据《华尔街日报》（Wall Street Journal）报道，达里奥向美国各地的机构投资者们宣扬他所谓的风险平价策略，吸引众多大型退休基金提高杠杆比率，增仓债券。但他们这样做的时候，正是很多人担心债券市场的泡沫可能正在形成的时候。
Here's what needs to be asked about giant hedge fund Bridgewater Associates and its founder Ray Dalio: Is this guy really worth $2 billion a year? That's roughly the amount investors paid his firm in management fees in 2012.
That question got a lot tougher in the past 12 months for pension fund managers around the country, who for the past decade and a half have been funneling cash to Dalio and his firm, which now manages $142 billion - making it the largest hedge fund in the U.S.
That's because Dalio had a lousy 2012. By some reports, he was down for most of the year. Blog ZeroHedge appears to have a copy of Bridgewater's most recent client letter, which details how it did in 2012. Dalio's flagship hedge fund, Pure Alpha, ended the year up just 0.8%. That was much worse than the market in 2012. Stocks, as measured by the S&P 500, were up 13%. Bonds were up just over 4%. Even the average mutual fund manager, who gets paid far less than Dalio, was up 0.9% in the fourth quarter alone, just slightly better than Bridgewater did all year. For the full year, stock mutual fund managers were up 14%, handily beating Dalio.
Of course, every investor has off years. And Dalio is certainly entitled to one. Even with last year's flub, he still has one of the best track records of any investor. Pure Alpha has been up an average of 14% a year since 1991. Fortune, back in 2009, was one of the first major publications to profile Dalio and his success. So you could almost shrug off the $2 billion for an off year, I guess. (In good years, Dalio's company gets much, much more. In 2011, when his flagship fund was up 20%, his firm took in around $6 billion in fees.)
But a close look at Dalio suggests 2012 could be more than an anomaly.
Dalio generally believes most people get diversification wrong. They hold 60% of their portfolio in stocks and the rest in bonds, or some similar split, and call it a day. Dalio says stocks have historically been far riskier than bonds, so if you truly want to diversify your portfolio you have to put far more money in bonds than stocks.
According to the Wall Street Journal, Dalio preaches what he calls risk parity to institutional investors around the country, and has gotten a number of large pension funds to lever up their portfolios and buy more bonds. And they're doing this at a time when everyone appears to be growing more and more worried that the bond market could be in a bubble.
That sounds scary, but that's not the real problem. Dalio is, after all, about diversification. And he has recently joined the chorus of people who are warning that the bond market is overvalued.