桥水基金创始人：美元的全球储备金地位已岌岌可危
对冲基金巨头桥水基金（Bridgewater Associates）的创始人瑞•达利欧在近期表示，“考虑到美国在新冠肺炎疫情期间的诸多财政刺激措施，美元数十年来作为全球储备货币的地位已经岌岌可危。”
9月15日，达利欧在接受彭博社采访时表示，受益于美国政府的巨额财政支出及货币流通，股市和黄金正在不断走高，但同时美元却在遭受贬值。像这样无止境地试探与刺激最终很可能导致美元崩盘。
“美国‘直升机撒钱’式的经济刺激方案造成了太多财政赤字。”达利欧说道。自疫情爆发以来，受到投资者的应激反应影响，再加之美联储及美国政府官员不顾一切的经济扶持方案，彭博美元现货指数（Bloomberg Dollar Spot Index）已经从3月末的峰值水平下降了10%。相对于美元，全球其他发达国家的主流货币无一不在升值，黄金、白银、铂金等贵金属也是如此。
达利欧曾经在今年7月提醒投资者把普通债券及现金换成黄金及股票投资，他认为，随着美联储持续性的印票行为继续发生，前者的投资回报率几乎为负。目前，桥水基金已经将自己的“全天候”投资组合调整为黄金及通胀保值债券，同时也进一步扩大其投资国家范围，以此找到更多现金流稳定的股票。
对桥水的旗舰基金Pure Alpha II而言，今年绝对是艰难的一年。由于疫情引发的市场动荡，自今年8月起，该基金暴跌了18.6%。达利欧原本在3月向客户承诺称该基金一定会立刻从市场上涨中获益，但疫情搅乱了这一切，今年反而成了桥水的“至暗时刻”。
和今年年初桥水所持有的1600亿美元资产相比，该数值已经下降至1480亿美元。（财富中文网）
编译：陈怡轩
2019年4月，亿万富翁、桥水基金的创始人瑞•达利欧在旧金山的一个论坛上发表讲话。
对冲基金巨头桥水基金（Bridgewater Associates）的创始人瑞•达利欧在近期表示，“考虑到美国在新冠肺炎疫情期间的诸多财政刺激措施，美元数十年来作为全球储备货币的地位已经岌岌可危。”
9月15日，达利欧在接受彭博社采访时表示，受益于美国政府的巨额财政支出及货币流通，股市和黄金正在不断走高，但同时美元却在遭受贬值。像这样无止境地试探与刺激最终很可能导致美元崩盘。
“美国‘直升机撒钱’式的经济刺激方案造成了太多财政赤字。”达利欧说道。自疫情爆发以来，受到投资者的应激反应影响，再加之美联储及美国政府官员不顾一切的经济扶持方案，彭博美元现货指数（Bloomberg Dollar Spot Index）已经从3月末的峰值水平下降了10%。相对于美元，全球其他发达国家的主流货币无一不在升值，黄金、白银、铂金等贵金属也是如此。
达利欧曾经在今年7月提醒投资者把普通债券及现金换成黄金及股票投资，他认为，随着美联储持续性的印票行为继续发生，前者的投资回报率几乎为负。目前，桥水基金已经将自己的“全天候”投资组合调整为黄金及通胀保值债券，同时也进一步扩大其投资国家范围，以此找到更多现金流稳定的股票。
对桥水的旗舰基金Pure Alpha II而言，今年绝对是艰难的一年。由于疫情引发的市场动荡，自今年8月起，该基金暴跌了18.6%。达利欧原本在3月向客户承诺称该基金一定会立刻从市场上涨中获益，但疫情搅乱了这一切，今年反而成了桥水的“至暗时刻”。
和今年年初桥水所持有的1600亿美元资产相比，该数值已经下降至1480亿美元。（财富中文网）
编译：陈怡轩
The dollar’s decades-long position as the global reserve currency is in jeopardy because of steps the U.S. has taken to support its economy during the COVID-19 pandemic, according to Ray Dalio, founder of hedge fund giant Bridgewater Associates
While equities and gold benefited from the trillions of dollars in fiscal spending and monetary injections, those efforts are debasing the currency and have raised the possibility that the U.S. will go too far in testing the limits of government stimulus, Dalio said on September 15 in an interview with Bloomberg Television.
“There is so much debt production and debt monetization,” Dalio said. The Bloomberg Dollar Spot Index has dropped 10% from its peak in late March as investors responded to the pandemic and efforts by central bank and government officials to contain the economic fallout. All of the world’s major developed currencies have gained against the dollar as have precious metals such as gold, silver and platinum.
Dalio said in July that investors should favor stocks and gold over bonds and cash because the latter offer a negative rate of return and central banks will print more money. Bridgewater has been moving into gold and inflation-linked bonds in its All Weather portfolio, diversifying the countries it invests in and finding more stocks with stable cash flow.
Bridgewater’s flagship Pure Alpha II hedge fund has had a tough year, tumbling 18.6% through August, amid the market turmoil fueled by the pandemic. The firm took a hit at “the worst possible moment” because its portfolios were positioned at the start of the year to benefit from rising markets, Dalio told clients in mid-March.
The Westport, Connecticut-based firm manages about $148 billion, down from roughly $160 billion at the start of the year.
