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☆ US banks lose favor with European hedge funds, Goldman says
▼ + stars: | 2023-07-06 | by ( Carolina Mandl | ) www.reuters.com time to read: +3 min

Overall, shares in European banks are outperforming U.S. peers as they did not face the deposit flight experienced in the United States. "In Europe, hedge funds have rotated out of banks and insurance into financial services in the past couple of months, but still positioning in European banks remains stronger than in U.S. banks," Goldman Sachs said in the report obtained by Reuters. The data shows European investors are more bullish about banks on their own continent, while they have a more neutral approach to U.S. banks. The gap between European hedge funds' positioning in European and U.S. banks has widened mainly after a crisis this year in which U.S.-based bank Silicon Valley Bank and two other lenders failed. Short interest as a share of free float in U.S. banks grew to 2.3% in June from 1.8% in January, while staying stable for European banks, at 0.6%.

Persons: Goldman Sachs, Wells, Goldman, Morgan Stanley, Carolina Mandl, David Holmes, Clarence Fernandez Organizations: YORK, Dow Jones, Banks, Reuters, Silicon Valley Bank, UBS, Credit Suisse, Bridgewater Associates, JPMorgan & Co, Bank of America Corp, Wells Fargo & Co, Goldman Sachs Group Inc, Thomson Locations: U.S, United States, Europe, Silicon, Swiss

☆ Billionaire investor Ray Dalio says deep-sea exploration is no riskier than driving a car if safety standards are met
▼ + stars: | 2023-07-06 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +4 min

Deep-sea expeditions are "very safe" as long as established safety protocols are followed, Ray Dalio said. "Diving in a classed submersible is no more risky than taking a commercial flight or driving in a car," he said. The billionaire investor is the founder of nonprofit initiative OceanX, which is currently planning explorations in Norway's fjords, the Red Sea and the Indian Ocean. But billionaire investor Ray Dalio, also the founder of the nonprofit ocean exploration initiative OceanX, has pushed back against the paranoia. As author of 'Principles', a guide to his management and investment philosophy, Dalio often weighs in on financial and economic matters.

Persons: Ray Dalio, —, Hamish Harding, Dalio, OceanX, Dalio's, Mark Dalio Organizations: Service, Bridgewater Associates, OceanGate, Stockton Rush, Bridgewater, Forbes Locations: British, Azores, India, China

☆ The biggest hedge fund in the world says ChatGPT was able to pass its investment associate test - and it's like 'having millions of them at once'
▼ + stars: | 2023-07-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

ChatGPT was able to pass the test Bridgewater gives to its investment associates, the firm's co-CIO said. ChatGPT is the equivalent of having "millions" of investment associates working at once, Greg Jensen said. Greg Jensen, co-CIO of the world's biggest hedge fund, told Bloomberg that ChatGPT was able to pass its investment associate test, and that the power of the buzzy AI chatbot is like having "millions" of junior staffers working all at once. Bots like ChatGPT have already performed well on Bridgewater's internal tests for investments associates, Jensen said. "Because all of sudden if you have an 80th percentile investment associate, technologically, you have millions of them at once.

Persons: ChatGPT, Greg Jensen, —, Jensen –, –, Jensen Organizations: Bridgewater, Service, Bridgewater Associates, Bloomberg, Morningstar Investment Locations: Bridgewater

☆ US banks out of favor with European hedge funds, Goldman tells clients
▼ + stars: | 2023-07-05 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

NEW YORK, July 5 (Reuters) - European hedge funds have reduced their exposure to U.S. banks at a fast pace since the beginning of the year, while roughly keeping their positioning in European banks, Goldman Sachs (GS.N) said in a recent report sent to clients. Overall, shares in European banks are outperforming U.S. peers as they did not face a deposit flight as happened in the U.S. "In Europe, hedge funds have rotated out of banks and insurance into financial services in the past couple of months, but still positioning in European banks remains stronger than in U.S. banks," Goldman Sachs wrote in the report obtained by Reuters. The data show that European investors are more bullish about banks on their own continent, while they have a more neutral approach to U.S. banks. The gap between European hedge funds' positioning in European and U.S. banks has widened mainly after the banking crisis in which U.S.-based bank Silicon Valley Bank and two other lenders failed earlier this year.

Persons: Goldman Sachs, Wells, Goldman, Morgan Stanley, Carolina Mandl, David Holmes Organizations: YORK, U.S, Dow Jones, Banks, Reuters, Silicon Valley Bank, UBS, Credit Suisse, Bridgewater Associates, JPMorgan, Co, Bank of America Corp, Wells Fargo & Co, Goldman Sachs Group Inc, Thomson Locations: U.S, Europe, Silicon, Swiss

☆ Billionaire Ray Dalio hails India as the next big investing opportunity, saying its economy is on the verge of a China-style rapid surge
▼ + stars: | 2023-06-23 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Ray Dalio praised India's economic potential Thursday after meeting with the country's prime minister Narendra Modi. The Asian country is "at the brink of the fastest growth rates and biggest transformations in the world," the billionaire investor said. Tesla CEO Elon Musk also met Modi this week, pledging to ramp up the EV maker's presence in India. Legendary investor Mark Mobius also said he was bullish on investing in India – which logged strong GDP growth of 7.2% last year – this week. Read more: Legendary emerging markets investor Mark Mobius — who's known for his bullish views on China — is now setting his sights on India

Persons: Ray Dalio, Narendra Modi, Elon Musk, Modi, —, Dalio, Deng Xiaoping, Mark Mobius, Mobius Organizations: Service, Bridgewater Associates, Twitter, Mobius Capital Partners, Bloomberg Locations: India, Washington, Beijing, China

☆ U.S. and India set to announce flurry of deals spanning defense, chips and A.I.
▼ + stars: | 2023-06-22 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +6 min

Mandel Ngan | Afp | Getty ImagesThe U.S. and India are set to announce a slew of defense and technology collaborations on Thursday during Prime Minister Narendra Modi's state visit, U.S. officials said. India has overtaken China as the world's most populous country and is set to become the third-largest economy in the coming years. According to Reuters, Modi has not addressed a single press conference in India since he became prime minister in 2014, making this an extremely rare occasion. India and the U.S. are expected to announce a deal to jointly produce F414 jet engines in India, involving General Electric and Hindustan Aeronautics. Thirdly, the so-called India-U.S. Defense Acceleration Ecosystem will aim to integrate India's growing private sector defense industry with the U.S. defense sector.

Persons: Joe Biden, Jill Biden, Narendra Modi, Mandel Ngan, Narendra Modi's, Modi, Elon, Ray Dalio, we've, Gary Dickerson, Dickerson, Brendan Mullarkey Organizations: India's, White, Afp, Getty, Tesla, Bridgewater Associates, Biden, Reuters, General Electric, Hindustan Aeronautics, U.S, U.S . Defense, Tech, NASA, Indian Space Research, Embassy Locations: Portico, Washington , DC, India, U.S, China, United States, Pakistan, Russia, France, Great Britain, Israel

☆ Ray Dalio says Treasurys are risky, and stocks are a better bet here
▼ + stars: | 2023-06-12 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Billionaire investor Ray Dalio thinks U.S. government bonds are becoming risky as the country falls deeper into its debt crisis. "I think it's a very risky investment," Dalio said Monday on CNBC's " Squawk on the Street " when asked about Treasurys. "Other countries still are increasingly feeling worried about sanctions," Dalio said. In such an environment, equities tend to do better than government bonds, Dalio said. It devalues money," Dalio said.

Persons: Ray Dalio, Dalio, Richard Nixon Organizations: Bridgewater Associates, Federal Reserve

☆ Ray Dalio shares career lessons, big mistakes, and key investing principles in a new MasterClass. Here are the 16 best quotes.
▼ + stars: | 2023-06-10 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Ray Dalio reflects on his career and lays out his investing philosophy in a new MasterClass episode. Dalio is the billionaire founder of the world's largest hedge fund, Bridgewater Associates, and the author of "Principles" and "Principles for Dealing with the Changing World Order." Here are Dalio's 16 best quotes from his MasterClass episode, lightly edited for length and clarity:1. (Dalio was describing how much money an everyday investor should keep in the safest of their portfolios." "The way that you play the game is first to know what you know, and know what you don't know.

Persons: Ray Dalio, —, he's, Dalio, Nixon, Roosevelt, it's, we've, you've, they've Organizations: Bridgewater, Olympics, Navy, Service, Bridgewater Associates Locations: Mexico

☆ Blackstone, the massive private-equity firm, just wants to be your friendly, neighborhood lender
▼ + stars: | 2023-05-25 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Your friendly neighborhood lender, BlackstoneWhat's the first thing that pops into your head when you think of a regional bank? Nouriel Roubini, the famed economist known as "Dr. Doom" isn't too optimistic about the future of regional banks. Never one to miss a chance to make money, Blackstone CEO Stephen Schwarzman said his firm can "fill the void" left by regional banks tightening up their lending activity. Regional banks happen to be one of the biggest lenders in commercial real estate. Doom' is feeling bearish on regional banks.

☆ China-Taiwan tensions could grip 2024 election as top business leaders sound alarms
▼ + stars: | 2023-05-19 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +12 min

China's policy regarding Taiwan, the world's leader in the semiconductor industry, could end up making it an even bigger focus. The cross-strait strife has already provoked commentary from some top contenders in the Republican presidential primary race who have stressed the need to deter a possible Chinese invasion invasion of the island. But I think ultimately what I think China respects is strength," DeSantis said. 'Like trying to separate conjoined twins'But the political will to defend Taiwan in a Chinese invasion may clash with economic forces. Some CEOs of America's biggest banks have said they would pull their business from China if directed to do so following an invasion of Taiwan.

The S&P Regional Banking Index fell approximately 25% during the quarter as a run on deposits sank Silicon Valley Bank and Signature Bank in March, both of which were at the time the largest banking failures since the Great Financial Crisis. The S&P Regional Banking index is now down 36% for the year to date. Famed "Big Short" investor Michael Burry's Scion Asset Management, meanwhile, added a number of new positions in regional banks, including stakes in First Republic, PacWest (PACW.O) and Western Alliance Bancorp (WAL.N). Shares of regional banks have remained volatile in recent weeks, with some investors wary of more tumult to come in the sector. London-based Marshall Wace sold 51,300 shares of First Republic in the first quarter, closing its position in the bank.

☆ Bridgewater dumps bank stocks amid turmoil in first quarter -filings
▼ + stars: | 2023-05-15 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

REUTERS/Brendan... Read moreSAO PAULO, May 15 (Reuters) - Bridgewater Associates, one of the world's largest hedge funds, sold off U.S. bank stocks in the first quarter as the industry was roiled by the collapse of three lenders, according to regulatory filings. Global hedge funds cut their exposure to U.S. banking stocks to a near 10-year low in March and fled lending-sensitive shares amid turmoil in the industry following the collapse of Silicon Valley Bank and Signature Bank. The firm also slashed its positions in smaller banks such as Bank of Hawaii Corp (BOH.N), Pacwest Bancorp (PACW.O), PNC Financial Services Group (PNC.N), Citizens Financial Group (CFG.N) and Capital One Financial Corp (COF.N). Bridgewater was also bearish on European banks in March, after the collapse of Silicon Valley Bank sparked contagion fears across global banks, a Reuters report showed. Following SVB, Signature Bank was also placed into receivership in March, while JPMorgan bought First Republic Bank's assets earlier this month.

NEW YORK, May 15 (Reuters) - Billionaire investor Jim Simons' Renaissance Technologies LLC was among the prominent funds that took positions in embattled regional bank First Republic Bank (FRCB.PK) during the first quarter ahead of the firm's May 1 collapse, according to securities filings released on Monday. Renaissance Technologies LLC, which has more than $100 billion in assets under management, bought approximately 7.1 million shares of First Republic during the first quarter and held them as of March 31, when they closed at $13.99 per share. Boston-based Adage Capital Partners, meanwhile, added a new position of approximately 185,000 shares of First Republic during the quarter, while New York-based Alpine Global Management LP added a new position of approximately 1.7 million shares in the company, filings showed. Renaissance Technologies, Adage Capital and Alpine Global did not respond to requests to comment for this story. Reporting by David Randall; Editing by Ira Iosebashvili and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Elite investors and fund managers at the legendary Milken conference warn of a recession and credit crunch
▼ + stars: | 2023-05-04 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Elite money managers overseeing trillions of dollars convened at the 2023 Milken Global Conference in Los Angeles this week. The consensus was clear: they think markets are mispositioned for a scenario where the central bank keeps rates higher for longer. "As our chief economist likes to say," Hunt said, "at higher rates, bodies will continue to float to the top over the course of the summer." And with yet another Fed rate hike officially in the books, financial conditions are only going to get tighter and more companies could be caught off-guard. On Wednesday, West Texas crude dropped more than 4.4%, the steep declines coming the same day as the Fed's rate hike.

[1/2] David Hunt President and CEO, PGIM, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. As Wall Street money managers, banking executives and pension fund managers gathered at the Milken Institute Global Conference, the main topic over cocktails on Sunday night and in conference rooms the following morning was JPMorgan Chase & Co's (JPM.N) purchase of First Republic Bank. Policymakers, executives and investors at the conference said constrained lending as a result of banking sector regulation could choke off credit to the economy. Nevertheless, betting against bank stocks has been a profitable endeavor this year, which has seen the high-profile failures of Silicon Valley Bank and Signature Bank, in addition to First Republic and a state-engineered rescue of Credit Suisse by the Swiss government. The KBW Regional Banking Index, which fell 2.7% on Monday, is down almost 23.6% year-to-date, while First Republic’s shares are off 97% since January.

☆ 5 executives at an elite investing conference shared their views on the Fed's master plan for interest rates — and the consensus was that markets are unprepared for the pain in store
▼ + stars: | 2023-05-02 | by ( William Edwards | Akin Oyedele | ) www.businessinsider.com time to read: +4 min

But executives at this week's Milken Institute Global Conference warn that may not be the case, and that markets are ill-prepared for rates to stay higher for longer. Here's the Fed's March meeting dot-plot, which shows where members of the Federal Open Market Committee see rates at the end of 2023. While markets are pricing in a pause in June at 5-5.25%, here's where they believe rates will most likely be in December: 4.25-4.5%. Below, we've compiled what five of them said on Monday about their expectations for Fed policy and financial markets. And as our chief economist likes to say, at higher rates, bodies will continue to float to the top over the course of the summer."

☆ Don't know Fed's tightening is enough to slow economy and halt inflation: Bridgewater's co-CIO
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDon't know Fed's tightening is enough to slow economy and halt inflation: Bridgewater's co-CIOKaren Karniol-Tambour, Bridgewater Associates co-CIO, joins 'Squawk on the Street' to discuss Karniol-Tambour's thoughts on the regional banking system, how the credit picture has influenced the executive's view on the economy and the outlook for risk assets.

☆ How asset managers see the investment outlook at Milken
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

[1/4] Edwin Conway Global Head, BlackRock Alternatives, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. REUTERS/Mike BlakeBEVERLY HILLS, May 1 (Reuters) - Big money managers gathered at the Milken Institute Global Conference, in Beverly Hills, California, on Monday to discuss the environment for investments amid higher interest rates, sticky inflation, banking turmoil and geopolitical tension. KAREN KARNIOL-TAMBOUR, CO-CIO AT BRIDGEWATER ASSOCIATES"The problem is that when you get paradigm shifts that really change the nature of the market environment, it takes a long time for that to get fully digested by investors." So fixed income long-short hedge fund managers feel that there's going to be very interesting distressed opportunities in eight, ten, twelve months." Reporting by Carolina Mandl and Svea Herbst-Bayliss, in Beverly Hills; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ QUOTE BOX How asset managers see the investment outlook at Milken
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

[1/4] Edwin Conway Global Head, BlackRock Alternatives, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. REUTERS/Mike BlakeBEVERLY HILLS, May 1 (Reuters) - Big money managers gathered at the Milken Institute Global Conference, in Beverly Hills, California, on Monday to discuss the environment for investments amid higher interest rates, sticky inflation, banking turmoil and geopolitical tension. See below some of their comments:EDWIN CONWAY, GLOBAL HEAD OF BLACKROCK ALTERNATIVES:"This is a difficult environment to navigate. KAREN KARNIOL-TAMBOUR, CO-CEO AT BRIDGEWATER ASSOCIATES"The problem is that when you get paradigm shifts that really change the nature of the market environment, it takes a long time for that to get fully digested by investors." Reporting by Carolina Mandl and Svea Herbst-Bayliss, in Beverly Hills; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Ray Dalio says the financial system will need 'big restructurings' soon as debt burdens become unsustainable
▼ + stars: | 2023-04-20 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Ray Dalio wrote in a note this week that the financial system is close to needing "big restructurings." The Bridgewater Associates founder cited higher debt burdens and rising interest rates. In his view, the economy is on the brink of a contraction that will make the next year or two difficult. "This means the system is close to the point where big restructurings will be needed. Meanwhile, within the larger cycle, there's a smaller, short-term cycle defined by economic weakness, with central banks creating high inflation and eventually recessions.

☆ Op-ed: Want a stronger economy? Start by teaching personal finance to teachers
▼ + stars: | 2023-04-20 | by ( Rebecca Patterson | Chair Of The Board Of The Council For Economic Education | Former Chief Investment Strategist At Bridgewater Associates | ) www.cnbc.com time to read: +2 min

While U.S. voters are divided on many issues today, there are at least two where they can agree: They want a stronger economy and better education. The good news for policymakers is that there is a simple way to make voters happier on both fronts: They can increase the number of states requiring K-12 financial education. Currently, only half of the states in the U.S. require at least one course in either economics or personal finance for high-school graduation, according to data from the Council for Economic Education. Given that consumption represents some two-thirds of the overall U.S. economy, this frequent absence of financial capability can have significant consequences. Consider a few examples:Research published in the October 2020 Economics of Education Review concluded that "financial education requirements are associated with fewer defaults and higher credit scores among young adults."

☆ Ray Dalio says fewer countries want to hold the dollar as China trade grows and Russia sanctions expose new risks
▼ + stars: | 2023-04-18 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Global central banks are less willing to hold the dollar, billionaire investor Ray Dalio said. One reason is that China's share of global trade is rising while the US share is falling. Another is that Western sanctions against Russia have exposed new risks for holding dollar assets. But, with China increasing the yuan's use in global trade, the future necessity for the greenback may be ebbing. Those sanctions "increased the perceived risk that those debt assets can be frozen in the way that they've been frozen for Russia," Dalio said.

☆ Ray Dalio shares his thoughts on SVB, offers investing advice, and warns of a 'very risky time' ahead. Here are his 7 best quotes from March.
▼ + stars: | 2023-04-07 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +4 min

Ray Dalio shared his thoughts on SVB, offered investing advice and warned of political conflicts last month. The Bridgewater Associates founder and investing veteran also offered up his thoughts on why he thinks the next two years will be a "very risky time". I think that there is a good chance that it will produce a big decline in the value of money. Geopolitical risks"Let's remember that [the money/credit/debt/market/economic dynamic] is being accompanied by the internal conflict dynamic (most importantly the 2024 US elections that are coming up) and the external conflict dynamic (most importantly the US-China conflict and the US-NATO-Russia conflict, though others like that with Iran are notable). In a nutshell, it looks to me like the next two years will be a very risky time."

[1/2] Goldman Sachs CEO David Solomon speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023. REUTERS/Brendan McDermidHONG KONG/SHANGHAI, March 31 (Reuters) - A flurry of top financial executives have visited China for the first time since the COVID-19 pandemic as global financial giants seek to cement their relations with Beijing at the start of President Xi Jinping's new term. International financial institutions and investors are welcome to expand in China, the chairman of the country's securities regulator said. Goldman Sachs' Solomon and Blackstone (BX.N) CEO Stephen Schwarzman met Peng Chun, chairman of China Investment Corporation (CIC), this week, according to official social media posts from the $1.35 trillion sovereign wealth fund. Meanwhile, Chip Kaye, Warburg Pincus's CEO, met Beijing's major Yin Yong during his visit to the city last week, according to a municipal statement from Beijing.

☆ Ray Dalio warns everyone is losing money as the market faces a 'terrible imbalance'
▼ + stars: | 2023-03-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Investors are losing money as assets acquired on borrowed funds have lost value, Ray Dalio said. The collapse of Silicon Valley Bank is indicative of a global problem, he said this week. "And that is a pervasive situation that exists throughout the economy, the world economy, the US economy." But as the Fed turned to aggressive rate hikes, those investments lost value or produced lower returns. This was the case with Silicon Valley Bank, which suffered a $1.8 billion loss on the sale of a bond portfolio in the face of tightening policy.

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