Date: 2024-09-27 Page is: DBtxt003.php txt00012672
Burgess COMMENTARY
Peter Burgess
Ray Dalio Sours on Trump After Immigrant Ban, Joining Soros
Bridgewater founder was initially bullish on new U.S. leader Sees significant risk that populist policies may hurt economy
Billionaire Ray Dalio’s About-Face on Trump
Billionaire Ray Dalio’s honeymoon with President Donald Trump is looking to be short lived.
Dalio, who in November was bullish on the incoming president’s ability to stimulate the economy, is now saying he’s more concerned that the damaging effects of Trump’s populist policies may overwhelm the benefits of his pro-business agenda.
, there is also significant risk that his populist policies could hurt the world economy (and worse),” they said in the note obtained by Bloomberg.
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Trump’s “America First” policy, his executive order on immigration and bent toward U.S. trade protectionism are reminiscent of the policies of populist governments in the 1930s, the Bridgewater note said.
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“Nationalism, protectionism and militarism increase global tensions and the risks of conflict. For these reasons, while we remain open-minded, we are increasingly concerned about the emerging policies of the Trump administration,” they said.
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Bridgewater Associates, based in Westport, Connecticut, oversees $160 billion in assets. It returned 2.4 percent in its Pure Alpha II fund last year, overcoming losses in the first half.
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Read more: A QuickTake explainer on Trump’s ’Border Tax’
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