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Bridgewater Associates, LP is a global investment management firm. Bridgewater Associates, LP advises certain private investment funds and institutional clients, and is not available to provide investment advisory or similar services to most other investors. This website is a resource for audiences other than investors such as potential employees, researchers, students, counterparties and industry participants. Bridgewater Associates, LP believes it is useful for such persons to have an accurate source of relevant information. Under no circumstances should any information presented on this website be construed as an offer to sell, or solicitation of any offer to purchase, any securities or other investments. This website does not contain the information that an investor should consider or evaluate to make a potential investment. Offering materials relating to investments in entities managed by Bridgewater Associates, LP are not available to the general public.

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Research Library

Throughout our history, Bridgewater has focused on building the best possible understanding of global economies and markets. These unique insights drive our innovative investment management, inform global economic policy, and deliver returns for our clients. Here is a collection of our best thinking and insights so you can learn more.

The economy is like a machine. At the most fundamental level it is a relatively simple machine, yet it is not well understood. Our founder Ray Dalio wrote the below white papers and created this video to describe how he believes it works.

How The Economic Machine Works

Video | September 2013

How does the economy really work? This simple but not simplistic video by Ray Dalio, Founder of Bridgewater Associates, shows the basic driving forces behind the economy, and explains why economic cycles occur by breaking down concepts such as credit, interest rates, leveraging and deleveraging.

I. HOW THE ECONOMIC MACHINE WORKS

RESEARCH PAPER | JANUARY 2015

The economy is like a machine. At the most fundamental level it is a relatively simple machine. But many people don’t understand it – or they don’t agree on how it works – and this has led to a lot of needless economic suffering.

II. DEBT CYCLES

RESEARCH PAPER | JANUARY 2015

The purpose of this paper is to show the compositions of past deleveragings and, through this process, to convey in-depth, how the deleveraging process works.

III. PRODUCTIVITY AND STRUCTURAL REFORM

RESEARCH PAPER | JANUARY 2015

What determines which countries prosper and which countries don’t? What determines different countries’ future growth rates? For our investment purposes we look at relationships between causes and effects that we hope will be useful to others in answering these questions.

Conversation About How the Economic Machine Works

Audio Interview | July 2014

This is a thought-provoking interview between Ray Dalio and Larry Summers, President Emeritus of Harvard University and former U.S. Treasury Secretary and is based off Dalio's 30-minute animated video entitled "How the Economic Machine Works."

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