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com

"
" 27
Bretton Wood

Ray Dalio , New York Stock Exchange

NYSE
4 %
"Nixon rally" Ray

Bretton Woods




Ray

60 Bridgewater Associates1 4



"


"

All Weather




" "

" Nixon rally"

1
1. $125
Bridgewater Associates, LP Westport, CT

Paul
Podolsky, Ryan Johnson, Owen Jennings All Weather strategy

Bridgewater




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US

All Weather , ,

Bridgewater

?

Ray, Bob, Greg Jensen, Dan Bernstein Bridgewater

1996
Rays trust assets



All Weather
Passive

All Weather strategy




All Weather

Ray Bridgewater 1975 s New York City

Bridgewater Daily Observations

McDonalds
McDonalds
Chicken McNuggets


( )



Hedge
Mcdonal McNugget 1983

Credit Spread All Weather

portfolio building blocks

Ray Bob






corporate treasurer Ray, Bob

3

1)
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2) Hedge

3)

Bridgewater
Hedge
position Ray, Bob
700
1987
Bridgewater
Bridgewater 5
Bridgewater
bond benchmark
( risk neutral position) ( alpha)
Benchmark

3

() 1)

2) (Beta) ( ) 3) Tilts
(alpha)

return = cash + beta + alpha

15% 1980
0
10 2%
0 %

( )
Betas





zero sum game buy Sell

(

) Ray, Bob, Dan

balancing and risk-adjusting assets

Bridgewater Manhattan Connecticut Westport Bridgewater

Bridgewater
Bridge water Rusty Olson Bridgewater
"




Bridgewater

Bridgewater Ray, Bob, Dan
Rusty ?
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3 ( beta, alpha)
60 %

Rusty portfolio

Rusty
0

Bridgewater

Bridgewater 2 All Weather

Ray, Bob
Great Depression
Rusty


Balance

1990 Rusty
" :



hedge position Ray Bo Dan
Rusty

hedge
expect return ( )

Bridgewater Rusty hedge

:

" :

Rusty

"
Bridgewater Rusty Alpha

Alpha )

-
-


All
weather

Ray, Bob

2
1970
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PC Bridgewater
indicator
PC
Bob


1970
1980
1920 Bob
" " "

( )

Template All Weather

3 4


( )



1970 1980 2000
4
Bridgewater


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Bridge Water Alpha Beta Ray Bob Dan

Pure Alpha 1991

All Weather

Bridgewater

All

Weather


18
19


US Bridgewater : 5%
5 % 5%

+

5%
5 %

UK UK, Australia, Canada
Bob Dan Hedge
Hedge USD 4 %
Leverage
.

Bridgewter
( Commodity)

Bridgewater
Bridgewater TIPS 1997

25 :

all weather strategy

All Weather 1996 Ray, Bob CIO, Greg Jensen,

Bridgewater 10


Bridgewater McNugget Hedge Balance Rusty



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Bridgewater







Risk Premium

Ray "

Bridgewater Ray
US Ray

2000

Bretton Wood 1987
Alpha

Bob Britt Harris CIO Bridgewater Bob

Britt
Britt Bob Sunday
Bob Britt

All Weather
Britt
" Britt
"
200

All Weather
2001 CIO

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CIO 30 5
Bridgewater

Ray, Bob Greg CIO

Alpha





70/30 (All Weather and Pure Alpha, Bridgewaters actively-traded portfolio).
All Weather

Bridgewater

Leverage


Futures Swap
2008
Risk Parity

All Weather
Leverage
"
Leverage Leverage


Leverage Leverage

All Weather


All
Weather Alpha Beta

25 %

All Weather Bridgewater 20

1
2
( )
All Weather 4
:
(1) , (2) , (3)
(4)

All Weather
All Weather Bridgewater

port alpha
Bridgewater
30 Trust All Weather.

BRIDGEWATER