Ray Dalio is the founder, Co-Chief Investment Officer and Co-Chairman of Bridgewater Associates. Bridgewater is a global asset manager and leader in institutional portfolio management as well as the largest hedge fund in the world. Under Ray s guidance, Bridgewater has developed a distinctive culture, an idea-meritocracy that produces meaningful work and meaningful relationships through radical truth and radical transparency that is the foundation of the firm s success. Since starting Bridgewater out of his two-bedroom apartment in New York in 1975, Ray has grown the firm into the largest hedge fund in the world, the 5th most important company in the U.S. according to Fortune Magazine, and has led it to make more money for clients than any other hedge fund since its inception, according to LCH Investments. For his innovative work as well as being a valued advisor to many global policy makers, Ray has also been called the Steve Jobs of Investing by CIO Magazine and Wired Magazine, and been named one of TIME Magazine s 100 Most Influential People. Over the past three decades, he wrote down his decision-making criteria and has recently passed along his principles and tools through his book, Principles: Life & Work, a New York Times #1 Bestseller and Amazon #1 Business Book of 2017.
"Ray Dalio's excellent study provides an innovative way of thinking about debt crises and the policy response." - Ben Bernanke
"Ray Dalio's book is must reading for anyone who aspires to prevent or manage through the next financial crisis." - Larry Summers
"A terrific piece of work from one of the world's top investors who has devoted his life to understanding markets and demonstrated that understanding by navigating the 2008 financial crisis well." - Hank Paulson
"An outstanding history of financial crises, including the devastating crisis of 2008, with a very valuable framework for understanding why the engine of the financial system occasionally breaks down, and what types of policy actions by central banks and governments are necessary to resolve systemic financial crises. This should serve as a play book for future policy makers, with practical guidance about what to do and what not to do." - Tim Geithner
On the 10th anniversary of the 2008 financial crisis, one of the world's most successful investors, Ray Dalio, shares his unique template for how debt crises work and principles for dealing with them well. This template allowed his firm, Bridgewater Associates, to anticipate events and navigate them well while others struggled badly.
As he explained in his #1 New York Times Bestseller, Principles: Life & Work, Dalio believes that most everything happens over and over again through time so that by studying their patterns one can understand the cause-effect relationships behind them and develop principles for dealing with them well. In this 3-part research series, he does that for big debt crises and shares his template in the hopes reducing the chances of big debt crises happening and helping them be better managed in the future.
The template comes in three parts provided in three books: 1) The Archetypal Big Debt Cycle (which explains the template), 2) 3 Detailed Cases (which examines in depth the 2008 financial crisis, the 1930's Great Depression, and the 1920's inflationary depression of Germany's Weimar Republic), and 3) Compendium of 48 Cases (which is a compendium of charts and brief descriptions of the worst debt crises of the last 100 years). Whether you're an investor, a policy maker, or are simply interested, the unconventional perspective of one of the few people who navigated the crises successfully, A Template for Understanding Big Debt Crises will help you understand the economy and markets in revealing new ways.
我再一次在北京见到了瑞·达利欧。上一次是他的那本火到不行的《原则》推介活动上,这一次则是因为另外一本被译作《债务危机》的新作品。活动设计略显冗长,但我还是呆到了结束。达里欧给我们这些有书的人签了名。当他接过我手中的他的书,用力写下自己的名字 Ray Dalio的时刻...
评分债务危机在目前商业发展的模式下不可避免,唯一能做的就是减轻危机的痛苦程度以及尽可能的缩短depression的时间。作者将债务危机分为两种:本币债务与外币债务。相对而言,本身债务更容易解决一些,作者的看法就是用释放流动性来对抗可能发生的通缩。但读后总隐隐感觉这是将危...
评分债务危机在目前商业发展的模式下不可避免,唯一能做的就是减轻危机的痛苦程度以及尽可能的缩短depression的时间。作者将债务危机分为两种:本币债务与外币债务。相对而言,本身债务更容易解决一些,作者的看法就是用释放流动性来对抗可能发生的通缩。但读后总隐隐感觉这是将危...
评分 评分关于宏观经济和货币政策。逻辑清晰,信息量很大,值得再读
评分通过对历史上债务危机的研究,Ray Dalio和桥水分享了理解债务危机运行的模板。书中将债务危机分为两大类:通缩型债务危机(本币计价债务)和通胀型债务危机(外币计价债务,不容易化解),而减债/去杠杆的措施Ray在之前提过很多次,分别是紧缩、债务违约/重组、QE和印钞票、财富转移再分配(这一条是新增加的),如果政策制定者能够快速反应并运用好手中工具,能够实现化解债务危机。其中对魏玛德国恶性通胀、大萧条和次贷危机进行了非常详细的解读,可以感觉出来Ray对次贷危机后美联储和财政部的应对措施极其欣赏。附录介绍的宏观审慎政策工具,本质就是指导信贷局部调整,其中一条Changing accounting rules on different assets,这就是20天前人民银行重启的“逆周期因子”吧。。
评分Dalio的书都是爽文
评分Ray Dalio的现实主义贯穿始终,在解决债务危机面前,道德是次要的。
评分应该是我第一本完整看完的英文版经济学书。之前没有经济学基础,经济学方面的词汇量也不够,还是挺吃力的,很多术语只能查 wiki 或 investopedia,前前后后花了有半年时间,总得来说觉得值。最重要的是 Dalio 提供了三次金融危机的非常详细的描述,还有精确到天的报纸的摘要,简直可以每天看一部分然后像真实体验过一样。之后看类似危机分析的书可以拿来做对照。
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