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Bob Prince, co-chief investment officer of the world’s biggest hedge fund at Bridgewater Associates, said the impact of the coronavirus pandemic could last 18 to 24 months, complicating monetary and fiscal policy efforts to bolster the economy.
“There’s a huge amount of uncertainty,” Prince, who helps manage the firm’s investment process alongside co-CIOs Ray Dalio and Greg Jensen, said Wednesday in an interview during the Bloomberg Invest Global virtual event.
Bridgewater’s hedge fund has suffered losses this year amid the market chaos surrounding the coronavirus pandemic. The firm’s flagship Pure Alpha II fund fell 20% in 2020 through May. Bridgewater got hit by the crisis at “the worst possible moment,” when its portfolios were positioned to profit from rising markets, Dalio wrote in mid-March. The Westport, Connecticut-based firm saw a 15% drop in assets during March and April, declining to $138 billion.
39,436 in BrazilMost new cases today
-7% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-1.011 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
-2.3% Global GDP Tracker (annualized), May