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Bridgewater Founder Ray Dalio: The Concept and Mechanism of the All Weather Portfolio

Ray Dalio, founder of Bridgewater Associates, shares the core principles behind the All Weather Portfolio—a strategy designed to perform well across all economic environments with minimal need for market timing. The goal is to achieve returns significantly higher than cash or low-risk assets, with lower risk than traditional portfolios like the 60/40 stock-bond mix. Dalio emphasizes that cash, while safe from default, often yields the worst long-term real returns, especially during high inflation. The All Weather Portfolio is built on the concept of risk parity, balancing asset classes based on their risk contributions rather than capital allocation. By understanding how different assets (such as bonds, gold, inflation-linked securities, and commodities) react to changes in growth and inflation, the portfolio is structured to maintain stability. It aims to be passively held, avoiding market timing, which Dalio argues most investors—even professionals—cannot execute successfully. Originally developed for his family, the strategy has been refined over 30 years. Dalio encourages investors to understand and apply these principles to build confidence and resilience, particularly in volatile markets. He plans to release a detailed “recipe” for constructing such a portfolio in the future.

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