Karen Karniol-Tambour
Co-Chief Investment Officer
Karen Karniol-Tambour is Co-Chief Investment Officer at Bridgewater Associates, responsible for managing the company’s investment process. Karen oversees the systemization of Bridgewater’s research into trading strategies, manages the development of proprietary investment management models, directs the design and implementation of client investment strategies, and publishes timely market understanding to clients and global policy makers via Bridgewater’s Daily Observations. She also co-leads the firm’s Sustainable Investing efforts, overseeing the design of new investment solutions with both financial and sustainability objectives. Karen joined Bridgewater in 2006 after graduating from Princeton University. She serves on the boards of Search for Common Ground and Seeds of Peace. Karen is a World Economic Forum Young Global Leader, was included in Fortune’s "40 Under 40" most influential leaders in business in 2019, and has been named to Barron's list of "Most Influential Women in US Finance" for three years in a row.
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More from Karen Karniol-Tambour
May 9, 2023
Karen joins the 2023 Sohn Investment Conference to discuss the major shifts — both near-term and long-term — that are likely to have a significant impact on economies and markets.
May 1, 2023
Co-CIO Karen Karniol-Tambour joins a panel of industry leaders at the Milken Institute’s Global Conference to discuss a wide range of topics impacting global capital markets and investors. Karen focuses on current credit conditions, the asymmetry she’s seeing in the markets, the paradigm shift from a low inflation world, China as a diversifier, and more.
May 2, 2023
In an interview with CNBC’s “Squawk on the Street,” co-CIO Karen Karniol-Tambour shares her thoughts on the recent banking strains, the Fed tightening, and why today is one of the most dangerous environments for risk assets in decades.
April 14, 2023
Last year’s historically large and rapid tightening is starting to constrict the financial system and slow the economy. This is necessary and will need to be sustained to restore equilibrium conditions.
April 5, 2023
As part of the Milken Institute’s “Power of Ideas” series, co-CIO Karen Karniol-Tambour explains the important role investors play in emission-intensive sectors.
March 31, 2023
Bridgewater’s Co-Chief Investment Officer has been honored with the distinction for the fourth year in a row.
February 21, 2023
Our newest co-CIO shares her thoughts on the secular changes shaping economies and markets, how she’s assessing cyclical conditions around the world, and what these dynamics mean for investors.
February 7, 2023
Co-CIO Karen Karniol-Tambour joins Bloomberg’s “Next Big Risk” to explain why recessions may be longer and deeper going forward as the fed struggles to intervene effectively.
February 2, 2023
Karen joins co-CIOs Bob Prince and Greg Jensen as a full partner in leading Bridgewater’s Investment Committee and holding ultimate responsibility for our investment strategy and outcomes.
December 13, 2022
Bridgewater’s Co-CIO Karen Karniol-Tambour describes why today’s environment is so different from what we’ve seen in recent decades and how investors can prepare their portfolios.
November 30, 2022
The publicly traded firms in a handful of emissions-intensive sectors are responsible for about 60% of all global emissions. By allocating capital to climate solutions and carbon improvers in these sectors, investors can make progress toward their net zero goals, even if that leads to higher spot portfolio emissions than if they were to cut these emissions-intensive sectors altogether.
October 27, 2022
Greenhouse gas emissions are highly concentrated in a few key sectors in investor portfolios; the publicly traded firms in these sectors alone are responsible for about 60% of all global emissions. Investors thinking through climate risks, climate opportunities, and net zero alignment should focus on these sectors.
October 12, 2022
In an interview with Bloomberg Markets, Co-CIO Karen Karniol-Tambour shares her views on whether the UK financial dilemma could spark contagion elsewhere, if central banks are tightening too much too quickly in trying to manage inflation, what the next big risk to assets is likely to be, and the risk of illiquidity in inflation-linked securities.
October 4, 2022
Daniel Yergin, one of the world’s leading experts on energy, and Angela Stent, one of the world’s leading experts on Russia, discuss the current state of the Russia-Ukraine war, how the war is reshaping the global energy map, and Russia’s role in an increasingly bipolar world.
August 18, 2022
In an article published by TIME, Co-CIO Karen Karniol-Tambour describes how The Inflation Reduction Act incentivizes private sector investments in existing and future green technologies like wind and solar.
July 19, 2022
On an episode of Reuters’ “The Exchange” podcast, Co-CIOs for Sustainability Karen Karniol-Tambour and Carsten Stendevad share their perspectives on the current ESG debate. While agreeing with a number of the common criticisms, they lay out their case for the merits of pursing sustainable investing in a fundamental and systematic way.
June 22, 2022
In a piece published by Project Syndicate, Co-CIO Karen-Karniol-Tambour describes the economic, political, and social consequences of today’s energy shortages. These were not created overnight — after years of underinvestment in production capacity, even a small reduction in global supply can send prices skyward, and now policymakers and investors face a full array of difficult choices.
June 9, 2022
In an interview with Bloomberg Markets, Co-CIO Karen Karniol-Tambour shares her outlook on rising inflation and slowing economic growth, the dilemma this presents for policy makers, and how investors can work to protect their portfolios in the current environment.
May 19, 2022
In a wide-ranging conversation with "The Money Maze Podcast," Co-CIO for Sustainability Karen Karniol-Tambour breaks down today’s challenging investing environment. Drawing on lessons from the past, she explores where investors can find inflation protection, China and the importance of geographic diversification, Bridgewater’s fundamental and systematic approach to sustainable investing, and much more.
April 26, 2022
Co-CIOs for Sustainability Karen Karniol-Tambour and Carsten Stendevad discuss how the Ukraine invasion has changed the sustainable investing landscape, what the energy price rally has meant for global climate policy, and how they think about building a diversified portfolio that can also have a positive sustainability impact.
April 8, 2022
As a 16-year veteran of the firm, Co-Chief Investment Officer Karen Karniol-Tambour is recognized alongside an inspiring group of trailblazers in the finance world for the third year in a row.
March 15, 2022
Co-CIO Karen Karniol-Tambour joins panelists at The Council on Foreign Relations to discuss the economic impact of the Russian invasion of Ukraine, the use of sanctions by the US and other countries, and the rates of inflation around the world.
March 15, 2022
With rising energy prices and inflation the highest we've seen in decades, political appetite for curbing climate change by further raising energy prices will continue to decline. Co-CIO Karen Karniol-Tambour describes how we must shift to using tools that target reducing the cost of "green" energy: green fiscal spending and R&D supporting tech advancements.
March 4, 2022
This podcast features Chief Administrative Officer Richard Falkenrath discussing where the Russia-Ukraine crisis stands and Co-CIO Karen Karniol-Tambour and senior investor Larry Cofsky assessing the economic and market impacts.
February 28, 2022
Co-CIO for Sustainability Karen Karniol-Tambour joined CNBC’s “Closing Bell” to discuss the impact of the Russia-Ukraine War on commodity markets.
January 14, 2022
Exploring the different ways institutions are gaining exposure to cryptocurrencies and how these exposures are likely to play out over time.
January 2022
Co-Chief Investment Officers for Sustainability Karen Karniol-Tambour and Carsten Stendevad share their 2022 Outlook.
December 2, 2021
Pulitzer Prize-winning author Daniel Yergin joins Co-CIO Karen Karniol-Tambour and our investment team for a conversation on the green energy transition, the key dynamics driving energy markets, and how the politics of energy are impacting international relations.
November 19, 2021
The transition to green energy will be an increasingly important driver of economies and markets. In this research, we stress test the impact on investor portfolios of four broad mechanisms that could accelerate the climate transition.
Inside the Research Engine: Two Industry Experts’ Take on the Perfect Storm Pressuring Supply Chains
October 28, 2021
A discussion with Lior Susan and Aidan Madigan-Curtis of Eclipse Ventures on what is driving supply shortages, what it will take to solve them, and how long it will take. The conversation further investigates how strong demand is straining supply and driving inflation across different sectors of the economy. Madigan-Curtis is a Bridgewater alum and partner at Eclipse Ventures, a VC firm founded by Susan.
October 6, 2021
In this podcast, New York Times Columnist Thomas L. Friedman sits down with Kerry Reilly and Andrew Foote from our commodities team, and Bridgewater’s Co-CIO Karen Karniol-Tambour, for a wide-ranging discussion on the current energy supply shortage — what’s driving the rise in energy prices and what it means for the Iran deal, Russia’s leverage over Europe, and the future of climate politics.
August 25, 2021
Under current policies, we expect no decline in oil consumption for years. Pay attention to whether government action going forward will meaningfully reduce demand for oil — through carbon taxes or subsidies for alternative energy sources.
August 3, 2021
Co-CIO for Sustainability Karen Karniol-Tambour joins the "Invest Like the Best" podcast for a wide-ranging discussion covering equities, currencies, sustainable investing, and more. They also discuss Karen’s approach to building great teams and what it means to be a great mentor.
July 15, 2021
Have investors already piled into the companies most aligned with environmental and social goals, creating an ESG bubble? In a column published by the Financial Times, Co-CIO Karen Karniol-Tambour and Investment Associate Nikunj Jain explain why we suspect the shift into ESG stocks is only just beginning.
July 14, 2021
At Bloomberg’s Sustainable Business Summit Global conference, CIOs for Sustainability Carsten Stendevad and Karen Karniol-Tambour discuss Bridgewater’s systematic approach to building portfolios that incorporate sustainability goals.
May 13, 2021
In an interview with Top1000Funds, Co-CIOs for Sustainability Karen Karniol-Tambour and Carsten Stendevad discuss how Bridgewater is deploying its systematic research process to meet the challenges of investors who are seeking to build portfolios that pursue return and impact-oriented goals.
May 7, 2021
As part of a Barron’s centennial roundtable discussion, Co-Chief Investment Officer for Sustainability Karen Karniol-Tambour sheds light on how investors should think about the next 100 years. In this wide-ranging discussion with Tom Slater and Yahoo! Co-Founder Jerry Yang, Karen describes the role of government and policy, evolving geopolitical climate, digital revolution and future of money, and a shift toward impact investing.
April 5, 2021
While there is nothing magical about geographic disparities, we find them to be a good way to illustrate how different pockets of the economy have performed over the recent expansion. By excluding the booming coastal cities from the rest of the US, it is easier to see just how large the “shortfalls” from maximum employment are in the bulk of the country.
March 16, 2021
Large, liquid public markets present many opportunities for investors seeking to incorporate environmental and social goals in their portfolios and create impact at institutional scale. Co-CIO Karen Karniol-Tambour discusses how investors can consider implementing sustainability assessments across asset classes at Top1000Funds Sustainability Digital 2021.
December 15, 2020
Bridgewater’s Co-Chief Investment Officer Karen Karniol-Tambour participated in a panel hosted by the Conference of Montreal to discuss how investors can use systemization to enable sustainable investing at scale. Karen describes how, in an economic environment that increasingly relies on the coordination between fiscal and monetary policy to stimulate economic growth, issues of sustainability are critical to understanding today’s world.
June 2020
As a member of the highly selective CFR’s 5-year Term membership, Karen joins policy leaders around the country who are engaged in a dynamic conversation on international affairs and US foreign policy.
September 2020
Our approach to building a scalable, strategic asset allocation using assets aligned to the UN Sustainable Development Goals.
September 2020
Director of Investment Research Karen Karniol-Tambour discusses our approach at Top1000Funds Sustainability Digital.
September 22, 2020
Directors of Investment Research Karen Karniol-Tambour and Rebecca Patterson and Co-Lead of Equity Research Erin Miles join CEO David McCormick to discuss our latest research initiatives and offer advice from their journeys to the top of Bridgewater’s investment team.
September 9, 2020
Even before the COVID-19 crisis, it was clear that traditional economic measures had increasingly diverged from social outcomes. Despite a decade of economic expansion and falling unemployment, social conditions deteriorated across a variety of measures. COVID-19 has brought these pressures to a head. Looking ahead, social conditions will have rising impacts on markets as policy evolves to more explicitly consider such issues in evaluating its goals. Fiscal policy is likely to take on a greater role in the decade to come, and is inherently distributional. The Fed, too, is increasingly taking into account social disparities.
June 23, 2020
By guaranteeing very low interest rates years into the future, the central bank can leverage Yield Curve Control (YCC) policies to finance large government deficits without putting upward pressure on the cost of borrowing. Karen Karniol-Tambour and members of our research team explain how YCC has moved from an abstract concept to a practice that the world’s largest central banks have adopted or are heavily considering.
May 29, 2020
As macroeconomic investors, we focus on questions about the impact of climate change on the major economies around the world. There is considerable uncertainty regarding the physical impacts of climate change on economies; as we surveyed expert views on the topic, we found a wide range of plausible outcomes for investors to consider. While the physical impacts of climate change will take years to play out, the economic and market impacts of policy choices or other human responses to climate change are likely to take place much faster.
April 19, 2019
Karen Karniol-Tambour, Co-Chief Investment Officer for Sustainability, was recognized for her work developing systematic insights on global markets and overseeing Bridgewater’s investment logic and portfolio construction.
November 26, 2019
Policy makers have traditionally relied on broad, macroeconomic measures of how the economy is performing, such as GDP growth, the unemployment rate, and inflation. These measures are enshrined in most central bank mandates, for example. Over time, consistent economic growth with stable inflation led to rising prosperity, so these indicators were a pretty good proxy of what policy makers should pay attention to. But in recent years, social outcomes have increasingly diverged from traditional macroeconomic measures.
CEO David McCormick Interviews Head of Investment Research Karen Karniol-Tambour at Leadership Forum
In a fireside chat hosted by Declare, CEO David McCormick interviews Head of Investment Research Karen Karniol-Tambour about her rise through the ranks of Bridgewater, the value of mentorship and feedback, and her outlook on the global economy.
Bridgewater’s Director of Investment Research Karen Karniol-Tambour ranks among a group of the most influential young people transforming business.
October 30, 2018
One of the most high-profile women (and millennials) on Wall Street, Karen Karniol-Tambour is reshaping what leadership looks like in the investment industry. Forbes profiled her rise to one of the most important positions at Bridgewater and her unique approach to idea generation and investing.
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