Bridgewater flagship fund fell 20%?Dario once said that cash is junk and should be diversified investment

Bridgewater flagship fund fell 20%?Dario once said that cash is junk and should be diversified investment
In the past month, the risky assets have plummeted, the stock markets of many countries have melted down, and US stocks have melted down three times in a month.In this context, Qiaoshui bets $ 14 billion to short the European and American stock markets.On the front end, Bridgewater founder Dario said on Monday that the Fed’s decision to return interest rates to almost zero put the market in a more reasonable state.However, sometimes, the Bridgewater flagship fund has fallen by about 20% this year.On March 17, Bridgewater, the world ‘s largest hedge fund affiliated with Dario, had established a short position of US $ 14 billion, betting that European companies ‘stocks would turn into a deterioration of the new coronavirus epidemic and continue to plummet.Among bridge short companies, there are at most 16 in France with 52 positions.400 million US dollars; followed by Germany with 12 positions 48.800 million US dollars; the Netherlands and Spain each have 5 positions of 17, respectively.200 million US dollars and 1.100 million US dollars; 3 in Italy with 8 positions.$ 5.5 billion.These countries are all serious European countries.According to Bloomberg data, from March 9 to 12, Bridgewater had a short position of US $ 1 billion in the German software giant SAP and 7 in the British semiconductor equipment manufacturer ASML.Short position of 1.5 billion US dollars.But the above bets are not enough to protect the company ‘s main hedge fund from breaking through huge losses.Qiaoshui’s Pure Alpha Fund II fell by about 13% during the 12th end of the month, and this year it has gradually declined by about 20%.Pure Alpha funds use traditional hedge fund strategies to actively trade the direction of different assets, including stocks, bonds, commodities, currencies, and forecast macro trends.During the financial crisis, pure Alpha strategy funds rose 10% and became famous.People familiar with the matter said the expectations were mainly due to long positions in the stock market and short positions in the national debt.There are also analyses that the main reason is that the logic of gold, stocks, bonds, and commodities has caused an amazing reversal in the fermentation of the epidemic.The risk parity fund widely used by Wall Street, which was popular by Bridgewater, has also fallen sharply since 3 months.In the early years, the trend of rising stocks and bonds led to considerable gains in the risk parity strategy, but 2020 was the most tragic year for the strategy since 2008. The S & P 500 risk parity index plunged 10% in 5 trading days last week.At present, the VIX (panic index) is still as high as 82. The VIX index has increased by more than 400% in the past 4 weeks, leading to hedging and risky assets being sold synchronously.In fact, Bridgewater made a similar bet on European companies in 2018. The short-seller sells the borrowed securities, buys them back at the price, and converts them into margins as profits.A representative of the company said: “Although we will not comment on our specific positions, Qiaoshui trades in more than 150 markets around the world, so there are many interrelated positions, usually hedging other positions, and these often change.Therefore, it is not correct to consider any position at any time and try to determine an overall strategy.On the front end, Bridgewater founder Dario said on Monday that the Fed’s decision to return interest rates to almost zero put the market in a more reasonable state.He weighed on LinkedIn: “Long-term interest rates falling to the lowest level of 0% means that almost all asset classes will be reduced, because the positive impact of interest rate cuts will no longer exist, at least the impact has been greatly reduced.Touching the 0% lower limit also means that almost all long-term interest rate stimulus instruments (including interest rate cuts and yield curve indicators) of reserve countries will be invalidated.”He said that fiscal and monetary policy makers should focus on helping industries that are struggling to pay their debts due to economic shocks.”He also said that US lawmakers must take targeted measures, such as providing loan protection to the government, and ensuring the safety of the banks that provide these loans.Last time, the Fed lowered interest rates by 0-0.The 25% range was in December 2008, and since that year, three large-scale quantitative easing policies have been implemented to buy bonds to reduce the financial crisis.At the end of January, Dalio stated that he suggested holding a global and diversified investment portfolio, “cash is rubbish,” he said, “cash.”(In the market) There is still a lot of cash.”He believes that investors should not miss the current market strength, but should use cash as a diversified portfolio.At the same time, Dario also believes that there will be no economic growth this year, and investors should turn their attention to the 2020 US presidential election.Sauna, Ye Wang Zhang Shuxin editor Chen Li proofreading Li Shihui

Zhou Yang was sent off for the 1,000-meter race, sitting on the sidelines and wiping his tears

Zhou Yang was sent off for the 1,000-meter race, sitting on the sidelines and wiping his tears
In the short track, Zhou Yang has proved himself.Photo / Osports On the evening of October 11, Zhou Yang appeared on the ice surface of the newly-built second and seventh speed slides.Before, Zhou Yang participated in the test match in Calgary, Canada. This time the speed skating team “through” is her first official game.Zhou Yang’s first project is 1500 meters. This distance is very familiar to her. You must know that she is the first short-track speed skating women’s 1500-meter defending successful player in the history of the Winter Olympics.Although they are all 1500 meters, different projects have different feelings for Zhou Yang. “The only thing the two are the same is the same distance, but they are very different.Short track is compared with people, speed skating is compared with time, with yourself.”In the end, Zhou Yang ‘s 1500 meters score was 2 minutes 06 seconds 49, ranking 11th among 20 players, and there was still a 4 second gap from the World Cup achievement.” For myself, (this score) is not bad.Too.But compared with everyone, it still needs a process of adaptation.”The next 1000 meters of the race, Zhou Yang ran away with the first shot, and the second shot was sent off directly because of the slow squat.In fact, in the previous Calgary Plateau test competition, Zhou Yang ‘s 1000-meter score has reached the World Cup standard. She could not have participated in this pass-through competition, but she did not want to let go of any exercise opportunities.Accidentally sent off makes Zhou Yang very depressed, sitting on the sidelines and wiping tears.”Zhou Yang has been complaining about herself since the end, she knows what it means to stand on the ice rink.”Wang Meng said that as a player turning from a short track to a avenue, Zhou Yang cherishes every game,” she hopes to show everyone the spirit of making everyone move forward together.”After the collective departure, Wang Meng has been cheering for his former teammates on the sidelines. Zhou Yang and the last 3 laps made the first rush to the finish line.For Zhou Yang, being sent off accidentally is a reminder, and it will take time for her to adapt to Dadao.In the words of Zhou Yang, “Every day of training is a challenge.”In the short track, Zhou Yang’s skill is impeccable. Now she wants to take advantage of some of the short track’s corners to speed skating.” In the short track, we rarely slide straight lines, and sometimes it takes a few steps.But after turning to speed skating, we often have to slide a straight line, and we suffer a surplus.The speed skating line is more than 100 meters, which is a big challenge for me.”Of course, for the first season of Zhuan Avenue, Zhou Yang said that he didn’t expect much,” after all, he just changed the speed skating. I hope I can treat the game with my usual heart this year.If you have a bad grade in the game, or if your status fluctuates, I hope you can calmly face it.”