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Ray Dalio

Bridgewater Associates (founder)

United States

1.5

Ray Dalio — Investment style

Growth5Value

Allocates by macro regimes rather than growth or value

Macro1Companies

Models growth, inflation, rates and debt cycles

Quantitative2Qualitative

Turns economic hypotheses into systematic models

Short term6Long term

Uses long-cycle views with tactical rebalancing

Concentrated9Diversified

Diversifies across markets, countries and asset classes

Aggressive6Conservative

Balances risk, but macro strategies can suffer losses

Leveraged3Unleveraged

Uses futures and leverage to balance risk exposures

Short5Long positions

Takes long and short macro exposures across markets

Innovative2Traditional

Pioneered All Weather and risk-parity investing

Alternative assets4Stocks

Combines equities, bonds, currencies and commodities

Style and evaluation scores are subjective HappyStock editorial assessments.

Evaluation scores

Long-term excess returns8/10

Pure Alpha earned about 12% annualized through 2018

Performance consistency8/10

Long record, but losses hit Pure Alpha in 2020

Downside protection6/10

Protected in 2008, but suffered a sharp 2020 loss

Replicability3/10

Institutional data and derivatives are hard to replicate

Explosiveness8/10

Pure Alpha gained 14.6% net in 2018

Top 3 investment successes

Financial-Crisis Protection : Around 2006, Dalio warned about unsustainable US debt and financial-sector risks Bridgewater positioned in assets including Treasuries and gold Its Pure Alpha strategy gained roughly 9.4% in 2008 despite the global market collapse
All Weather Diversification : In the 1990s, Dalio developed a strategy distributing risk across assets suited to different growth and inflation regimes By 2015 its reported annualized net return since inception was about 7.7%, and the approach influenced institutional risk-parity investing
Pure Alpha Gains in a Down Market : Bridgewater’s Pure Alpha strategy returned 14.6% net of fees in 2018 while the S&P 500 posted a total return of about -4.4% The result highlighted how global macro positions could generate gains without relying solely on rising equities

Top 3 investment setbacks

Mistaken Depression Forecast : After correctly anticipating Mexico’s 1982 debt crisis, Dalio wrongly expected widespread US bank defaults to trigger a depression His positions lost heavily, forcing him to dismiss his staff and borrow about $4,000 from his father for living expenses, as he later recounted
Pandemic Market Shock : As equities plunged in March 2020, some Bridgewater strategies were positioned for rising stocks and falling bond prices Its higher-volatility Pure Alpha fund was down about 21% year to date by March 16 Dalio acknowledged that risk should have been cut sooner
All Weather Drawdown : Bridgewater’s All Weather fund lost roughly 7% in 2015 despite its risk-balancing design The result showed that diversification cannot fully prevent losses when interest-rate shifts and correlated market moves hurt several asset classes at once

Top 10 reported SEC 13F holdings

Quarter ended: 2026-06-30 · Filed: 2026-08-14

#	Top 10 reported SEC 13F holdings	Share of reported 13F value
1	SPDR S&P 500 ETF Trust (SPY)	16%
2	iShares Core S&P 500 ETF (IVV)	9%
3	NVIDIA (NVDA)	3%
4	Broadcom (AVGO)	2%
5	Amazon (AMZN)	2%
6	Alphabet (GOOGL)	2%
7	Lam Research (LRCX)	2%
8	Vanguard S&P 500 ETF (VOO)	1%
9	Advanced Micro Devices (AMD)	1%
10	iShares MSCI South Korea ETF (EWY)	1%

SEC 13F covers reported positions of an associated investment manager, not the investor’s full current portfolio.