Billionaire investor Ray Dalio has bid farewell to Bridgewater Associates, the hedge fund giant he founded 50 years ago.
According to a report by The Wall Street Journal last Thursday, Dalio sold his remaining shares in Bridgewater and stepped down from the board.
It was reported that after acquiring Dalio's shares, Bridgewater issued new stock to the Brunei sovereign wealth fund, a multi-billion dollar deal that gave the fund nearly 20% ownership of the company.
Dalio expressed his excitement about passing Bridgewater on to the next generation in a post on X last Thursday, adding, "I love seeing Bridgewater thrive without me— even better than when I was there."
Dalio's latest sale of Bridgewater shares marks the final chapter in his journey with the company, which he founded in 1975 from a two-bedroom apartment. The 75-year-old billionaire stepped down as CEO of Bridgewater in 2017 and later resigned as chairman by the end of 2021.
Known for successfully predicting the 2008 economic crisis, Dalio has repeatedly forecasted more collapses, predicting a global debt crisis by the end of 2024.
"When a country's debt is too high, the preferred path is to lower interest rates and let the currency devalue, so it's worth betting that this is exactly what is going to happen," the seasoned investor stated in a post on X last Wednesday.
He also predicted that if the government does not reduce the budget deficit to 3% of GDP, the U.S. economy faces the risk of an "economic heart attack."
Amid expectations that de-globalization and unsustainable trade imbalances will bring more economic challenges, along with the exacerbation of tariffs under the Trump administration, Dalio has repeatedly recommended Bitcoin (BTC) and gold as primary tools for hedging against crises.
At the end of July, he suggested that investors allocate up to 15% of their funds to Bitcoin or gold to optimize the "best return-risk ratio," significantly increasing his previous recommendation of a maximum of 2%.
"I believe Bitcoin is a remarkable invention," Dalio wrote in his 2021 article "My Thoughts on Bitcoin," in which he stated:
While revealing that he holds some Bitcoin, the legendary investor still expressed a strong preference for gold over Bitcoin.
Despite gaining a reputation as a market prophet after predicting the 2008 crisis, many of Dalio's other economic forecasts have drawn criticism.
In 1982, Dalio predicted that the global economy was heading for a recession, which proved to be incorrect and caused significant losses for Bridgewater. Dalio later admitted that he was "dead wrong" in both his predictions and subsequent trading strategies, revealing that his misjudgment nearly bankrupted the company.
As Dalio warned that the U.S. could be the next country to go bankrupt, skeptics increasingly highlighted many flaws in his economic forecasting record, such as overgeneralization, confirmation bias, and lack of temporal clarity.
Related: UK regulators lift ban on retail investors' cryptocurrency ETNs
Original article: “Ray Dalio Sells Last Bridgewater Stake After Predicting Debt Collapse”
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