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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.

The vast majority of publicly traded companies have announced plans to reduce carbon emissions, but many commitments are not sufficiently ambitious or credible—particularly in high-emitting sectors. As a result, investors may be unknowingly exposed to transition risk without a rigorous process to assess these plans.

In line with advances in computing technology, data analytics, and related fields, there is an increasing trend toward utilizing generative artificial intelligence, large language models, machine learning, artificial neural networks, artificial narrow intelligence, and similar tools, models, and systems generally referred to as “artificial intelligence” (collectively, “AI Tools”) as part of portfolio management, trading, portfolio risk management, and other applications in the investment management processes used by various market participants, including Bridgewater Associates, LP (“Bridgewater”).

A Bloomberg article written by Sonali Basak describes Bridgewater’s history using AI & ML in our investment process, its application today, and our team of investors, scientists, and partners leading this work.

Information contained herein is only current as of the printing date and is intended only to provide the observations and views of Bridgewater Associates, LP as of the date of writing unless otherwise indicated. Bridgewater has no obligation to provide recipients hereof with updates or changes to the information contained herein. Performance and markets may be higher or lower than what is shown herein and the information, assumptions and analysis that may be time sensitive in nature can change materially and may no longer represent the views of Bridgewater. Statements containing forward-looking views or expectations (or comparable language) are subject to a number of risks and uncertainties and are informational in nature. Actual performance could, and may have, differed materially from the information presented herein. Past performance is not indicative of future results.

Transcript

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.