Ray Dalio
was the hedge fund world's most successful investor in 2010 and
2011, with his $120 billion Bridgewater Associates LP. His firm
invests based on his understanding of macroeconomic principles.
In
his second-quarter letter
, Dalio said he believed global equity markets were pricing in
"fairly pessimistic" long-term earnings growth rates and the
worst real earnings growth rate in 100 years, while companies
still "retain plenty of ability to protect their operating
margins and profitability by keeping labor costs down," despite
global financial conditions posing a headwind to top-line revenue
growth. He also noted that the dividend yield of U.S.
non-financial corporation is higher than U.S. government note
yields for only the second time in the past 50 years, and
companies had ample liquidity to cover their dividends.
These are Dalio's biggest new stock purchases in the second
quarter: iShares MSCI Brazil Index (
ETF
) (
EWZ
), Cliffs Natural Resources (
CLF
), Honeywell International (
HON
) and Las Vegas Sands (
LVS
).
Dalio's firm bought 2,002,700 shares of the largest new buy,
iShares MSCI Brazil Index (
EWZ
) at an average price of $56 in the second quarter. The holding
now has a 1.5% weighting in Bridgewater's portfolio. The stock
dropped more than $20 from its year-to-date peak in the first
quarter to its year-to-date trough in the second quarter, when
Dalio bought it.
The top stocks within the MSCI Brazil Index Fund are Petrobras (
PBR
), Itau Unibanco (
ITUB
) and Vale (
VALE
). Its last year's return was a loss of 26.85%, and its
three-year return was 3.08%.
Dalio commented in his second quarter letter that the quarter was
negative for most emerging market debt, and that declines in
commodity prices, particularly oil, "contributed to the slight
underperformance in Indonesia, Brazil and Russia." He also said
Japan and emerging markets underperformed the world equity
markets during the period, with returns well below the global
average.
Monday, August 20, 2012
Ray Dalio's Bridgewater Plans To Build A New $750 Million Headquarters In Stamford And Is Expected To Add 1,000 More Jobs
Billionaire hedge fund god Ray Dalio, who is considered one of the best hedge fund managers in the world, plans to build a brand new headquarters for Bridgewater Associates in Stamford, Connecticut Gov. Dannel Malloy said in a release.
The $750 million project, which will be located on the waterfront, should be good news for Wall Streeters looking for a job.
That's because Dalio has agreed to create up to 1,000 high-level jobs in the next decade in addition to Bridgewater's current headcount of 1,225 employees.
Here's the governor's release (emphasis ours). We've also included a statement from Bridgewater on the matter.
The $750 million project, which will be located on the waterfront, should be good news for Wall Streeters looking for a job.
That's because Dalio has agreed to create up to 1,000 high-level jobs in the next decade in addition to Bridgewater's current headcount of 1,225 employees.
Here's the governor's release (emphasis ours). We've also included a statement from Bridgewater on the matter.
(STAMFORD, CT) – Governor
Dannel P. Malloy today announced that Bridgewater Associates, one of the
world’s leading hedge funds, intends to build a state-of-the-art
corporate headquarters in Stamford. The $750 million project
will be built along the waterfront in the Harbor Point development. To
fully maximize the benefits under the agreement Bridgewater will create
up to 1,000 high-level jobs within 10 years and also retain its current
workforce of 1,225 employees.
Subscribe to:
Comments (Atom)