrelated" investments leveraged for risk or return and combined with cash or an investment market benchmark.

The firm launched its Pure Alpha fund and began to market portable alpha investment strategies in 1991. The Pure Alpha fund did well during the market's downturn from 2000 to 2003 and, as hedge funds became more popular, the company expanded its assets through its connections with various underfunded pension funds, some of which were already clients. In 1992, the firm introduced its global bond overlay program.{{Cite news |last1=Celarier |first1=Michelle |last2=Lawrence Felefingne |date=July 2011 |title=Ray Dalio's Radical Truth |work=Institutional Investor |url=http://www.institutionalinvestor.com/article/2775995/ray-dalios-radical-truth.html?ArticleId=2775995&single=true |access-date=March 2, 2011}} In 1995, company executives participated in the discussions at the U.S. Treasury{{Cite news |last=Schlesinger |first=Jacob |date=September 26, 1996 |title=U.S. Bonds To Be Tied To the CPI – Long-Awaited Project Will Be Sold Only in 10-Year Note Form|newspaper=The Wall Street Journal|url=http://www.business.uconn.edu/users/jgolec/finmanwsj/USBONDS.html |access-date=August 10, 2011 |archive-url=https://web.archive.org/web/20110929005656/http://www.business.uconn.edu/users/jgolec/finmanwsj/USBONDS.html |archive-date=September 29, 2011|quote=Bridgewater Associates Inc., a Connecticut money manager that participated in the Treasury discussions}} and advised the federal government on the development of inflation-indexed bonds.Fromson, Brett D. (December 24, 1996) The Washington Post, "Treasury Delays Debut Of Inflation-Indexed Notes", December 24, 1996Schlesinger, Jacob and Zuckerman, Gregory (December 24, 1996) Treasury Delays Sale of Bonds Tied to Inflation, The Wall Street Journal

Bridgewater launched its All Weather hedge fund and pioneered the risk parity approach to portfolio management in 1996.{{Cite news |last=Appell |first=Douglas |date=30 November 2009 |title=Bridgewater Under the Weather |language=en |publisher=Pensions & Investments |agency=Crain Communications Inc |location=United States |url=https://www.pionline.com/article/20091130/PRINT/311309975/bridgewater-under-the-weather |url-access=subscription |access-date=18 April 2010}}Schwartz, Stephanie (April 2011) [http://www.ipe.com/magazine/risk-parity-taking-the-long-view_40025.php?categoryid=19950 "Risk Parity: Taking the Long View"]{{Dead link|date=July 2020 |bot=InternetArchiveBot |fix-attempted=yes }} IP&E, retrieved June 2011 The firm's assets under management grew from $5 billion in the mid-1990s to $38 billion by 2003.(2003) [https://www.scribd.com/doc/28907035/Global-Investor-Awards-for-Excellence-2003-Bridgewater-Associates "Global Investor Awards for Excellence"], Bridgewater Associates official web page. Retrieved October 28, 2011 In June 2000, Pensions & Investments magazine named Bridgewater the best-performing global bond manager from 1995 to 2000.{{Cite news |last=Fromson |first=Brett D. |date=December 24, 2000 |title=The TSC Streetside Chat: Ray Dalio of Bridgewater Associates |work=TheStreet.com |url=http://www.thestreet.com/comment/streetsidechat/1223833.html |access-date=August 25, 2011 |archive-url=https://web.archive.org/web/20080417000318/http://www.thestreet.com/comment/streetsidechat/1223833.html |archive-date=April 17, 2008}} In 2002, Nelson Information named the company the World's Best Money Manager in recognition of the 16.3% return on its International Fixed Income program.(October 20, 2002) PEP Briefs Accounting Today The firm received the Global Investor Awards for Excellence-Global Bonds award in 2003. The next year, it received the Global Pensions Currency Overlay Manager of the Year award[https://www.scribd.com/doc/29228999/Global-Pensions-Awards-2004-Currency-Overlay-Manager-of-the-Year Global Investor], Global Pensions, 2004. Retrieved March 26, 2010. and two "best in class" awards from the PlanSponsor Operations Survey.{{Cite news |year=2005 |title=2005 Investment Manager Operations Survey: Bridgewater Associates |work=PlanSponsor |url=http://legacy.plansponsor.com/survey_type1/?RECORD_ID=31939 |url-status=dead |access-date=August 8, 2011 |archive-url=https://web.archive.org/web/20120522162401/http://legacy.plansponsor.com/survey_type1/?RECORD_ID=31939 |archive-date=May 22, 2012}}

In 2006, the company's flagship Pure Alpha fund began "returning money" to its clients in order to maintain its investment strategy and enforce its "capacity limit". The firm began moving all of its clients into alternative strategies (either its All Weather or Pure Alpha Major Markets funds), thereby eliminating the traditional investment approach from its portfolios.{{Cite news |last1=Williamson |first1=Christine |last2=Appell |first2=Douglas |date=23 August 2010 |title=Bridgewater adds liquidity to Pure Alpha clone |language=en |page=4 |publisher=Pensions & Investments |agency=Crain Communications Inc |location=United States |url=http://www.pionline.com/article/20100823/PRINTSUB/308239953/ |url-status=dead |url-access=subscription |access-date=8 December 2019 |archive-url=https://web.archive.org/web/20170909054832/https://www.pionline.com/article/20100823/PRINT/308239953/bridgewater-adds-liquidity-to-pure-alpha-clone |archive-date=9 September 2017}} That year it received PlanSponsor Magazine's Lifetime Achievement Award,{{Cite news |date=December 2006 |title=The Pursuit of Excellence |work=Plansponsor |url=http://www.plansponsor.com/MagazineArticle.aspx?id=4294991534 |url-status=dead |access-date=April 12, 2010 |archive-url=https://web.archive.org/web/20111007120749/http://www.plansponsor.com/MagazineArticle.aspx?id=4294991534 |archive-date=October 7, 2011}} Global Pensions magazine's Currency Manager of the Year award,[http://www.globalpensions.com/global-pensions/news/1447575/global-pensions-awards-winners-announced "Global Pensions Awards winners announced"], Global Pensions, January 24, 2006. Retrieved March 22, 2010. and Money Management Letter's Public Pension Fund Award for Excellence and Alternatives Manager of the Year award.(April 3, 2006)[http://www.moneymanagementletter.com/article.aspx?articleID=1335091 "Alternatives Manager of the Year"] {{Webarchive|url=https://web.archive.org/web/20110714112556/http://www.moneymanagementletter.com/article.aspx?articleID=1335091 |date=2011-07-14 }}, Money Management Letter, Retrieved March 22, 2010.

By 2007, the firm's total assets under management grew to $50 billion (from $33 billion in 2000). According to a 2007 article in Barron's magazine, "nobody was better prepared for the global market crash" than its clients and subscribers to its Daily Observations. Bridgewater "began sounding alarms...in the spring of 2007 about the dangers of excessive financial leverage". The company's researchers reviewed the public accounts of most of the major financial institutions around the globe and found that estimated future losses due to bad debts totaled $839 billion. In December, these conclusions were reported to the U.S. Treasury Department when Dalio met with U.S. Treasury Secretary staff and other White House economic advisers.Cassidy, John (July 25, 2011) [https://www.newyorker.com/reporting/2011/07/25/110725fa_fact_cassidy "Mastering the Machine"], The New Yorker. Retrieved July 2011 Bridgewater's Pure Alpha fund "spared its investors" from most of the stock market's "meltdown" in 2008, but this strategy was unsuccessful in 2009, when economic growth responded faster than anticipated and the Dow Jones Industrial Average increased by 19% while the company's Pure Alpha fund reportedly gained only 2% to 4%. Bridgewater's Pure Alpha II has posted a historic average return of 10.4%, with only three losing years.[https://fortune.com/2020/09/15/the-losses-continue-to-pile-up-for-hedge-fund-king-ray-dalio/ The losses continue to pile up for hedge fund king Ray Dalio], 15 September 2020 John McCain visited the firm and addressed company employees during his 2008 presidential campaign.Pazsniokas, Mark (April 10, 2008) "A Tough Audience Investment Workers? Pointed Questions Pierce McCain's Stump Lines", Hartford Courant

Dalio began using the term "d-process" in February 2009 to describe the deleveraging and deflationary process of the subprime mortgage industry, as distinct from a recession.Ward, Sandra (February 9, 2009) [http://online.barrons.com/article/SB123396545910358867.html "Recession? No, It's a D-process, and It Will Be Long"], Barron's. Retrieved March 18, 2010 That year, the company was called the largest hedge fund in the U.S. and received the Alternative Investment News 7th Annual Hedge Fund Industry's Lifetime Achievement award and PlanSponsor's Hedge Fund Manager of the year award.{{Cite news |date=June 26, 2009 |title=7th Annual Hedge Fund Industry Award Winners |work=Alternative Investment News |url=http://www.absolutereturn-alpha.com/Article/2242212/7th-Annual-Hedge-Fund-Industry-Award-Winners.html |access-date=August 7, 2011}}{{Cite news |last=Kouwe |first=Zachery |date=2 September 2009 |title=Bridgewater Leads in Investor Survey|newspaper=The New York Times|department=DealBook|url=https://dealbook.nytimes.com/2009/09/02/bridgewater-tops-ranking-of-hedge-fund-managers/ |access-date=22 March 2010}} When the U.S. gross domestic product faltered in 2010, the firm had significant gains on its investments in Treasury bonds and other securities, and in November founded the $10 billion Pure Alpha Major Markets fund, which brought the company's total assets under management to more than $100 billion.Corkery, Michael and Eder, Steve, June 22, 2011, [https://www.wsj.com/articles/SB10001424052702304887904576399983107988642 "Bridgewater Goes Large"], The Wall Street Journal, pp. C1–C2 In 2011, Bridgewater received several honors. It was first on Institutional Investor's "world's top 100 hedge funds" list.{{Cite web |last=Opalesque |date=September 2, 2009 |title=Bridgewater remains largest US hedge fund |url=http://www.opalesque.com/fullarticle/54506/bridgewater/Assets_AR_survey_remains483.html}} It received the Macro-Focused Hedge Fund Firm of the Year award(June 202011) [http://www.hedgefundindustryawards.com/ "Hedge Fund Industry Awards"], Institutional Investor. Retrieved October 28, 2011 and the aiCIO Hedge Fund Industry Innovation Award.[http://www.ai-cio.com/channel/NEWSMAKERS/aiCIO_Announces_2011_Asset_Management/Servicing_Award_Winners.html aiCIO 2011 Award Winners] {{Webarchive|url=https://web.archive.org/web/20111006190705/http://www.ai-cio.com/channel/NEWSMAKERS/aiCIO_Announces_2011_Asset_Management/Servicing_Award_Winners.html |date=2011-10-06 }} aiCIO Announces 2011 Asset Management/Servicing Award Winnerst, September 26, 2011. Retrieved September 2011. Absolute Return + Alpha (AR) ranked it first in its Hedge Fund Report Card{{Cite web |last=Tunick |first=Britt Erica |date=September 2011 |title=Hedge Fund Report Card 2011 |url=http://elliottprofiles.com/pdf/AR_9_2011_HFRC_ElliottManagement.pdf |archive-url=https://web.archive.org/web/20120425045508/http://elliottprofiles.com/pdf/AR_9_2011_HFRC_ElliottManagement.pdf |archive-date=April 25, 2012 |access-date=October 28, 2011 |website=Absolute Return + Alpha |via=Elliott Management Profiles}} and Billion Dollar Club categories.Allen, Katrina Dean (March 2, 2011)[http://www.absolutereturn-alpha.com/Article/2775999/Research-and-Rankings-Billion-Dollar-Club/Billion-dollar-club.html "Billion Dollar Club"], Absolute Return. Retrieved October 2011 The Teacher Retirement System of Texas (TRS) invested $250 million in a stake in Bridgewater Associates Intermediate Holdings. The firm's total funds in early 2012 were around $120 billion.[https://www.swfinstitute.org/news/6978/public-pensions-innovative "Bridgewater and Strategic Investing, American Public Pensions are Becoming More Innovative"], SWFI, February 26, 2012. Retrieved July 2014.

Between 2014 and 2016, the Regents of the University of California withdrew $550 million from Bridgewater Associates due to concerns about Bridgewater's future leadership.{{Cite news |last1=Stevenson |first1=Alexandra |last2=Goldstein |first2=Matthew |date=17 July 2016 |title=Bridgewater, World's Biggest Hedge Fund, Is Said to be Solwing Hiring|page=B1|newspaper=The New York Times|url=https://www.nytimes.com/2016/07/18/business/dealbook/bridgewater-worlds-biggest-hedge-fund-is-said-to-be-slowing-hiring.html |access-date=10 December 2018}} In 2016, Connecticut approved $22 million in grants and loans via a program initiated by Governor Dannel P. Malloy in exchange for job training, job creation, and building renovations, with the agreement that the firm would retain the 1,402 jobs it supported in Connecticut. The company also received $30 million in urban tax credits.{{Cite web |last=Dixon |first=Ken |date=23 May 2016 |title=Republicans criticize Malloy over $22 M grant to Bridgewater |url=http://www.ctpost.com/local/article/Republicans-criticize-Malloy-over-22-M-grant-to-7940560.php |access-date=25 May 2016 |publisher=CTPost}}{{Cite web |last=

Schott|first=Paul |date=May 25, 2023|title=Hedge fund giant Bridgewater Associates pays back state loan, forgoes $18M in tax credits|url=https://www.ctinsider.com/business/article/hedge-fund-bridgewater-forego-state-funds-18117916.php|access-date=10 July 2023|publisher=CTinsider}} In 2016 the firm managed about $150 billion.

In 2017, Dalio retired as co-CEO.{{Cite magazine|title=Founder & CIO Mentor, Bridgewater Associates|url=https://www.forbes.com/profile/ray-dalio/|magazine=Forbes}} In September 2017, Bridgewater announced plans to launch an investment fund in China with the Chinese government's approval.{{Cite news|last1=Copeland|first1=Rob|last2=Hope|first2= Bradley |last3=Areddy|first3=James T.|date=2017-09-08|title=Bridgewater to Launch Big Investment Fund in China, Three Decades in the Making|newspaper=The Wall Street Journal|url=https://www.wsj.com/articles/bridgewater-to-launch-big-investment-fund-in-china-three-decades-in-the-making-1504909558|access-date=2020-09-24}}

In June 2018, Bridgewater announced to clients and employees that it would change its corporate structure and become a partnership. By June 2018, the Ontario Municipal Employees Retirement System, Singapore's sovereign wealth fund, and the International Monetary Fund had invested in Bridgewater Associates.{{Cite news|last1=Sorkin|first1=Andrew|author1-link=Andrew Ross Sorkin|last2=de la Merced |first2=Michael |date=28 June 2018 |title=Bridgewater Plans to Become a Partnership as Ray Dalio Takes a Step Back|page=B3|newspaper=The New York Times|url=https://www.nytimes.com/2018/06/28/business/dealbook/bridgewater-partnership-dalio.html |access-date=17 December 2018}}

In 2020, Bridgewater reported hefty losses due to COVID-19-related market volatility, with the pure Alpha II fund losing 18.6% as of August 2020.{{cite news |last1=Burton |first1=Katherine |title=For Ray Dalio, a Year of Losses, Withdrawals and Uneasy Staff |url=https://www.bloomberg.com/news/articles/2020-09-15/for-bridgewater-a-year-of-losses-withdrawals-and-uneasy-staff |access-date=7 October 2020 |work=Bloomberg News |date=September 15, 2020}} During the pandemic, Bridgewater Associates bet against European companies.[https://www.deraktionaer.de/artikel/maerkte-forex-zinsen/hedgefonds-legende-wettet-im-grossen-stil-gegen-europa-20198384.html Der Aktionär.de: Hedgefonds-Legende wettet im großen Stil gegen Europa][https://www.institutional-money.com/news/maerkte/headline/bridgewater-geht-14-milliarden-leerverkaufposition-in-europaaktien-ein-196116/ Institutional Money: Bridgewater geht 14 Milliarden-Leerverkaufposition in Europaaktien ein], 19. März 2020{{Cite news |last=Zschäpitz |first=Holger |date=2020-03-19 |title=Spekulanten stürzen sich auf deutsche Konzerne |url=https://www.welt.de/print/die_welt/finanzen/article206646337/Spekulanten-stuerzen-sich-auf-deutsche-Konzerne.html |access-date=2020-09-24 |work=DIE WELT}} Losses for 2020 were $12.1 billion.{{cite news |last1=Robertson|first1=Harry |title=Ray Dalio's Bridgewater lost $12.1 billion in 2020 — but he's still the best-performing hedge fund manager of all time|url=https://markets.businessinsider.com/news/stocks/ray-dalio-bridgewater-hedge-fund-lost-12-billion-2020-2021-1-1029998262|access-date=11 July 2023|date=Jan 25, 2021}}

In December 2021, after 11 months in the doldrums, Bridgewater posted a 7.8% return, its best annual performance since 2018.{{cite news |last1=Burton |first1=Katherine |title=Bridgewater Gains 7.8% in December as One Big Month Saves Year|url= https://www.bloomberg.com/news/articles/2021-12-31/bridgewater-gains-7-8-in-december-as-one-big-month-saves-year?leadSource=uverify%20wall |access-date=11 July 2023|work=Bloomberg News|date=December 31, 2021}} From July 2012 to August 2021, Bridgewater underperformed the S&P 500.David Wiedemer, Robert A. Wiedemer, Cindy S. Spitzer: [https://books.google.com/books?redir_esc=y&id=s4FSEAAAQBAJ Fake Money, Real Danger]. 2022. John Wiley and Sons.

In January 2022, Nir Bar Dea, a retired major and platoon leader in the Israeli Defense Forces, and Mark Bertolini were announced as co-CEOs.{{Cite web |last1=Schatzker |first1= Erik |last2= Burton|first2=Katherine |url=https://www.bloomberg.com/news/articles/2022-01-03/bridgewater-names-bar-dea-bertolini-co-ceos-as-mccormick-quits?leadSource=uverify%20wall|title=Bridgewater Names Bar Dea, Bertolini CEOs as McCormick Quits|work=Bloomberg|date=January 3, 2022|access-date=11 July 2023}}{{Cite web|url=https://www.bridgewater.com/people/co-ceo-nir-bar-dea-discusses-critical-generational-shift-at-bridgewater|title=CEO Nir Bar Dea Discusses Critical Generational Shift at Bridgewater|work=Bridgewater Associates, LP.|date=October 12, 2022|access-date=11 July 2023}}{{Cite web |title=Nir Bar Dea — Bridgewater Associates |url=https://www.bridgewater.com/people/nir-bar-dea |access-date=2024-06-09 |website=Bridgewater |language=en}} In the volatile bear market of the first half of 2022, the firm's Pure Alpha II fund posted a 32% return. Bridgewater finished the year with AUM of $126.4 billion.{{Cite web |date=30 June 2022 |title=Top 10 largest hedge fund managers 2022 |url=https://www.pionline.com/largest-hedge-funds/2022 |access-date=11 June 2024}}

As of January 31, 2023, Bridgewater had $123.5 billion in AUM. That was the second-highest, behind the London-headquartered Man Group's $138.4 billion in hedge fund AUM as of September 30, 2022. By comparison, Bridgewater's AUM totaled about $162 billion as of September 30, 2019; $141 billion as of September 30, 2020; and $153 billion as of February 28, 2022.{{Cite web |title=Ray Dalio is out at Bridgewater and the new CEO is cutting jobs and doubling down on A.I.: 'Evolve or die. That's what's happening here' |url=https://fortune.com/2023/03/01/ray-dalio-bridgewater-new-ceo-nir-bar-dea-new-vision-cutting-jobs-invest-ai-sustainability/ |access-date=2023-08-20 |website=Fortune |language=en}} At all of those points, it still ranked first in hedge fund AUM.{{cite news |last1=Burton |first1=Katherine |title=Bridgewater's Flagship Hedge Fund Gains 32% for First Half of Year|url=https://www.bloomberg.com/news/articles/2022-07-05/bridgewater-flagship-fund-gains-32-through-first-half-of-2022?leadSource=uverify%20wall|access-date=11 July 2023|work=Bloomberg News|date=July 5, 2022}}{{cite news |last1=Daniel|first1=Will|title=How Bridgewater's flagship hedge fund beat the bear market in the first half of 2022 when most others tanked|url= https://fortune.com/2022/07/06/how-ray-dalio-flagship-hedge-fund-beat-bear-market-in-first-half-2022/|access-date=11 July 2023|work=Fortune|date=July 6, 2022}}{{cite news |last1=Tan|first1=Huileng|title=Bridgewater's flagship hedge fund posted gains of 32% in the first half of 2022 even in a broad market decline|url= https://markets.businessinsider.com/news/stocks/ray-dalio-bridgewater-pure-alpha-hedge-fund-first-half-gains-2022-7|access-date=11 July 2023|work=Business Insider|date=Jul 6, 2022}}

Nir Bar Dea took over as the lone CEO in March 2023.{{Cite web |title=Bridgewater's chief says he has 'rewired' world's largest hedge fund |url=https://www.ft.com/content/b4ea1456-52d8-42d3-aaa3-f4b6b818438e |access-date=2024-06-17 |website=www.ft.com}}

As of April 2024, Bridgewater maintained the top ranking in hedge fund AUM, with about $124 billion.{{Cite web |title=Top 10 Hedge Funds Of June 2024 – Forbes Advisor |url=https://www.forbes.com/advisor/investing/top-hedge-funds/ |access-date=2024-06-11 |website=www.forbes.com}}

According to Ray Dalio, Bridgewater Associates is a "global macro firm".{{Cite news |last=Roose |first=Kevin |date=21 October 2011 |title=Bridgewater's Dalio: 'I Think I Did Everything Right'|newspaper=The New York Times|department=DealBook|url=https://dealbook.nytimes.com/2011/10/21/bridgewaters-dalio-i-think-i-did-everything-right/ |access-date=28 October 2011}} It uses "quantitative" investment methods to identify new investments while avoiding unrealistic historical models.Brewster, Deborah (January 8, 2008) The alpha and beta of a lone manager, Financial Times. Its goal is to structure portfolios with uncorrelated investment returns based on risk allocations rather than asset allocations. Additionally, the company reportedly accepts funds only from institutional clients such as pension funds, foundations, endowments, and central banks, rather than private investors.{{Cite news |last=O'Keefe |first=Brian |date=March 19, 2009 |title=Inside the World's Biggest Hedge Fund |work=Fortune |url=https://money.cnn.com/2009/03/18/news/economy/okeefe_bridgewater.fortune/index.htm |access-date=March 22, 2010}}

A 2023 New York Times investigative report, based on a book by the paper's finance journalist Rob Copeland,{{cite book|last=Copeland|first=Rob|title=The Fund: Ray Dalio, Bridgewater Associates and the Unraveling of a Wall Street Legend|year=2023|publisher=Pan Macmillan|isbn=9781529075564}} raised questions about whether the firm uses a sophisticated investing system.{{Cite news |last=Copeland |first=Rob |date=2023-11-01 |title=How Does the World's Largest Hedge Fund Really Make Its Money?|newspaper=The New York Times|url=https://www.nytimes.com/2023/11/01/business/how-does-the-worlds-largest-hedge-fund-really-make-its-money.html}} The report said that the fund's investments are primarily based on Dalio's personal picks and that investment choices are driven by information derived from his associations with prominent government actors.

The company divides its investments into two basic categories: Beta investments, whose returns are generated through passive management and standard market risk, and Alpha investments, whose goal is to generate higher returns not correlated with the general market and which are actively managed. Dalio introduced the separation of alpha and beta investments in 1990 and gained other equity managers' recognition in 2000. The firm is reportedly the first hedge fund manager to separate alpha and beta investment strategies and offer dedicated investment funds for each.Leim, Harry (2007) 2020 Vision: Investment Wisdom for Tomorrow, p. 19, Mercer 2007

According to Bloomberg, Bridgewater uses an investing system that combines traditional diversification with "wager[s] on or against markets around the world" and attempts to invest in instruments and markets that do not "move in lock step" with each other. To guide its investment strategies, the company's top executives have compiled hundreds of "decision rules" that are the financial corollary to the firm's employee handbook, Principles, and these guidelines are incorporated into the firm's computers' analysis.

The firm offers three hedge funds: the Pure Alpha fund, the All Weather fund, and the Pure Alpha Major Markets fund. It also publishes a white paper, the Daily Observations, which is read by investors worldwide on a subscription basis.Barr, Alistair [http://www.marketwatch.com/Story/story/print?guid=15927228-DE03-11DF-951A-002128049AD6 "Bridgewater's deleveraging view pays off"], Market Watch, October 22 2010, retrieved October 2011

Bridgewater Associates launched its flagship fund, Pure Alpha, in 1989. It calls the fund a "diversified alpha source" that invests across a group of asset classes. It was designed to balance risk among various non-correlated assets through active management.[http://www.moneymanagement.com.au/news/bridgewater-leads-the-drive-for-pure-alpharisk. Bridgewater leads the Drive for Pure Alpha]{{Dead link|date=June 2019 |bot=InternetArchiveBot |fix-attempted=yes }} Money Management (May 18, 2007) Liam Egan It includes 30 or 40 simultaneous trading positions in bonds, currencies, stock indexes, and commodities to avoid affecting prices by concentrating funds in a single area.{{Cite news |last=Burton |first=Katherine |date=29 March 2010 |title=Paulson's $32 Billion Funds Prompt Too-Big Concerns|work=Bloomberg News|url=http://www.bloomberg.com/apps/news?pid=20601010&sid=aIYgwDYuIAms |url-status=dead |url-access=limited |access-date=29 March 2010 |archive-url=https://web.archive.org/web/20121102143113/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aIYgwDYuIAms |archive-date=2 November 2012}} The fund was closed to new investors in 2006 when it reached its predetermined maximum funds level. As of 2019, the fund is reported to have lost money in only three of its 20 years of existence and had an average annualized return of 12%.{{Cite web |title=Here's What Ray Dalio Made in Bridgewater's Impressive 2018 |url=https://www.institutionalinvestor.com/article/b1cpywndrkcyzk/Here-s-What-Ray-Dalio-Made-in-Bridgewater-s-Impressive-2018}} However, an investment in Pure Alpha has returned 4.5% annualized since 2005 and underperformed major indices.[https://www.bloomberg.com/news/articles/2021-09-02/dalio-s-hedge-fund-risks-being-dumped-by-pension-on-weak-returns Dalio's Hedge Fund Risks Being Dumped by Pension on Weak Returns], Bloomberg News, 2 September 2021

All Weather launched in 1996 and highlighted low fees, global inflation-linked bonds, and global fixed-income investments. The fund began as Dalio's personal trust fund and was subsequently opened to clients. Its goal was to create "high, risk adjusted returns" that exceeded the general market's return.Carlson, Robert (June 14, 2007) [https://books.google.com/books?id=HXys4wN6E5MC&pg=PA172 Invest Like a Fox... Not Like a Hedgehog: How You Can Earn Higher Returns With Less Risk], John Wiley and Sons, {{isbn|9780470126332}}, p. 169, retrieved July 2011 The All Weather fund contains more than $46 billion and is one of the largest funds in the U.S. as of 2011.{{Cite news |last=Appell |first=Douglas |date=3 October 2011 |title=Risk-parity strategies drawing big interest despite bond worries |work=Pensions & Investments |url=http://www.pionline.com/article/20111003/PRINTSUB/310039974/risk-parity-strategies-drawing-big-interest-despite-bond-worries |access-date=3 October 2011}} In April 2009, after Lehman Brothers collapsed, the fund moved into "safe portfolio" mode, which included nominal and inflation-linked bonds and gold instead of equities, emerging market debt, and commodities. The fund is reported to contain 40% inflation-linked bonds, 30% Treasury bills, 20% Treasury bonds, and 10% gold.Euromoney Institutional Investor;p Money Management Letter, "Bridgewater Shapes Portfolio For Depression, Sara Behunek, April 20, 2009

In June 2018, Bridgewater was granted permission to develop and market domestic investment products to qualified investors in China. In October 2018, Bridgewater launched its first Chinese investment product, Bridgewater All Weather China Private Fund Number 1,{{Cite web |last=Hall |first=Phil |date=2018-11-01 |title=Bridgewater Associates debuts onshore China fund |url=https://westfaironline.com/108296/bridgewater-associates-china-fund/ |access-date=2019-11-25 |website=Westfair Communications}} which by January 2024 had grown to $5.5 billion.[https://www.msn.com/en-us/money/markets/bridgewater-draws-more-investors-in-china-nearly-doubles-assets/ar-BB1gVNvW "Bridgewater draws more investors in China, nearly doubles assets"] by Summer Zhen and Samuel Shen, Reuters, January 19, 2024

Under the guidance of then co-CEO Jensen, the firm created the Pure Alpha Major Markets in 2011 with $2.4 billion from existing clients.{{cite web|date=October 25, 2011|url=https://money.cnn.com/galleries/2011/news/companies/1110/gallery.40_under_40.fortune/3.html|title=40 Under 40 – 3. Greg Jensen|website=CNN Money|access-date=December 10, 2023}}{{failed verification|date=December 2023|reason=Only Jensen and the name of the fund are mentioned there.}} In the summer of 2011, the fund was opened to a group of outside investors who had made a total advance commitment of $7.5 billion. At that time, it was reported to be the largest hedge fund launch. The fund was established to provide an investment vehicle similar to the company's Pure Alpha fund but with enhanced liquidity by focusing on the major markets such as European bonds. The fund's launch brought the company's total assets under management to more than $100 billion.[http://www.institutionalinvestor.com/Popups/PrintArticle.aspx?ArticleID=2855579ref Return of the Mega Launch] {{Webarchive|url=https://web.archive.org/web/20120328112242/http://www.institutionalinvestor.com/Popups/PrintArticle.aspx?ArticleID=2855579ref |date=2012-03-28 }} (July 1, 2011) Institutional Investor, Retrieved August 2011

Daily Observations is a private communication{{Cite web |last=Jiang|first=Ethel|date=March 13, 2019|title='Pain + Reflection = Progress': Here are 13 brilliant quotes from hedge-fund legend Ray Dalio {{!}} Markets Insider |url=https://www.businessinsider.com/ray-dalio-brilliant-quotes-2019-3 |access-date=2019-11-21 |website=Business Insider}} and Bridgewater's flagship product and service. It synthesizes Bridgewater's decades of following the markets and offers an alternative perspective on investment trends.{{Cite web |last1=Marley |first1=Jay |last2=Oyedele |first2=Akin |last3=Ciolli|first3=Joe |title=Introducing: The 10 people transforming investing |url=https://www.businessinsider.com/people-transforming-investing-2019-3 |access-date=2019-11-25 |website=Business Insider}} It has been characterized as comprehensive, with some editions up to 43 pages long. It is reportedly read by leaders of central banks and managers of pension funds worldwide and is said to be "one of the most widely forwarded pieces of market analysis" in the industry. It is the centerpiece of the company's outreach program and as of 2009 was read by members of the U.S. Treasury and the Executive Office of the Obama administration.[https://www.newyorker.com/reporting/2009/10/12/091012fa_fact_lizza "Inside the Crisis Larry Summers and the White House economic team"], The New Yorker, October 12, 2009. Accessed April 5, 2010.

In 1981, Bridgewater moved its headquarters 50 miles north of New York City to Wilton, Connecticut, and in the late 1990s it moved to a larger office space on a corporate campus in Westport, Connecticut. As the company continued to expand, it became the sole tenant at the 22-acre campus. The campus has been called retreat-like and is surrounded by the trees of a former nature reserve. It contains three buildings made of "midcentury modern fieldstone and glass". Since 2000 its staff has grown from 100 to 1,500, and the firm has taken office space in three additional buildings in the area. In an effort to consolidate its offices, the company made plans to build a 750,000-square-foot headquarters in Stamford, about 15 miles from Westport, but canceled the project in 2014.MacEachern, Frank (June 27, 2014) "Westport-Based Bridgewater Nixes Move to Stamford", Stamford Daily Voice

Bridgewater Associates grew from 100 employees in 2003 to 1,500 in 2017.(February 2003)[https://www.scribd.com/doc/28907035/Global-Investor-Awards-for-Excellence-2003-Bridgewater-Associates "Global bonds winner 2003: Bridgewater Associates"], Investor Magazine. Retrieved October 2011Murray, Eileen (Interview: Summer 2011)[http://www.leadersmag.com/issues/2011.3_Jul/ROB/LEADERS-Eileen-Murray-Bridgewater-Associates.html "Interview with Eileen Murray"] {{webarchive|url=https://web.archive.org/web/20111015140153/http://www.leadersmag.com/issues/2011.3_Jul/ROB/LEADERS-Eileen-Murray-Bridgewater-Associates.html |date=October 15, 2011}} Leaders Magazine. Retrieved October 2011 It is reportedly one of the few hedge fund managers that hire its analysts and employees right out of college and from the annual pool of graduates of elite universities.{{Cite book |last1=David Snider |url=https://archive.org/details/moneymakersinsid0000snid |title=Money Makers: Inside the New World of Finance and Business |last2=Chris Howard |date=February 16, 2010 |publisher=Palgrave Macmillan |isbn=978-0-230-61401-7 |page=[https://archive.org/details/moneymakersinsid0000snid/page/141 141] |access-date=July 31, 2011 |url-access=registration}} Employees are transported daily in a "fancy" bus that ferries them from Manhattan to the company's Westport offices. According to Bloomberg, "about a quarter of all new hires" leave within the first two years. Those that remain are reported to receive "generous" compensation and form bonds with fellow employees that are "like family". Dalio helps pay for any employees who wish to learn Transcendental Meditation.{{Cite web |last=Comstock |first=Courtney |date=October 25, 2010 |title=Ray Dalio Is Too Modest To Admit He Returned 38% YTD Using Transcendental Meditation |url=http://www.businessinsider.com/ray-dalio-transcendental-meditation-david-lynch-2010-10 |publisher=Business Insider}}

Dalio relinquished his chief executive officer (CEO) title in 2011 and took on the role of "mentor". The company's administration consisted of three co-CEOs: Greg Jensen; Eileen Murray, former Controller at Morgan Stanley;{{Cite magazine|last=Moore |first=Karl |title=How Eileen Murray, Co-CEO Of Bridgewater Associates, Encourages Risk-Taking |url=https://www.forbes.com/sites/karlmoore/2019/09/20/how-eileen-murray-co-ceo-of-bridgewater-associates-encourages-risk-taking/ |access-date=2019-12-01|magazine=Forbes}} and David McCormick, the former undersecretary of the Treasury Department.Levin, Bess (July 18, 2011)[http://dealbreaker.com/2011/07/bridgwater-associates-truth-probings-are-about-to-get-turbo-charged/ "Bridgewater Associates Truth Probings Are About to Get Turbo Charged"], Deal Breaker The company also had three co-CIOs (chief investment officers): Dalio, Jensen (who was also co-CEO), and Bob Prince. Jensen oversaw the firm's research programs and came to the company as a Dartmouth College intern.Abad-Santos, Alexander (August 5, 2011) [http://www.theatlanticwire.com/business/2011/08/dartmouth-student-and-bridgewater-clash-recruiting/40904/ "Dartmouth Student and Bridgewater Clash on Recruiting"], Atlantic Wire. Retrieved October 2011 Britt Harris, formerly of Verizon Investment Management, joined Bridgewater as co-CEO in November 2004 but left six months later. According to Dalio, the cultural fit was a problem, but Harris "is a superstar, with an absolutely fabulous character".{{Cite news |last=Williamson |first=Christine |date=27 June 2005 |title=A quick exit for Bridgewater's Harris |language=en |publisher=Pensions & Investments |agency=Crain Communications Inc |location=United States |url=https://www.pionline.com/article/20050627/PRINT/506270726/a-quick-exit-for-bridgewater-s-harris |url-access=subscription |access-date=8 December 2019}} From 2010 to 2013, Bridgewater's general counsel was James Comey, former United States Deputy Attorney General and Director of the Federal Bureau of Investigation from 2013 to 2017.{{Cite news |date=May 29, 2013 |title=AP Sources: Obama Preparing To Name Comey To FBI |work=NPR |agency=AP |url=https://www.npr.org/templates/story/story.php?storyId=187146715 |access-date=May 30, 2013 |archive-url=https://web.archive.org/web/20130530171625/http://www.npr.org/templates/story/story.php?storyId=187146715 |archive-date=May 30, 2013}} In 2016, Bridgewater removed Jensen as co-CEO and hired Jon Rubinstein instead. Rubinstein, a former Apple executive, left Bridgewater after 10 months in early 2017. Within a few years, Rubinstein was the third top-level executive to leave Bridgewater after less than 12 months on the job.{{Cite news |last1=Stevenson |first1=Alexandra |last2=Goldstein |first2=Matthew |date=1 March 2017 |title=Bridgewater Associates, World's Biggest Hedge Fund, Shakes Up Leadership|page=B1|newspaper=The New York Times|department=DealBook|url=https://www.nytimes.com/2017/03/01/business/dealbook/ray-dalio-bridgewater-hedge-fund.html |access-date=10 December 2018}} In December 2019, Bridgewater announced that Murray planned to step down as co-CEO in 2020, making McCormick the sole CEO.{{Cite news |last=Levy |first=Rachel |date=2019-12-03 |title=Bridgewater Co-CEO Eileen Murray to Depart|newspaper=The Wall Street Journal|url=https://www.wsj.com/articles/eileen-murray-to-depart-bridgewater-worlds-largest-hedge-fund-11575395067 |access-date=2019-12-04}}

In 2005, Dalio created a handbook, Principles, in response to Bridgewater's fast growth. In 2017, he published a revised version, Principles: Life & Work, which became a New York Times best seller.{{Cite news |date=12 May 2019 |title=New York Times Best Sellers: Business|newspaper=The New York Times|url=https://www.nytimes.com/books/best-sellers/2019/05/12/business-books/ |access-date=1 December 2019}} The publication is said to be part self-help book, part management manual, and part treatise on the mechanics of natural selection as it functions in a business setting. According to one trade journal, six years after the publication of Principles, the firm's rapid expansion led to the institution of a "bizarre culture of criticism".(March 3, 2011) [http://www.westportnow.com/index.php?/v2/comments/bridgewaters_ray_dalio_theres_a_cultural_misunderstanding/ "Bridgewaters Ray Dalio: There's a Cultural Misunderstanding"], Westport Now. Retrieved October 28, 2011 The company acknowledges that employees "often encounter culture shock" when they begin working there, and Dalio has said "it's not for everyone". According to the company's website, employees are encouraged to be assertive and discussions about disagreements and mistakes are considered an integral part of the company's culture because they stimulate learning and progress.Dalio, Ray. [http://www.bwater.com/home/philosophy.aspx Bridgewater Associates: Culture and Principles], Bridgewater Company Website. Retrieved January 10, 2008. In addition to Principles, Bridgewater employees use the "dot collector", a tool that allow them to give real-time assessments of each other's views, contributing to the open environment.{{Cite web |title=Citizen Ray: Bridgewater's Ray Dalio is the wise uncle you wished you had |url=https://techcrunch.com/2019/08/01/citizen-ray-bridgewaters-ray-dalio-is-the-wise-uncle-you-wished-you-had/ |access-date=2019-12-11 |website=TechCrunch |date=August 2019 |language=en-US}}

In 2011, New York magazine called Bridgewater the "largest and indisputably weirdest hedge fund" because of its unwavering commitment to "total honesty and accountability" and minute detail in its corporate culture. For example, Dalio encourages employees to do "whatever it takes to make the company great" and emphasizes transparency and openness in its decision-making.Schultes, Renée (September 11, 2006) [http://www.efinancialnews.com/story/2006-09-11/bridgewater-seeks-competitive-advantage-through-lateral-thinking "Bridgewater seeks competitive advantage through lateral thinking"], Financial News. Retrieved April 7, 2010.Stern, Stefan (January 15, 2008) [https://www.scribd.com/doc/28781638/Time-to-Toughen-Up-and-Embrace-the-Joys-of-Conflict "Time to toughen up and embrace the joys of conflict"], Financial Times. Retrieved March 22, 2010. All meetings are recorded and can be viewed by any employee as long as the meeting topic is not proprietary. Dalio says he fosters "an extreme meritocracy of ideas" and that investment decisions are made without considerations of hierarchy. He says that any employee can respectfully say anything to anyone in the firm, but they must be prepared to be challenged in return.Taub, Stephen (June 28, 2011) Euromoney Institutional Investor, "Bridgewater's Alpha is up 11 Percent This Year", June 28, 2011, "Dalio also encourages subordinates to challenge their superiors, and expects every employee to express blunt honest opinions" The company's flat corporate structure aims to remove the barriers associated with traditional asset management firms, and stodginess and risk-aversion are discouraged.Stern, Stephan (January 15, 2008) [https://www.scribd.com/doc/28781638/Time-to-Toughen-Up-and-Embrace-the-Joys-of-Conflict "Time to Toughen Up and Embrace the Joys of Conflict"], Financial Times. Retrieved October 2011 In April 2017, Dalio gave a TED talk about Bridgewater's culture and attributed most of its success to identifying the best ideas.{{Citation |last=Dalio |first=Ray |title=How to build a company where the best ideas win |date=6 September 2017 |url=https://www.ted.com/talks/ray_dalio_how_to_build_a_company_where_the_best_ideas_win |language=en |access-date=2019-12-11}}

Bridgewater has been likened to a cult, but Dalio denies that and insists that it is a dedicated "community". In The New Yorker, John Cassidy wrote, "the word 'cult' clearly has connotations that don't apply to an enterprise staffed by highly paid employees who can quit at any moment". He also wrote that Bridgewater is located far from other financial institutions and headed by a "strong-willed leader", and that employees use a "unique vocabulary". While Bridgewater's practice of radical transparency has at times been criticized, its executives maintain that open communication helps the firm better evaluate risk and is the key to its success.{{Cite magazine|last=Moore |first=Karl |title=How Eileen Murray, Co-CEO Of Bridgewater Associates, Encourages Risk-Taking |url=https://www.forbes.com/sites/karlmoore/2019/09/20/how-eileen-murray-co-ceo-of-bridgewater-associates-encourages-risk-taking/ |access-date=2019-12-11|magazine=Forbes}}

In 2016, a Bridgewater employee filed a complaint with the Connecticut Commission on Human Rights and Opportunities, saying that Bridgewater was like a "cauldron of fear and intimidation".{{Cite news |last1=Stevenson |first1=Alexandra |last2=Goldstein |first2=Matthew |date=26 July 2016 |title=At World's Largest Hedge Fund, Sex, Fear and Video Surveillance|page=A1|newspaper=The New York Times|department=DealBook|url=https://www.nytimes.com/2016/07/27/business/dealbook/bridgewater-associates-hedge-fund-culture-ray-dalio.html |access-date=7 December 2019}} The New York Times reported that "several former employees recalled one video that Bridgewater showed to new employees that was of a confrontation several years ago between top executives including Mr. Dalio and a woman who was a manager at the time, who breaks down crying".

In 2018, Wharton Professor Adam Grant published a podcast featuring a Bridgewater manager who was ranked last in performance after a meeting to illustrate how radical transparency works at the firm.{{Citation |last=Grant |first=WorkLife with Adam |title=How to love criticism |date=8 March 2018 |url=https://www.ted.com/talks/worklife_with_adam_grant_how_to_love_criticism |language=en |access-date=2019-12-15}}

Robert Kegan's book An Everyone Culture: Becoming a Deliberately Developmental Organization explores Bridgewater's culture.{{Cite book|last1=Kegan|first1=Robert|title=An Everyone Culture|last2=Lahey|first2=Lisa|publisher=Harvard Business Review Press|year=2016|isbn=9781625278623|location=Boston, Massachusetts}}

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