Research & Insights

MP3 policies were very successful in stimulating a rapid recovery from the pandemic. But this stimulation was applied for too long, resulting in persistent inflation and the need for central banks to slow the economy through aggressive tightening. Explore our research on the current challenges this new environment presents for investors.
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 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 12, 2024
Karen Karniol-Tambour
At the recent Yahoo Finance Invest conference, Co-CIO Karen Karniol-Tambour shared her thoughts on what’s next for growth and inflation, Fed policy, the impact of Trump’s policy agenda, and how we’re processing the flow-through to markets. See Important Disclosures and Other Information.  
October 16, 2024
Jas Sekhon
Where is AI today, and where is it going in the near future? In this video presentation, Bridgewater’s AIA Labs Chief Scientist Jas Sekhon provides a framework that can help answer those questions and resolve a key paradox that currently exists in the AI landscape.
October 15, 2024
Bob Prince, Greg Jensen, Karen Karniol-Tambour
The biggest drivers of market outcomes today are the limits policy makers face and how they choose to navigate them. Our CIOs describe this dynamic and how it creates opportunities for investors.
October 10, 2024
Karen Karniol-Tambour, Tony Pasquariello
Karen joins the Goldman Sachs Exchanges: Great Investors podcast to discuss the US economy, what’s next for the Fed, how AI could impact productivity and equities, and reflections on her journey in the financial industry and her time at Bridgewater.
October 3, 2024
Ray Dalio, Jim Haskel
Head of Client Service and BDO Editor Jim Haskel speaks with Bridgewater founder and CIO mentor Ray Dalio aboard his OceanXplorer ship in Singapore about the five big forces that shape history and markets and how they’re playing out today.
September 25, 2024
Rohit Sipahimalani, Bob Prince, Jim Haskel
In a moderated conversation, Rohit and Bob discuss how they each approach portfolio resilience at their respective organizations and the potential opportunities they see in markets today.
September 17, 2024
Atul Narayan, Alex Greene
Some of the largest drivers of US equity outperformance cannot be counted upon going forward. A lot depends on the ability of US tech to deliver and AI to unleash productivity across sectors.
September 2024
Jeffrey Jaensubhakij, Tzu Mi Liew, Greg Jensen, Jim Haskel
As part of the 30th anniversary of the relationship between Bridgewater and GIC, the entity that is responsible for managing Singapore’s international reserves, our two organizations have led a series of joint research projects to identify and assess the issues we think are most important for investors to grapple with in the years ahead. In this videocast, Head of Client Service and Editor of the BDO Jim Haskel discusses the takeaways of that work with Jeffrey Jaensubhakij, Group Chief Investment Officer of GIC; Liew Tzu Mi, Chief Investment Officer for Fixed Income & Multi Asset and Chair of the Sustainability Committee; and our own co-Chief Investment Officer Greg Jensen.
September 10, 2024
Greg Jensen, Atul Narayan, Alex Greene, Lauren Simon
Co-CIO Greg Jensen explains that the greatest bubbles require a transformational technology and a ripe macro and monetary backdrop. We now have both—so he believes the AI bubble is ahead of us, not behind us.
August 14, 2024
Ajay Banga, Nir Bar Dea
Ajay Banga, President of the World Bank, sits down with Bridgewater CEO Nir Bar Dea to discuss Africa’s economic trajectory and how it creates challenges and opportunities for global investors.
August 2024
Devon Long, Eka Zhao
The demographic boom in the working-age population in sub-Saharan Africa is one of the long-term forces that can shape the world in the coming decades. In this research, we explore this dynamic in depth, its implications for the region’s role in the global economy, and how decisions made by policy makers, investors, and the private sector can forge alternative paths.
August 23, 2024
Ben Samild, Karen Karniol-Tambour, Atul Lele, Jim Haskel, Jake Davidson
The CIO of Australia’s sovereign wealth fund, managing $300 billion AUD, joins us for a conversation on their total portfolio approach and some of the most challenging questions facing investors.
August 22, 2024
Larry Summers, Bob Rubin, Greg Jensen, Bob Prince, Jim Haskel, Jake Davidson
Former Treasury Secretaries Larry Summers and Bob Rubin join our CIOs and senior investors to discuss why growth has remained so resilient, why inflation has quickly fallen without a recession, the outlook for the dollar, and more.
July 16, 2024
Bob Prince, Greg Jensen, Karen Karniol-Tambour
Our CIOs discuss why the expansion is likely to stay durable even as it slows, why a sustained expansion with central bank easing isn’t as good for assets as it might seem, and the opportunities they see.
July 8, 2024
Co-CIO Greg Jensen joins Bloomberg’s “Open Interest” to discuss the opportunities created by the global tightening cycle, the risks related to the US election, and whether there’s an AI bubble.
July 7, 2024
Co-CIO Karen Karniol-Tambour recently joins Alex Shahidi on the latest episode of his podcast, The Insightful Investor, to share insights into her professional journey, Bridgewater's current market outlook, and how to think about building great portfolios in this environment.
June 24, 2024
Karen Karniol-Tambour
Co-CIO Karen Karniol-Tambour describes how we’re in the midst of a transition from an exceptionally low cost of capital to more moderate levels. But bond yields still need to rise to set a price of capital that is sustainable for the world we’re in, compensating for structurally higher fiscal stimulation and inherently inflationary spending on things like AI investments, remilitarization, rebuilding supply chains to reduce reliance on China, the energy transition, and energy security.
June 18, 2024
Bob Prince, Khia Kurtenbach, Thomas Maisonneuve
Throughout history, certain companies have dominated the equity market, but co-CIO Bob Prince explores how the process of creative destruction makes staying on top for long periods of time very difficult.
May 20, 2024
Greg Jensen, Josh Moriarty
While AI investment isn’t yet a major driver of economic growth, co-CIO Greg Jensen says it looks poised to rise rapidly from here—with the potential to shape the business cycle well before AI is in widespread productive use.
May 13, 2024
Bob Prince, Khia Kurtenbach, Bella Dunbar
Swings in corporate spending are a material reinforcing mechanism to growth on both the upside and the downside. Co-CIO Bob Prince explains that as conditions have strengthened and profits have improved, businesses are now increasing plans to spend, particularly across sectors with secular tailwinds.
May 7, 2024
At the Milken Institute’s 2024 Global Conference, co-CIO Karen Karniol-Tambour shares her thoughts on the macro outlook, touching on where to find geographic diversification, how we’re approaching geopolitical risk, the impact of AI on inflation, and more.
April 25, 2024
Devon Long, Will Barnes, Eka Zhao
As most major economies are seeing their working age populations stagnate or shrink, sub-Saharan Africa’s is growing rapidly and projected to be larger than China’s in about a decade. If the region can also increase its productivity growth, it will begin to emerge out of poverty and gradually become relevant to global investors.

April 18, 2024
Bridgewater co-CIO Karen Karniol-Tambour joined a panel conversation at Semafor’s first World Economy Summit to discuss the evolving macroeconomic environment, fiscal policy, the bond market, demand for U.S. assets, and the strength of the U.S. dollar.
April 3, 2024
In an appearance at the 2024 Sohn Investment Conference, co-CIO Karen Karniol-Tambour shares her perspective on key cause-effect relationships, including what will drive stock/bond correlations going forward, why gold and the dollar have rallied together, and more.
April 1, 2024
Daniel Hochman, Jeremy Ng, Alexis Teh, JP Lucaci
Head of Sustainability Research Daniel Hochman and Senior Researcher Jeremy Ng explore how achieving the world’s ambitious climate goals will require rapidly scaling economically viable technologies, while also innovating, incentivizing, and investing in less mature technologies that are not yet cost-competitive.
February 23, 2024
Karen Karniol-Tambour, Alexa Rozario
Maximizing the benefits of geographic diversification can be highly beneficial for portfolios. But doing so can be difficult because many economies are closely linked to US conditions, making their markets highly correlated to US assets investors already own. Co-CIO Karen Karniol-Tambour explores some of the markets she sees as the most diversifying.
February 22, 2024
Paul Podolsky, Jim Haskel
Bridgewater alum, author, and investor Paul Podolsky shares how he’s assessing Russia and its threat to the global order following the death of Alexei Navalny, what it takes for economies to succeed in the modern world, and the implications for investors.
February 12, 2024
Karen Karniol-Tambour, Larry Cofsky, Yusuf Jailani
Co-CIO Karen Karniol-Tambour explains that in a tight economy with high levels of fiscal spending and strong balance sheets, there is limited room for a pickup in private sector borrowing without reigniting inflationary pressures.
January 23, 2024
J Mintzmyer, Kate Dunbar, Jake Davidson
Macro Team Head Kate Dunbar is joined by shipping researcher J Mintzmyer of Value Investor’s Edge to discuss the recent attacks on commercial ships in the Red Sea and the impact of these attacks on global trade and inflation.
January 16, 2024
Co-CIO Greg Jensen joins a panel of industry leaders at the World Economic Forum in Davos, Switzerland, to discuss their views on current conditions and the risks that lie ahead for financial markets over the next 12 months.
January 3, 2024
Karen Karniol-Tambour, Melissa Saphier, John Michael Cassetta
The secular investment landscape looks more like decades past than the last 20 years, while dynamics like AI and climate change will likely shape the world in unprecedented ways. Co-CIO Karen Karniol-Tambour describes this new era of investing.
November 30, 2023
Greg Jensen, Lauren Simon, Josh Moriarty
What happens when cognitive tasks can be done at zero marginal costs? Co-CIO Greg Jensen explores some of the potential impacts that advancements of AI/ML technology could have on companies and the economy, including an extreme scenario that could potentially produce “explosive growth.”
November 8, 2023
Greg Jensen, David Gordon, Daisuke O, Jackson Rumer
The forces that have cushioned the impact of the tightening so far are unsustainable. As past supports fade and rates stay high, we expect balance sheets to deteriorate and growth to gradually grind down. Co-CIO Greg Jensen explains how we expect this dynamic to be the dominant driver of economies and markets over the next 12-18 months.
October 19, 2023
Greg Jensen
In an excerpt from our Q3 CIO call, Greg discusses where we are in the cycle and the implications for investors.
October 2, 2023
Karen Karniol-Tambour, Josh Moriarty
The impacts of AI on the economy will depend both on how the technology evolves and how quickly and effectively it is implemented. Co-CIO Karen Karniol-Tambour shares how we are interpreting the growing literature on the topic and tracking the process in real time.
September 20, 2023
Bridgewater co-CIO Karen Karniol-Tambour joins “Bloomberg Wealth with David Rubenstein” for a wide-ranging discussion on Bridgewater’s current leadership and culture, her career journey, and our outlook on markets and economies.
April 3, 2023
Bob Prince, Aaron Goone, Gurchit Chatha
Differences in macro conditions and the corresponding policy responses and market action are as large as they have been in 40 years. Co-CIO Bob Prince highlights the importance and potential of geographic diversification for investors.
November 30, 2022
Carsten Stendevad, Karen Karniol-Tambour, Daniel Hochman, Jeremy Ng
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.
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 debt crises to sustainable investing.
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