Bridgewater Associates

929:. The publication is said to be part self-help book, part management manual, and part treatise on the mechanics of natural selection as they function 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". The company acknowledges that employees "often encounter culture shock" when they begin working there, and Dalio admits: "it's not for everyone". According to the company's web site, employees are encouraged to be assertive, and discussions about disagreements and mistakes are considered an intentional part of the company's culture because they are felt to stimulate both learning and progress. In addition to Principles, Bridgewater employees use the "dot collector", a tool that enables employees to give real-time assessments of each other's views, contributing to the open environment. 939:

transparency and openness in its decision making processes. All meetings are recorded and can be viewed by any employee as long as the meeting topic is not proprietary. In addition, Dalio says that he fosters "an extreme meritocracy of ideas" and asserts that decisions are made about investments 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. The company's flat corporate structure aims to remove the barriers associated with traditional asset management firms, and qualities like stodginess and risk-aversion are discouraged. In April 2017, Dalio presented a TED talk highlighting the culture and attributing a majority of Bridgewater's success to identifying the best ideas.

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world. It has been characterized as comprehensive, with some editions being up to 43 pages in length. It is reportedly read, on a subscription basis, by clients, leaders of central banks and managers of pension funds around the world and 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 it was read by members of the U.S. Treasury, and the Executive Office of the Obama Administration.

4215: 4167: 4157: 4147: 848:. The campus contains three buildings made of "midcentury modern fieldstone and glass". Since 2000 its staff has grown from 100 to 1500 employees, 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, CT, about 15 miles from its present location in Westport, but cancelled the project in 2014. 4177: 3854: 709:, whose goal is to generate higher returns that are uncorrelated to the general market and are actively managed. The principle of separating alpha and beta investments was introduced by Dalio in 1990 and gained the recognition of other equity managers beginning in the year 2000. The firm is reported to be the first hedge fund manager to separate alpha and beta investment strategies and offer dedicated investment funds for each. 4227: 721:, Bridgewater uses an investing system that combines traditional diversification with "wager 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" which are the financial corollary to the firm's employee handbook, 4203: 518:. The company "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 US$ 839 billion. In December, these conclusions were reported to the 881:; the former undersecretary of the Treasury Department. The company also has three co-CIOs (chief investment officers); Dalio, Bob Prince and Greg Jensen (who is also co-CEO). Greg Jensen, the 45-year-old co-CEO, oversees the research programs at the firm and came to the company as a Dartmouth College intern about 15 years earlier. 938:

described the company as 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

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Bridgewater Associates grew from 100 employees in 2003 to 1,500 employees in 2017. The company is reported to be one of the few hedge fund managers that hire its analysts and employees right out of college and from the annual pool of graduates from elite universities. Employees are transported daily

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In June 2018, Bridgewater was granted permission to develop and market domestic investment products to qualified investors in mainland China. In October 2018, Bridgewater launched its first Chinese investment product, Bridgewater All Weather China Private Fund Number 1, which by January 2024 grew to

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increased by 19% while the company's Pure Alpha fund reportedly gained a mere 2% to 4%. Bridgewater's Pure Alpha II has posted a historic average return of 10.4 percent with only 3 losing years. Bridgewater actually underperformed the S&P 500, which saw annualized rates of 10.73% during the same

885:, 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". From 2010 until early 2013, Bridgewater's general counsel was 861:

to the company's Westport offices. According to an article in 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" and the company's founder helps

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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. 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

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to avoid affecting prices by concentrating funds in a single area. After placing some of the company's excess cash into the Pure Alpha hedge fund to increase its "investing discretion". The fund was closed to new investors in 2006 when it reached its pre-determined, maximum funds level. As of 2019,

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and "super-long duration bonds". The firm also "pioneered the separation of alpha and beta" investments and developed a strategy called "alpha overlay" which involved a portfolio of "20 uncorrelated" investments, leveraged for risk or return and combined with cash or an investment market benchmark.

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to identify new investments while avoiding unrealistic historical models. Its goal is to structure portfolios with uncorrelated investment returns based on risk allocations rather than asset allocations. Additionally, the company is reported to accept funds from only institutional clients such as

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The company's "Daily Observations" is a private communication and is the flagship product and service offered by the company. The daily notes synthesize Bridgewater's decades of following the markets and offer an alternative perspective on trends that are top of mind for all investors around the

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investigative report, based on a book by the paper's finance journalist Rob Copeland, raised questions about whether the firm uses a sophisticated investing system. The report indicated that the fund's investments are primarily based on Ray Dalio's personal picks and that investment choices are

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executive, left Bridgewater after 10 months in early 2017. Within a few years, Rubinstein was the third top-level executive to leave Bridgewater Associates after spending less than 12 months on the job. In December 2019, Bridgewater Associates announced that Eileen Murray plans to step down as

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As of Jan. 31 2023, Bridgewater had $ 123.5 billion in AUM. That was No. 2, behind a total of $ 138.4 billion in hedge fund AUM, as of Sept. 30, 2022, for the London-headquartered Man Group. In comparison, Bridgewater's AUM totaled about $ 162 billion, as of Sept. 30, 2019; approximately $ 141

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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),

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investment strategies in 1991. The Pure Alpha fund did well during the market's downturn of 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

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says that "the word cult clearly has connotations that don't apply to an enterprise staffed by highly paid employees who can quit at any moment". Cassidy says the company is located away from other financial institutions and headed by a "strong-willed leader" and that employees use a "unique

844:, 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 firm's headquarters is described as retreat-like and is surrounded by the trees of a former 603:, in exchange for job training, job creation, and building renovations, with the agreement that the firm retains the 1,402 jobs they already supported in Connecticut. The company also received $ 30 million in urban tax credits. In 2016 the firm managed about US$ 150 billion. 322:, the company was the fastest growing asset manager from 2000 until 2005 when it stopped accepting new accounts. Its assets under management have increased by 25% each year during the 2001-2010 decade with employees at eleven times their year 2000 levels. The company's 960:

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".

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in 1996. The firm's assets under management grew from US$ 5 billion in the mid-1990s to US$ 38 billion by the year 2003. In June 2000, the firm was ranked as the best performing global bond manager for that year and the prior five years by

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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

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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 percent. However, an investment in Pure Alpha has returned 4.5% annualized since 2005 and underperformed major indices.

575:, and in November founded the US$ 10 billion, Pure Alpha Major Markets fund which brought the company's total assets under management to more than US$ 100 billion. In 2011 the firm received several honors. It was ranked number one on 530:

economic advisers. Bridgewater's Pure Alpha fund "spared its investors" from most of the stock market's "meltdown" in 2008. However, this strategy was not successful in 2009 when economic growth responded faster than anticipated and the

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vocabulary". While Bridgewater's practice of radical transparency has at times been criticized, executives at the company maintain that open communication helps the firm better evaluate risk and is the key to the firm's success.

279:. As of 2022, Bridgewater has posted the second highest gains of any hedge fund since its inception in 1975. The firm began as an institutional investment advisory service, graduated to institutional investing, and pioneered the 361:

which inspired McDonald's Corp. and its main supplier to become clients in the early 1980s. Another client was Banks of Mid-America and its treasury department director, Bob Prince, later joined Bridgewater Associates as

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withdrew $ 550 million from Bridgewater Associates also due to concerns about Bridgewater's future leadership. In 2016, Connecticut approved $ 22 million in grants and loans, via a program initiated by Gov.

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In June 2018, it was announced to clients and employees that Bridgewater would change its corporate structure and become a partnership. By June 2018, the Ontario Municipal Employees Retirement System, the

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returns" that exceeded the return of the general market. The All Weather fund contains more than $ 46 billion and is one of the largest funds in the U.S. as of 2011. In April 2009, after the collapse of

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A second fund, called All Weather, was launched in 1996 and highlighted low fees, global inflation-linked bonds and global fixed-income investments. The fund began as the founder's personal

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were announced as co-CEO. In the volatile bear market of the 1st half 2022 the firm's Pure Alpha II fund posted a 32% return. Bridgewater finished the year with an AUM of $ 126.4 billion.

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In 2016, an employee filed a complaint with the Connecticut Commission on Human Rights and Opportunities, saying that the hedge fund was like a "cauldron of fear and intimidation".

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published a podcast featuring a manager at Bridgewater who was ranked last in terms of performance following a meeting to illustrate how radical transparency works at the firm.

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In December 2021, after 11 months in the doldrums, Bridgewater posted a 7.8% return providing the firm at the close of the year with its best annual performance since 2018.

2353: 591:(TRS) invested $ 250 million in a stake in Bridgewater Associates Intermediate Holdings, LP. The firms total funds in the early part of 2012 was around US$ 120 billion. 816:

by focusing on the major markets such as European bonds. The launch of this fund in 2011 brought the company's total assets under management to more than $ 100 billion.

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Bridgewater Associates launched its flagship fund, Pure Alpha, in 1989. The fund is described as a "diversified alpha source" that invests across a group of

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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

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By 2007, the firm's total assets under management grew to US$ 50 billion (from US$ 33 billion in the year 2000). According to a 2007 article in

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The firm offers three hedge funds to its clients: the Pure Alpha fund, the All Weather fund, and the Pure Alpha Major Markets fund. It also publishes a

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billion, as of Sept. 30, 2020; and about $ 153 billion, as of Feb. 28, 2022. At all of those points, it still ranked No.1 in hedge fund AUM.

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program. The firm received the Global Investor Awards for Excellence-Global Bonds award in 2003. The following year the company received the

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in 1987. In the mid-1980s, the firm changed its business focus from currency and interest rate management to global bonds and currencies for

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magazine. In 2002, the company was ranked by Nelson Information as the World's Best Money Manager in recognition of the 16.3% return on its

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apartment. At that time, the business consisted exclusively of advising corporate clients and the management of domestic and international

2540:"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'" 1682: 1065:"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'" 4127: 3355: 1745: 3112: 2591: 1993: 1668: 4031: 1726: 3235: 2926:

Euromoney Institutional Investor;p Money Management Letter, "Bridgewater Shapes Portfolio For Depression, Sara Behunek, April 20, 2009

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The company has been likened to a cult, but Dalio denies that and insists that the firm is a dedicated "community". An article in

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7th Annual Hedge Fund Industry's Lifetime Achievement award and PlanSponsor's Hedge Fund Manager of the year award. When the U.S.

595: 1966: 873:(CEO) title in July 2011 to take on the role of "mentor". The company's administration consists of three co-CEOs; Greg Jensen, 606:

In 2017 Ray Dalio retired as co-CEO. In September 2017, Bridgewater announced plans to launch an investment fund in China with

541: 21: 2981: 3731: 3673: 3326: 3169: 2697: 1330: 1210: 890: 2020: 3506: 3477: 2289: 2048: 1652: 1629: 1374: 3193: 2798: 2786: 2394:"Ray Dalio's Bridgewater lost $ 12.1 billion in 2020 — but he's still the best-performing hedge fund manager of all time" 923: 863: 1978:

Pazsniokas, Mark (April 10, 2008) "A Tough Audience Investment Workers? Pointed Questions Pierce McCain's Stump Lines",

1288:"Pursuing Self-Interest in Harmony with the Laws of the Universe and Contributing to Evolution Is Universally Rewarded" 588: 3526: 3640: 3008: 2888: 2733: 1509: 1434: 576: 346:

risks. The firm later changed its emphasis and began selling economic advice to governments and corporations such as

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Bridgewater Associates bet against European companies. In January 2021 losses for 2020 amounted to $ 12.1 billion.

787:, the fund moved into "safe portfolio" mode which included nominal and inflation-linked bonds and gold instead of 3030:"'Pain + Reflection = Progress': Here are 13 brilliant quotes from hedge-fund legend Ray Dalio | Markets Insider" 779: 484:

Currency Overlay Manager of the Year award, and 2 "best in class" awards from the PlanSponsor Operations Survey.

405:. As a fixed income and currency adviser to institutional clients, the company gained a reputation as a currency 2620:"Bridgewater's flagship hedge fund posted gains of 32% in the first half of 2022 even in a broad market decline" 579:'s "world's top 100 hedge funds" list. It received the Macro-Focused Hedge Fund Firm of the Year award and the 450:

introduced its global bond overlay program. In 1995, company executives participated in the discussions at the

2592:"How Bridgewater's flagship hedge fund beat the bear market in the first half of 2022 when most others tanked" 67: 4231: 2084:

aiCIO Announces 2011 Asset Management/Servicing Award Winnerst, September 26, 2011. Retrieved September 2011.

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As of April 2024 Bridgewater continues to maintain top ranking in hedge fund AUM, with about $ 124 billion.

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magazine, "nobody was better prepared for the global market crash" than its clients and subscribers to its

3993: 619: 587:(AR) ranked the company number one in its Hedge Fund Report Card and Billion Dollar Club categories. The 488:

thereby eliminating the traditional investment approach from its portfolios. That year it was honored by

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research is reportedly read by leaders of central banks and managers of pension funds around the world.

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Bridgewater Associates Inc., a Connecticut money manager that participated in the Treasury discussions

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in response to the fast growth of the company. In 2017 Dalio published a new version of the handbook,

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Bridgewater Associates developed several "innovative investment strategies" during the 1990s such as

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Ray Dalio, the company's founder, began using the term "d-process" in February 2009 to describe the

3969: 3839: 882: 584: 519: 394: 363: 3303: 2646: 1119:"Citadel's $ 16 Billion Gain in 2022 Makes Ken Griffin's Flagship the Top-Earning Hedge Fund Ever" 997: 4071: 3979: 3974: 3938: 3835: 3799: 3360: 2263: 1953: 1614: 1564: 870: 675: 201: 3161: 1818: 1782:. United States: Pensions & Investments. Crain Communications Inc. p. 4. Archived from 1560:"U.S. Bonds To Be Tied To the CPI – Long-Awaited Project Will Be Sold Only in 10-Year Note Form" 1322: 4081: 3878: 3751: 3727: 3712: 1784: 1690: 1287: 564: 455: 430: 402: 268: 81: 2878: 1885: 1753: 4106: 3764: 3736: 3717: 644: 466: 287: 252: 140: 2822: 2671: 2216:"Hedge fund giant Bridgewater Associates pays back state loan, forgoes $ 18M in tax credits" 2144:"Bridgewater and Strategic Investing, American Public Pensions are Becoming More Innovative" 1458: 1373: 725:

and these investment guidelines have been incorporated into the firm's computers' analysis.

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s, Public Pension Fund Award for Excellence and the Alternatives Manager of the Year award.

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Institutional Money: Bridgewater geht 14 Milliarden-Leerverkaufposition in Europaaktien ein

559:. That year, the company was termed the largest hedge fund in the U.S. and it received the 207: 689:

driven by information derived from Dalio's associations with prominent government actors.

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pension funds, foundations, endowments, and central banks rather than private investors.

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Invest Like a Fox... Not Like a Hedgehog: How You Can Earn Higher Returns With Less Risk

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MacEachern, Frank (June 27, 2014) "Westport-Based Bridgewater Nixes Move to Stamford",

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The Fund: Ray Dalio, Bridgewater Associates and the Unraveling of a Wall Street Legend

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View of lake and trees surrounding the corporate headquarters in Westport, Connecticut

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from 2013 to 2017. In 2016, Bridgewater had removed Greg Jensen as co-CEO and hired

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Aerial view of the Bridgewater Associates corporate campus in Westport, Connecticut

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and was subsequently opened to clients. The goal of the fund was to create "high,

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According to Ray Dalio, Bridgewater Associates is a "global macro firm". It uses "

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In 1981, the company moved its headquarters 50 miles north of New York City to

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Bridgewater Associates was founded by Ray Dalio in 1975 from an office in his

4241: 4096: 4061: 3987: 3550:"How Eileen Murray, Co-CEO Of Bridgewater Associates, Encourages Risk-Taking" 3434: 3209:"How Eileen Murray, Co-CEO Of Bridgewater Associates, Encourages Risk-Taking" 874: 758: 750: 451: 351: 343: 36: 23: 3574: 3572: 2237: 1145: 1143: 1141: 1092:"Tim Cook and Ray Dalio Among Few US Chiefs Attending China Business Summit" 757:. It includes 30 or 40 simultaneous trading positions in bonds, currencies, 366:. In 1981, the company moved its offices from New York City to Connecticut. 357:

The company began publishing a paid subscription research report called the

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The firm's history includes the pioneering of industry strategies such as:

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and began formally offering its currency overlay products to its clients.

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faltered in 2010, the firm had significant gains on their investments in

537: 527: 505: 462: 438: 315: 280: 58: 3318: 2149: 1450: 988: 3682: 2804: 2161:"Bridgewater, World's Biggest Hedge Fund, Is Said to be Solwing Hiring" 1599:, "Treasury Delays Debut Of Inflation-Indexed Notes", December 24, 1996 1050:"Bridgewater's flagship fund was bearish on US stocks as rally fizzled" 977:

An Everyone Culture: Becoming a Deliberately Developmental Organization

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co-chief executive in March 2020, making David McCormick the sole CEO.

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In January 2022 Nir Bar Dea, a retired major and platoon leader in the

572: 398: 272: 101: 3236:"Bridgewater Associates Truth Probings Are About to Get Turbo Charged" 2647:"Bridgewater's chief says he has 'rewired' world's largest hedge fund" 2467:"CEO Nir Bar Dea Discusses Critical Generational Shift at Bridgewater" 2343:

Der Aktionär.de: Hedgefonds-Legende wettet im großen Stil gegen Europa

2012: 1671:, Bridgewater Associates official web page. Retrieved October 28, 2011 1152:"Bridgewater's Ray Dalio Spreads His Gospel of 'Radical Transparency'" 3699: 3270:. United States: Pensions & Investments. Crain Communications Inc 2986: 1633:. United States: Pensions & Investments. Crain Communications Inc 1026: 858: 556: 552: 335: 256: 129: 3853: 2566:"Bridgewater's Flagship Hedge Fund Gains 32% for First Half of Year" 2257:

Copeland, Rob; Hope, Bradley; Areddy, James T. (September 8, 2017).

329: 3082:"Inside the Crisis Larry Summers and the White House economic team" 2689: 1746:"2005 Investment Manager Operations Survey: Bridgewater Associates" 788: 697:

The company divides its investments into two basic categories: (1)

626: 339: 2962:"Bridgewater draws more investors in China, nearly doubles assets" 2903:"Risk-parity strategies drawing big interest despite bond worries" 1187:"Bridgewater seeks competitive advantage through lateral thinking" 795:. The fund is reported to contain 40% inflation-linked bonds, 30% 461:

Bridgewater launched its All Weather hedge fund and pioneered the

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In 1981, the company moved its headquarters from New York City to

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Dalio's Hedge Fund Risks Being Dumped by Pension on Weak Returns

2754:"How Does the World's Largest Hedge Fund Really Make Its Money?" 2416:"Bridgewater Gains 7.8% in December as One Big Month Saves Year" 741:, which is read by investors worldwide on a subscription basis. 413:. In 1990, it launched a hedge fund portfolio using monies from 4226: 3554: 3213: 2319:"For Ray Dalio, a Year of Losses, Withdrawals and Uneasy Staff" 2242: 2193:"Republicans criticize Malloy over $ 22 M grant to Bridgewater" 1123: 975:

The organization's culture was explored in Robert Kegan's book

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The company's first account was funded by a US$ 5 million

3651: 2442:"Bridgewater Names Bar Dea, Bertolini CEOs as McCormick Quits" 1683:"The TSC Streetside Chat: Ray Dalio of Bridgewater Associates" 1608:

Schlesinger, Jacob and Zuckerman, Gregory (December 24, 1996)

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Goldstein, Matthew; Stevenson, Alexandra (September 8, 2018).

3418:"Bridgewaters Ray Dalio: There's a Cultural Misunderstanding" 2847:"Here's What Ray Dalio Made in Bridgewater's Impressive 2018" 580: 555:

process of the subprime mortgage industry as distinct from a

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The losses continue to pile up for hedge fund king Ray Dalio

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visited the firm and addressed company employees during his

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Stevenson, Alexandra; Goldstein, Matthew (July 26, 2016).

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Stevenson, Alexandra; Goldstein, Matthew (March 1, 2017).

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Money Makers: Inside the New World of Finance and Business

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Stevenson, Alexandra; Goldstein, Matthew (July 17, 2016).

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Williamson, Christine; Appell, Douglas (August 23, 2010).

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Money Makers: Inside the New World of Finance and Business

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Fortado, Lindsay; Wigglesworth, Robin (December 6, 2019).

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The firm launched its Pure Alpha fund and began to market

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in 1975. The firm serves institutional clients including

168: 3635:. Boston, Massachusetts: Harvard Business Review Press. 3151: 1312: 3249:"Dartmouth Student and Bridgewater Clash on Recruiting" 2789:, Market Watch, October 22 2010, retrieved October 2011 2698:"Bridgewater's Dalio: 'I Think I Did Everything Right'" 998:"Former US Ranger ready to take command at Bridgewater" 3375: 2813:"Paulson's $ 32 Billion Funds Prompt Too-Big Concerns" 2440:

Schatzker, Erik; Burton, Katherine (January 3, 2022).

1886:"Recession? No, It's a D-process, and It Will Be Long" 1534: 1532: 1530: 1490:"Economist Dalio Foresees Greatest Crisis Since '29". 1438:. Pensions & Investments. Crain Communications Inc 1395: 1393: 1239: 506:

2007–2022: Pure Alpha Major Markets, Ray Dalio retires

4191: 3507:"Time to Toughen Up and Embrace the Joys of Conflict" 3478:"Time to toughen up and embrace the joys of conflict" 1257:

Celarier, Michelle; Lawrence Felefingne (July 2011).

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Nir Bar Dea took over as the lone CEO in March 2023.

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and advised federal government on the development of

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Investment management companies of the United States

2065:, Institutional Investor. Retrieved October 28, 2011 1048:

Mackenzie, Nell; Mandl, Carolina (August 16, 2023).

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magazine Currency Manager of the Year award and the

3058:"Introducing: The 10 people transforming investing" 1943: 1941: 1939: 1527: 1390: 1308: 1306: 1226: 1202:

Investment Legends: The Wisdom That Leads to Wealth

994: 251:(informally known as "Bridgewater") is an American 3578: 3324: 3290:"AP Sources: Obama Preparing To Name Comey To FBI" 3265: 3153: 3113:"Global bonds winner 2003: Bridgewater Associates" 2938:"Bridgewater Associates debuts onshore China fund" 2672:"Top 10 Hedge Funds Of June 2024 – Forbes Advisor" 2284: 2256: 2238:"Founder & CIO Mentor, Bridgewater Associates" 2158: 1916: 1914: 1912: 1910: 1908: 1906: 1904: 1902: 1900: 1783: 1663: 1661: 1628: 1485: 1483: 1433: 1314: 1149: 996: 625:In 2020, Bridgewater reported hefty losses due to 1947:Corkery, Michael and Eder, Steve, June 22, 2011, 1720: 330:1975–1990: Consulting, research, money management 4273:Financial services companies established in 1975 4239: 3412: 3410: 3152:David Snider; Chris Howard (February 16, 2010). 2368:"Spekulanten stürzen sich auf deutsche Konzerne" 1936: 1780:"Bridgewater adds liquidity to Pure Alpha clone" 1777: 1313:David Snider; Chris Howard (February 16, 2010). 1303: 862:to pay for any employees that wish to learn the 3528:How to build a company where the best ideas win 3055: 2976: 2974: 2894: 2439: 2146:, SWFI, February 26, 2012. Retrieved July 2014. 1897: 1738: 1658: 1610:Treasury Delays Sale of Bonds Tied to Inflation 1480: 895:Director of the Federal Bureau of Investigation 692: 3435:Bridgewater Associates: Culture and Principles 2747: 2745: 1994:"7th Annual Hedge Fund Industry Award Winners" 1805: 1803: 1551: 1234:"Bridgewater is Fastest Growing Asset Manager" 1047: 4263:Privately held companies of the United States 3667: 3407: 1848:, January 24, 2006. Retrieved March 22, 2010. 712: 522:when company founder Ray Dalio met with U.S. 3356:"Bridgewater Co-CEO Eileen Murray to Depart" 3105: 2971: 492:with the Lifetime Achievement Award and the 4151:Alternative investment management companies 4128:Standards Board for Alternative Investments 3608:Grant, WorkLife with Adam (March 8, 2018), 3427: 3228: 3090:, October 12, 2009. Accessed April 5, 2010. 2871: 2774:2020 Vision: Investment Wisdom for Tomorrow 2742: 2049:"Bridgewater remains largest US hedge fund" 1800: 1557: 1507: 1205:. John Wiley & Sons. pp. 131–148. 877:, former Controller at Morgan Stanley, and 806: 4176: 4032:Taxation of private equity and hedge funds 3674: 3660: 3630: 3263: 2799:Bridgewater leads the Drive for Pure Alpha 2787:"Bridgewater's deleveraging view pays off" 1880: 1878: 1840:"Global Pensions Awards winners announced" 1503: 1501: 1432:Williamson, Christine (February 4, 2008). 1431: 1361: 1192: 1189:, Financial News. Retrieved April 7, 2010. 1019: 3470: 3075: 3056:Marley, Jay; Oyedele, Akin; Ciolli, Joe. 2801:Money Management (May 18, 2007) Liam Egan 2518:"Top 10 largest hedge fund managers 2022" 2391: 2365: 2288:; de la Merced, Michael (June 28, 2018). 2134:, Absolute Return. Retrieved October 2011 2046: 2040: 1645: 1558:Schlesinger, Jacob (September 26, 1996). 1413:, October 2000. Retrieved March 30, 2010. 1362:Teitelbaum, Richard (November 29, 2005). 1236:, Financial News. Retrieved October 2011. 1062: 914:In 2005, Dalio created a handbook called 290:, and currently employs 1,500 employees. 4258:Companies based in Westport, Connecticut 3247:Abad-Santos, Alexander (August 5, 2011) 3191: 2751: 2723: 2317:Burton, Katherine (September 15, 2020). 2120:– via Elliott Management Profiles. 1283: 1281: 1279: 857:in a "fancy" bus that ferries them from 669: 622:had invested in Bridgewater Associates. 3267:"A quick exit for Bridgewater's Harris" 3264:Williamson, Christine (June 27, 2005). 3251:, Atlantic Wire. Retrieved October 2011 3192:Comstock, Courtney (October 25, 2010). 3128:Murray, Eileen (Interview: Summer 2011) 2414:Burton, Katherine (December 31, 2021). 1875: 1681:Fromson, Brett D. (December 24, 2000). 1680: 1674: 1669:"Global Investor Awards for Excellence" 1510:"Inside the World's Biggest Hedge Fund" 1498: 1198: 596:Regents of the University of California 4240: 2900: 2810: 2589: 2563: 2493:"Nir Bar Dea — Bridgewater Associates" 2413: 2316: 2213: 2094:Tunick, Britt Erica (September 2011). 2093: 2021:"Bridgewater Leads in Investor Survey" 1626: 1593:Fromson, Brett D. (December 24, 1996) 1456: 701:, whose returns are generated through 583:Hedge Fund Industry Innovation Award. 3732:fixed-income relative-value investing 3655: 3607: 3524: 3027: 2695: 2392:Robertson, Harry (January 25, 2021). 2190: 2018: 1986: 1627:Appell, Douglas (November 30, 2009). 1457:Kishan, Saijel (September 14, 2011). 1276: 1199:Dunstan, Barrie (November 20, 2008). 1185:Schultes, Renée (September 11, 2006) 891:United States Deputy Attorney General 869:Dalio, the founder, relinquished his 819: 16:U.S. based investment management firm 4268:1975 establishments in New York City 3353: 2935: 2811:Burton, Katherine (March 29, 2010). 2366:Zschäpitz, Holger (March 19, 2020). 2019:Kouwe, Zachery (September 2, 2009). 1540:The alpha and beta of a lone manager 1538:Brewster, Deborah (January 8, 2008) 909: 830: 3631:Kegan, Robert; Lahey, Lisa (2016). 2901:Appell, Douglas (October 3, 2011). 2617: 2130:Allen, Katrina Dean (March 2, 2011) 1851: 1653:"Risk Parity: Taking the Long View" 864:Transcendental Meditation technique 799:, 20% Treasury bonds and 10% gold. 13: 3505:Stern, Stephan (January 15, 2008) 2752:Copeland, Rob (November 1, 2023). 2564:Burton, Katherine (July 5, 2022). 1859:"Alternatives Manager of the Year" 1116: 705:and standard market risk, and (2) 589:Teacher Retirement System of Texas 425:1991–2006: Pure Alpha, All Weather 409:and a developer of techniques for 14: 4284: 3547: 3476:Stern, Stefan (January 15, 2008) 3354:Levy, Rachel (December 3, 2019). 3206: 2696:Roose, Kevin (October 21, 2011). 1735:, 2004. Retrieved March 26, 2010. 1651:Schwartz, Stephanie (April 2011) 1508:O'Keefe, Brian (March 19, 2009). 1063:Schatzker, Erik (March 1, 2023). 4225: 4213: 4201: 4175: 4166: 4165: 4156: 4155: 4146: 4145: 3852: 3624: 3601: 3541: 3525:Dalio, Ray (September 6, 2017), 3518: 3499: 3489: 3444: 3347: 2964:by Summer Zhen and Samuel Shen, 2877:Carlson, Robert (June 14, 2007) 1884:Ward, Sandra (February 9, 2009) 1400:The World According to Ray Dalio 676:quantitative" investment methods 371: 66: 57: 4248:Hedge fund firms in Connecticut 3681: 3282: 3241: 3200: 3185: 3145: 3122: 3093: 3049: 3028:Jiang, Ethel (March 13, 2019). 3021: 3002: 2955: 2936:Hall, Phil (November 1, 2018). 2929: 2920: 2853: 2839: 2792: 2779: 2766: 2717: 2664: 2639: 2611: 2583: 2557: 2532: 2510: 2485: 2459: 2433: 2407: 2385: 2359: 2347: 2336: 2310: 2278: 2250: 2230: 2207: 2137: 2124: 2087: 2068: 2055: 2047:Opalesque (September 2, 2009). 1972: 1960: 1833: 1817:. December 2006. Archived from 1705: 1630:"Bridgewater Under the Weather" 1602: 1587: 1321:. Palgrave Macmillan. pp. 932:A 2011 article in the magazine 835: 3302:. May 29, 2013. Archived from 3160:. Palgrave Macmillan. p. 3130:"Interview with Eileen Murray" 2982:"40 Under 40 – 3. Greg Jensen" 1110: 1084: 1056: 1041: 901:instead. Rubinstein, a former 769: 1: 3441:. Retrieved January 10, 2008. 2891:, p. 169, retrieved July 2011 2618:Tan, Huileng (July 6, 2022). 2590:Daniel, Will (July 6, 2022). 2214:Schott, Paul (May 25, 2023). 2096:"Hedge Fund Report Card 2011" 1655:IP&E, retrieved June 2011 982: 744: 283:investment approach in 1996. 222: 4006:security characteristic line 3424:. Retrieved October 28, 2011 2063:"Hedge Fund Industry Awards" 851: 791:, emerging market debt, and 693:Separation of alpha and beta 654: 616:Singapore's sovereign wealth 533:Dow Jones Industrial Average 310:strategies, the creation of 7: 3994:Capital asset pricing model 3713:Capital structure arbitrage 3486:. Retrieved March 22, 2010. 3439:Bridgewater Company Website 3234:Levin, Bess (July 18, 2011) 2191:Dixon, Ken (May 23, 2016). 1998:Alternative Investment News 1872:, Retrieved March 22, 2010. 1811:"The Pursuit of Excellence" 1435:"Hedge Funds: Living Large" 1259:"Ray Dalio's Radical Truth" 920:Principles: Life & Work 728: 620:International Monetary Fund 594:Between 2014 and 2016, the 561:Alternative Investment News 113:; 49 years ago 10: 4289: 3796:Commodity trading advisors 2907:Pensions & Investments 2471:Bridgewater Associates, LP 1894:. Retrieved March 18, 2010 713:Systematic diversification 542:2008 presidential campaign 476:International Fixed Income 472:Pensions & Investments 293: 249:Bridgewater Associates, LP 52:Bridgewater Associates, LP 4141: 4133:Managed Funds Association 4115: 4077:High-net-worth individual 4049: 3957: 3911: 3902: 3861: 3850: 3828: 3783: 3750: 3698: 3689: 3135:October 15, 2011, at the 3009:Return of the Mega Launch 232: 216: 200: 175: 161: 151: 135: 125: 107: 97: 87: 77: 65: 56: 3970:Arbitrage pricing theory 3515:. Retrieved October 2011 3142:. Retrieved October 2011 3119:. Retrieved October 2011 2075:aiCIO 2011 Award Winners 1949:"Bridgewater Goes Large" 1029:. Bridgewater Associates 1027:"People: Our leadership" 807:Pure Alpha Major Markets 520:U.S. Treasury Department 437:, emerging market debt, 395:Hilda Ochoa-Brillembourg 188:Pure Alpha Major Markets 4082:Institutional investors 3975:Assets under management 3800:managed futures account 3387:Best Sellers: Business" 3361:The Wall Street Journal 2942:Westfair Communications 2883:, John Wiley and Sons, 2264:The Wall Street Journal 2103:Absolute Return + Alpha 1954:The Wall Street Journal 1925:"Mastering the Machine" 1870:Money Management Letter 1615:The Wall Street Journal 1565:The Wall Street Journal 871:chief executive officer 585:Absolute Return + Alpha 500:Money Management Letter 456:inflation-indexed bonds 431:inflation-indexed bonds 403:institutional investors 4232:Business and Economics 4107:Sovereign wealth funds 3879:High-frequency trading 3728:Fixed income arbitrage 2724:Copeland, Rob (2023). 1752:. 2005. Archived from 1263:Institutional Investor 645:Israeli Defense Forces 577:Institutional Investor 565:gross domestic product 3949:Structured securities 3765:Distressed securities 3737:Statistical arbitrage 3723:Equity market neutral 3718:Convertible arbitrage 3611:How to love criticism 2132:"Billion Dollar Club" 1933:. Retrieved July 2011 1572:on September 29, 2011 1494:. September 22, 1982. 670:Investment philosophy 536:time period. Senator 411:overlaying currencies 288:Westport, Connecticut 253:investment management 141:Westport, Connecticut 37:41.17222°N 73.36278°W 4067:Financial endowments 4012:Fundamental analysis 3760:Shareholder activism 3742:Volatility arbitrage 3101:Stamford Daily Voice 2776:, p. 19, Mercer 2007 1788:on September 9, 2017 1232:(September 11, 2006) 608:Chinese government's 490:PlanSponsor Magazine 467:portfolio management 302:, the separation of 212: billion (2023) 4181:List of hedge funds 4171:Hedge fund managers 4087:Insurance companies 4072:Fund of hedge funds 3980:Black–Scholes model 3894:Proprietary trading 3869:Algorithmic trading 3836:Fund of hedge funds 3633:An Everyone Culture 3196:. Business Insider. 2827:on November 2, 2012 2772:Leim, Harry (2007) 1969:, 15 September 2020 1711:(October 20, 2002) 1596:The Washington Post 1411:DerivativesStrategy 1378:on November 6, 2012 842:Wilton, Connecticut 393:investment through 218:Number of employees 53: 42:41.17222; -73.36278 33: / 4037:Technical analysis 3586:The New York Times 3392:The New York Times 3332:The New York Times 3014:2012-03-28 at the 2990:. October 25, 2011 2968:, January 19, 2024 2868:, 2 September 2021 2759:The New York Times 2703:The New York Times 2473:. October 12, 2022 2295:The New York Times 2166:The New York Times 2080:2011-10-06 at the 2026:The New York Times 1864:2011-07-14 at the 1821:on October 7, 2011 1405:2009-12-17 at the 1157:The New York Times 958:The New York Times 821:Daily Observations 739:Daily Observations 703:passive management 524:Treasury Secretary 516:Daily Observations 359:Daily Observations 324:Daily Observations 192:Daily Observations 51: 4189: 4188: 4045: 4044: 3848: 3847: 3815:Long/short equity 3791:Convergence trade 3775:Special situation 3171:978-0-230-61401-7 3117:Investor Magazine 2728:. Pan Macmillan. 2112:on April 25, 2012 1693:on April 17, 2008 1369:Bloomberg Markets 1332:978-0-230-61401-7 1212:978-0-7314-0837-5 922:, which became a 910:Corporate culture 831:Corporate affairs 755:active management 707:Alpha investments 635:COVID-19 pandemic 631:market volatility 419:Loews Corporation 246: 245: 4280: 4230: 4229: 4218: 4217: 4216: 4206: 4205: 4204: 4197: 4179: 4178: 4169: 4168: 4159: 4158: 4149: 4148: 4092:Investment banks 3939:Foreign exchange 3909: 3908: 3856: 3696: 3695: 3676: 3669: 3662: 3653: 3652: 3647: 3646: 3628: 3622: 3621: 3620: 3618: 3605: 3599: 3598: 3596: 3594: 3576: 3567: 3566: 3564: 3562: 3545: 3539: 3538: 3537: 3535: 3522: 3516: 3503: 3497: 3493: 3487: 3474: 3468: 3467: 3465: 3463: 3448: 3442: 3431: 3425: 3416:(March 3, 2011) 3414: 3405: 3404: 3402: 3400: 3379: 3373: 3372: 3370: 3368: 3351: 3345: 3344: 3342: 3340: 3322: 3316: 3315: 3313: 3311: 3286: 3280: 3279: 3277: 3275: 3269: 3261: 3252: 3245: 3239: 3232: 3226: 3225: 3223: 3221: 3204: 3198: 3197: 3189: 3183: 3182: 3180: 3178: 3159: 3149: 3143: 3140:Leaders Magazine 3126: 3120: 3109: 3103: 3097: 3091: 3079: 3073: 3072: 3070: 3068: 3062:Business Insider 3053: 3047: 3046: 3044: 3042: 3035:Business Insider 3025: 3019: 3006: 3000: 2999: 2997: 2995: 2978: 2969: 2959: 2953: 2952: 2950: 2948: 2933: 2927: 2924: 2918: 2917: 2915: 2913: 2898: 2892: 2875: 2869: 2857: 2851: 2850: 2843: 2837: 2836: 2834: 2832: 2826: 2821:. 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Malloy 526:staff and other 435:currency overlay 375: 300:currency overlay 255:firm founded by 242: 239: 227: 224: 211: 121: 119: 114: 70: 61: 54: 50: 48: 47: 45: 44: 43: 38: 34: 31: 30: 29: 26: 4288: 4287: 4283: 4282: 4281: 4279: 4278: 4277: 4238: 4237: 4236: 4224: 4214: 4212: 4202: 4200: 4192: 4190: 4185: 4137: 4123:Fund governance 4111: 4041: 3965:Absolute return 3953: 3904: 3898: 3889:Program trading 3884:Prime brokerage 3857: 3844: 3824: 3820:Trend following 3805:Dedicated short 3779: 3746: 3703: 3691: 3685: 3680: 3650: 3643: 3629: 3625: 3616: 3614: 3606: 3602: 3592: 3590: 3577: 3570: 3560: 3558: 3546: 3542: 3533: 3531: 3523: 3519: 3512:Financial Times 3504: 3500: 3494: 3490: 3483:Financial Times 3475: 3471: 3461: 3459: 3450: 3449: 3445: 3432: 3428: 3415: 3408: 3398: 3396: 3381: 3380: 3376: 3366: 3364: 3352: 3348: 3338: 3336: 3323: 3319: 3309: 3307: 3306:on May 30, 2013 3288: 3287: 3283: 3273: 3271: 3262: 3255: 3246: 3242: 3233: 3229: 3219: 3217: 3205: 3201: 3190: 3186: 3176: 3174: 3172: 3150: 3146: 3137:Wayback Machine 3127: 3123: 3111:(February 2003) 3110: 3106: 3098: 3094: 3080: 3076: 3066: 3064: 3054: 3050: 3040: 3038: 3026: 3022: 3016:Wayback Machine 3007: 3003: 2993: 2991: 2980: 2979: 2972: 2960: 2956: 2946: 2944: 2934: 2930: 2925: 2921: 2911: 2909: 2899: 2895: 2876: 2872: 2858: 2854: 2845: 2844: 2840: 2830: 2828: 2809: 2805: 2797: 2793: 2785:Barr, Alistair 2784: 2780: 2771: 2767: 2750: 2743: 2736: 2722: 2718: 2708: 2706: 2694: 2690: 2680: 2678: 2670: 2669: 2665: 2655: 2653: 2645: 2644: 2640: 2630: 2628: 2616: 2612: 2602: 2600: 2588: 2584: 2574: 2572: 2562: 2558: 2548: 2546: 2538: 2537: 2533: 2523: 2521: 2520:. 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According to 312:absolute return 296: 236: 225: 219: 206: 196: 164: 154: 147: 143: 117: 115: 112: 73: 41: 39: 35: 32: 27: 24: 22: 20: 19: 17: 12: 11: 5: 4286: 4276: 4275: 4270: 4265: 4260: 4255: 4250: 4235: 4234: 4222: 4210: 4187: 4186: 4184: 4183: 4173: 4163: 4153: 4142: 4139: 4138: 4136: 4135: 4130: 4125: 4119: 4117: 4113: 4112: 4110: 4109: 4104: 4099: 4097:Merchant banks 4094: 4089: 4084: 4079: 4074: 4069: 4064: 4062:Family offices 4059: 4053: 4051: 4047: 4046: 4043: 4042: 4040: 4039: 4034: 4029: 4024: 4022:Securitization 4019: 4014: 4009: 3991: 3977: 3972: 3967: 3961: 3959: 3955: 3954: 3952: 3951: 3946: 3941: 3936: 3931: 3926: 3921: 3915: 3913: 3906: 3900: 3899: 3897: 3896: 3891: 3886: 3881: 3876: 3871: 3865: 3863: 3859: 3858: 3851: 3849: 3846: 3845: 3843: 3842: 3832: 3830: 3826: 3825: 3823: 3822: 3817: 3812: 3807: 3802: 3793: 3787: 3785: 3781: 3780: 3778: 3777: 3772: 3770:Risk arbitrage 3767: 3762: 3756: 3754: 3748: 3747: 3745: 3744: 3739: 3734: 3725: 3720: 3715: 3709: 3707: 3705:relative value 3693: 3687: 3686: 3679: 3678: 3671: 3664: 3656: 3649: 3648: 3641: 3623: 3600: 3568: 3540: 3517: 3498: 3488: 3469: 3443: 3426: 3406: 3395:. 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