Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Hedge fund manager Dalio says bipartisan effort needed for post-pandemic world

Published 01/25/2021, 09:16 PM
Updated 01/25/2021, 09:20 PM
© Reuters. FILE PHOTO: FILE PHOTO: Ray Dalio, Founder, Co-Chief Executive Officer and Co-Chief Investment Officer, Bridgewater Associatesr attends the annual meeting of the World Economic Forum (WEF) in Davos

© Reuters. FILE PHOTO: FILE PHOTO: Ray Dalio, Founder, Co-Chief Executive Officer and Co-Chief Investment Officer, Bridgewater Associatesr attends the annual meeting of the World Economic Forum (WEF) in Davos

By Svea Herbst-Bayliss

BOSTON (Reuters) - Billionaire investor Ray Dalio, who founded the world's largest hedge fund, said on Monday that all sides need to collaborate to reconfigure capitalism for a post-pandemic world.

Dalio, whose opinions on global problems and potential solutions are widely followed, said a bipartisan and productive effort is necessary to create economic transformation. "It can't just be a transfer of wealth. It has to be an increasing amount of productivity," he said at the World Economic Forum's virtual Davos Agenda.

"So it has to be over-encompassing and it has to be like a Manhattan Project," Dalio said referring to the U.S.-led effort during World War II to develop a nuclear weapon.

His comments came hours after he said on Twitter, "I believe we are on the brink of a terrible civil war ... where we are at an inflection point between entering a type of hell of fighting or pulling back to work together for peace and prosperity."

In the Davos session, held virtually because of the pandemic, Dalio praised U.S. President Joe Biden for taking a more inclusive tone and wanting to be a president for the UNITED states. "It's a great objective," he said.

Still the investor said he sees no easy path to solving problems like the wealth gap, increased debt, plus the rising power of China and the declining power of the United States. "That's a fragile, fragmented world," he said.

© Reuters. FILE PHOTO: FILE PHOTO: Ray Dalio, Founder, Co-Chief Executive Officer and Co-Chief Investment Officer, Bridgewater Associatesr attends the annual meeting of the World Economic Forum (WEF) in Davos

Dalio's firm Bridgewater Associates has earned $46.5 billion for investors since its launch in 1975 but suffered a setback last year when it lost $12.1 billion, according to data from LCH Investments.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.