Research & Insights

The COVID-19 crisis has created a significant impact on people's lives. For investors, it has also accelerated the transition into a new paradigm of zero interest rates and coordinated monetary and fiscal policy. Explore our research on how we got here and how to navigate this new environment.
Because environmental, social, and governance considerations affect how economies are evolving and how markets are priced, we seek a deep understanding of the ESG issues that are pertinent to our investment approach. We also partner with institutional investors seeking to achieve financial outcomes and have environmental and social impacts within large, liquid, multi-asset portfolios.
Bridgewater has been visiting and studying the evolution of China’s economy and financial markets for more than 30 years. Over that time, decades of reform in China have resulted in one of the greatest economic transformations of our lifetimes. Explore Bridgewater's research on the topic.
Bridgewater is focused on understanding the historical cause-effect relationships of complex economic situations. As we look back at the events of 2008, we invite you to explore some of the crisis-era research and decision making that enabled our investment team to understand what drove the market and helped us weather the greatest financial storm of a generation.
Over twenty years ago Bridgewater Associates pioneered portfolio balancing concepts that came to fruition with the creation of the All Weather asset allocation strategy in 1996. Read more about the concept of balance that lies behind the Risk Parity approach.
The economy is like a machine. At the most fundamental level it is a relatively simple machine, yet it is not well understood. Below we explain timeless insights of how it works and share long term perspectives that illustrate these forces playing out.

Our Research Process

Throughout our history, Bridgewater has focused on building the best possible understanding of global economies and markets. These unique insights drive our innovative investment engine, deliver returns for our clients, and inform global economic policy.

On a mission to uncover timeless and universal investment principles, our unique meritocratic culture and cutting-edge technology allow us to systematize and compound our insights over time so that our collective understanding is greater than that of any individual.

As a global macro-investment manager, we take a diversified approach spanning more than 150 different markets. With deep expertise in portfolio construction and risk management, we develop insights and design strategies to deliver value to our clients through any economic environment.

Selected Insights from Our Research Library
November 17, 2020
Co-CIO Greg Jensen joined Reuters’ “The Exchange” podcast with Anna Szymanski to discuss the paradigm shift the US faces as the era of monetary policy dominance ends and fiscal action becomes the major driver of growth. Greg describes the macroeconomic landscape, geopolitical tensions, and storeholds of wealth, encouraging investors to rethink their approach to asset classes.
The lack of volatility following the 2020 US election can be attributed to dominant forces shaping today’s markets and economics. Co-CIO Bob Prince joined “Squawk on the Street” to discuss these conditions, why the benefits of the liquidity don't affect all assets equally, and why a shift in politics is unlikely to ease these pressures.
November 10, 2020
Larry Cofsky, Richard Falkenrath, Kiran Rao, Yusuf Jailani
On the heels of promising vaccine news, we share perspective on the news itself and its ripple across markets. Chief Administrative Officer Richard Falkenrath and Head of COVID Task Force Kiran Rao discuss how the news is significant and the broader state of the pandemic right now. Richard is a former senior White House official who was at the center of the response to the SARS outbreak, and Kiran is a medical doctor who has previously done significant epidemiology work with the Gates Foundation and World Health Organization.
November 3, 2020
Bob Prince, Melissa Saphier
While the election is very important across many dimensions, it’s worth keeping in mind that the dominant forces shaping economic and market conditions remain the same — the virus is a huge and ongoing drag on spending, monetary policy is at the end of the line, policymakers are making cash as unattractive as they can, and the shift of economic power from West to East has accelerated. Co-CIO Bob Prince and senior investor Melissa Saphier explore where we stand with regard to these key conditions.
In an appearance on Bloomberg TV, Co-CIO Bob Prince asserted that the dynamics of the current prevailing economic forces will persist, and reiterated the importance of geographic diversification as the East and West continue to see divergent outcomes with respect to the impacts and response to COVID-19.
October 13, 2020
Rebecca Patterson
In a recent panel hosted by the Council on Foreign Relations, Director of Investment Research Rebecca Patterson was asked whether investors seem overly bullish about the prospects for a vaccine and pandemic recovery.
September 24, 2020
Larry Cofsky, Kevin Brennan, Shane Murphy
With monetary policy stretched to its limits, fiscal policy is more important than ever in offsetting the ongoing economic drag from the virus. Meanwhile, the US stimulus has begun to fade while other countries never had sufficient stimulus to begin with. Bridgewater’s research team explores the nature and impact of fiscal policy across the world.
September 10, 2020
Greg Jensen, Melissa Saphier, Josh Lewin, Nikolai Doytchinov
Is the gold rally behind us? Why hold an asset that doesn’t offer any yield? Is it really wise to add exposure to such a small market? Greg Jensen and our research team address these questions, share some perspective on gold, and explore its unique role in protecting portfolios in the new paradigm — a world of ongoing pressure for policymakers across the globe to print and spend, zero interest rates that make bonds more or less dead weight, tectonic shifts in where global power lies, and conflict.
September 9, 2020
Karen Karniol-Tambour, Melissa Saphier, Yusuf Jailani, Jeremy Fraenkel
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.
September 18, 2020
Rebecca Patterson
In a recent appearance on Bloomberg TV, Bridgewater’s Director of Investment Research Rebecca Patterson discusses how to achieve diversification and balance in a zero-rate environment, the differentiated outcomes seen across economies in response to the pandemic, and drawing lessons from Japan to think about the Fed’s latest policy shift and what it might mean for inflation.
Co-CIO Greg Jensen joined Squawk on the Street to discuss the degree and speed of policy response and its effectiveness, how outcomes may vary between markets and within the US economy, and investment considerations given the massive shift out of nominal bonds.
In a recent interview with Barron’s Randall Forsyth, Co-CIO Bob Prince discusses how persistent zero bond yields are impacting a traditional 60/40 portfolio, where investors should now look for store holds of wealth, and why geographic diversification in portfolio construction is more important than ever.
August 14, 2020
Karen Karniol-Tambour
In an interview with Bloomberg TV, Director of Investment Research Karen Karniol-Tambour explains why policy makers must now turn to coordinated monetary and fiscal policy to drive economic cycles (Monetary Policy 3), and why geographic diversification is ever more important in today's tri-polar world.
August 6, 2020
Greg Jensen, Jason Rotenberg, Jim Haskel
In the wake of the COVID-19 crisis, we have built out our framework for understanding economic policy going forward: what we call Monetary Policy 3. In short, with interest rates around the world at zero and traditional methods of monetary stimulus now ineffective, policy makers have been forced to turn to coordinated monetary and fiscal policy in order to engineer any hope for a sustained recovery. Senior Portfolio Strategist Jim Haskel sits down with Co-CIO Greg Jensen and senior investor Jason Rotenberg to discuss how we’re tracking MP3 implementation around the world, the divergences we’re seeing between countries, and the challenges policy makers are facing.
August 7, 2020
Bob Prince
In an interview with Bloomberg TV, Bridgewater Co-CIO Bob Prince describes the market impacts of zero interest bonds, the challenges of managing a portfolio in this environment, and implications for the dollar as reserve currency.
July 2020
Bob Prince, Greg Jensen, Melissa Saphier, Jim Haskel
We believe the most important topic facing all investors today is how to manage money in a zero interest rate environment. Recently, Bridgewater’s research team published a three-part paper that outlined the challenges and potential solutions, exploring some of the commonly asked questions that investors continue to wrestle with, such as: how to get diversification in a world of zero bond yields, the increased importance of geographic diversification, and how to think about managing the risk of deflation. Read the paper by Co-CIOs Bob Prince and Greg Jensen and Investment Associate Melissa Saphier, or listen to the podcast, where Bob and Greg discuss these themes with Bridgewater’s Senior Portfolio Strategist Jim Haskel.
July 9, 2020
Greg Jensen, Mark Dinner, Melissa Saphier, Riley Edmunds
The rapid policy response to the COVID-19 pandemic has resulted in an unprecedented speed of asset reflation. What took almost two years to achieve during the 2008 financial crash and almost four years during the Great Depression has unfolded in only one month during the current crisis. Co-CIO Greg Jensen and members of our research team explore the unique lengths and the potential limits of policy makers’ efforts to stimulate the economy.
June 24, 2020
Bob Prince
As part of the Bloomberg Invest Global virtual summit, Co-CIO Bob Prince spoke with Jonathan Ferro of Bloomberg TV about the impact of the coronavirus pandemic on the economy and global markets, as well as what recovery efforts might look like.
June 23, 2020
Karen Karniol-Tambour, Melissa Saphier, Hemanth Sanjeev
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.
June 8, 2020
Greg Jensen, Jim Haskel
As policy makers respond to the COVID-19 pandemic with coordinated monetary and fiscal measures of unprecedented size and scope, they are faced with two risks: deflation as a result of too little action, and stagflation as a result of doing too much. Senior Portfolio Strategist Jim Haskel and Co-CIO Greg Jensen discuss our global outlook, the challenges policy makers face in this environment, and prospects for either deflation or inflation.
June 19, 2020
Ray Dalio, Jim Haskel
The coronavirus has accelerated a new paradigm of coordinated monetary and fiscal policy where central banks are printing money to finance large budget deficits and spark spending. Senior Portfolio Strategist Jim Haskel and Co-CIO Ray Dalio explore why the by-product — zero or near-zero interest rates across the developed world — is a critical issue for investors to understand and how similar moments in history can provide valuable lessons to navigate volatility.
Co-CIO Ray Dalio joins David Brancaccio on NPR Marketplace Morning Report to discuss what should change in a post-pandemic economy and how capitalism can be restructured to better serve more people.
May 28, 2020
Greg Jensen, Jason Rogers
The economic downturn and policy response resulting from the COVID-19 shutdowns are different than in past recessions, as a collapse in income, rather than credit, drove the collapse in spending. Co-CIO Greg Jensen and Jason Rogers from our research team examine the holes that this has created in the real economy and asset markets as well as the challenges policy makers are likely to face when filling them.
April 23, 2020
Bob Prince, Jim Haskel
In conversation with Senior Portfolio Strategist Jim Haskel, Co-CIO Bob Prince examines the forces COVID-19 unleashed on the economy, the measures that will be required to restart the flywheel between income and spending, and the range of ways the shock is impacting different countries, sectors, and companies.
April 6, 2020
Greg Jensen, Erin Miles, Gardner Davis, Nassim Fedel, William Brantley, Naim El-Far
In our continued efforts to measure the financial impact of the coronavirus, we estimate that corporate losses could result in a $20 trillion global ripple effect — a hit that will be felt from incomes and household balance sheets to central banks and governments. Co-CIO Greg Jensen and our research team explore the scale of the holes, and how managing them will impact economic conditions and markets going forward.
March 30, 2020
Greg Jensen, Jason Rogers
We have been describing an impending paradigm shift in economies and markets as the forces that drove the environment over the last decade have reached their limits. Co-CIO Greg Jensen and Jason Rogers from our research team examine how the shock of the coronavirus has accelerated a shift that we expected would unfold much more gradually over time.
November 26, 2019
Karen Karniol-Tambour, Phil Salinger, Blake Cecil, Jeremy Fraenkel
In recent years, social outcomes have increasingly diverged from traditional macroeconomic measures of how economies are performing. Explore how different economies are performing along measures such as inequality, education and health, and the implications of those outcomes for policy.
February 20, 2019
Melissa Saphier, Karen Karniol-Tambour, Pat Margolis
Explore how portfolios with geographic diversification can help investors create a more consistent return stream by remaining resilient to the range of ways the world could unfold.
Almost every major driver of global corporate profit margins has improved in the last two decades, boosting equity returns. Co-CIO Greg Jensen examines the sustainability of these forces going forward.
Founder and Co-CIO Ray Dalio's study on the rises and declines of past leading empires puts today’s economic, political, and policy situation into perspective of the big picture.
In an opinion piece for the Financial Times, CEO David McCormick wrote about the elevated role megafunds play in financial markets and how blocking the flow of capital between them can have negative implications for the global economy — particularly during times of volatility.
Investing in China today provides opportunities for US investors beyond just the potential for a higher return stream. It also equips them with the knowledge and experience to engage with a massive foreign economy in the future. In an appearance at UTIMCO, Co-CIO Bob Prince discussed why it’s critical to be informed on China and ready for the next decade.
Featured Research
We are constantly monitoring present day events and drawing lessons from history to shape and refine our understanding for how markets and economies work. Explore a collection of our research on topics ranging from China to debt crises.
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