Today, we would like to share a fascinating conversation with Karen Karniol-Tambour, the Co-CIO for Sustainability at Bridgewater Associates, the world’s largest hedge fund. Karen has been named to Barron’s list of most influential women in finance for the past 3 years and is a rising star in the hedge fund industry. She shares her perspectives on inflation and interest rates and how investors should allocate assets given the unique environment. Karen also covers her views on the energy crisis in Europe and ESG investing. We found the discussion highly insightful and hope you do as well.

Today we are excited to have two legendary investors together to cover their perspectives on the big picture. In 1975, Ray Dalio started Bridgewater Associates, which is now the largest and one of the most successful hedge funds in history. Jeremy Grantham co-founded GMO, a leading investment manager, in 1977 and currently serves as its Long-Term Investment Strategist. Ray and Jeremy are highly respected market historians, having studied major global trends over many centuries and been actively investing for five decades. They describe the major forces at play in today’s unique environment and what investors should do about it. I co-hosted this event with my friend Jim Haskel, who is the Editor of the Bridgewater Daily Observations. I found the discussion fascinating, and I hope you do as well.

© 2022 Bridgewater® Associates, LP. By receiving or reviewing this Bridgewater® Daily Observations, you agree that this material is confidential intellectual property of Bridgewater® Associates, LP and that you will not directly or indirectly copy, modify, recast, publish or redistribute this material and the information therein, in whole or in part, or otherwise make any commercial use of this material without Bridgewater’s prior written consent. All rights reserved.

Bridgewater Daily Observations is prepared by and is the property of Bridgewater Associates, LP and is circulated for informational and educational purposes only. There is no consideration given to the specific investment needs, objectives or tolerances of any of the recipients. Additionally, Bridgewater's actual investment positions may, and often will, vary from its conclusions discussed herein based on any number of factors, such as client investment restrictions, portfolio rebalancing and transactions costs, among others. Recipients should consult their own advisors, including tax advisors, before making any investment decision. This material is for informational and educational purposes only and is not an offer to sell or the solicitation of an offer to buy the securities or other instruments mentioned. Any such offering will be made pursuant to a definitive offering memorandum. This material does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors which are necessary considerations before making any investment decision. Investors should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, where appropriate, seek professional advice, including legal, tax, accounting, investment or other advice.

The information provided herein is not intended to provide a sufficient basis on which to make an investment decision and investment decisions should not be based on simulated, hypothetical or illustrative information that have inherent limitations. Unlike an actual performance record simulated or hypothetical results do not represent actual trading or the actual costs of management and may have under or over compensated for the impact of certain market risk factors. Bridgewater makes no representation that any account will or is likely to achieve returns similar to those shown. The price and value of the investments referred to in this research and the income therefrom may fluctuate. Every investment involves risk and in volatile or uncertain market conditions, significant variations in the value or return on that investment may occur. Investments in hedge funds are complex, speculative and carry a high degree of risk, including the risk of a complete loss of an investor’s entire investment. Past performance is not a guide to future performance, future returns are not guaranteed, and a complete loss of original capital may occur. Certain transactions, including those involving leverage, futures, options, and other derivatives,

Our next guest is a serial tech entrepreneur. Spencer Rascoff is the co-founder of several popular billion dollar companies including Zillow, a travel site called Hotwire, and Pacaso, which offers second home co-ownership. Most notably, Pacaso recently went from launch to unicorn, reaching a billion dollar valuation in just 5 months!

Spencer shares his background and vision when he started these companies, as well as his perspective on how technology will continue to impact the real estate markets and other industries. I hope you find the conversation as fascinating as I did.