Latest news with #FinancialCrisis
Yahoo
an hour ago
- Business
- Yahoo
Foreign Patent Trolls Wreak Havoc at the U.S. International Trade Commission
Yet again, another foreign shell company is targeting productive American manufacturers with spurious claims of patent infringement in hopes of striking it rich. And for some reason– the U.S. International Trade Commission (ITC) – continues to make this predatory litigation possible and profitable. Also known as patent assertion entities (PAEs), patent trolls don't manufacture or make anything, but they weaponize patents to aggressively pursue infringement claims and file suits to shakedown innovative and successful companies in hopes of forcing a quick settlement – often using the ITC to gain negotiating leverage. The biggest losers here are American consumers who will ultimately foot the bill in the form of higher prices, fewer choices, and less innovation, as well as U.S. taxpayers who are funding the ITC's expensive and duplicative investigations. Patent trolls like the ITC because unlike district courts, the only remedy the ITC can award is an exclusion order, which is an import ban that completely bars the infringing product from importation into the United States. So, while courts will measure out proportionate remedies such as monetary damages, when justified, the ITC remedy literally blocks off an entire market over even minor or weak patent claims. And while the ITC is supposed to protect American companies from foreign infringement, it pays little mind to foreign shell companies sponsoring patent assertion campaigns. The latest troll filing a high-profile case at the ITC is Longitude Licensing, a Dublin-based firm that proudly boasts its track record of 'maximizing the value of patented intellectual property for global patent owners.' In other words, it makes no products and just tries to find lawsuits to file. Last month, Longitude sued Apple, Qualcomm, TSMC, and other tech companies for allegedly infringing patents it holds related to semiconductors. If the ITC acquiesces to Longitude's demands, then any devices containing these components – including circuit boards, smartphones, smartwatches, and tablets – will be completely barred from the U.S. The Trump Administration should be paying attention. The U.S. will lose the global race for tech leadership if we can't access critical semiconductor technology. In 2022, Arigna Technology Limited, another Irish shell company, asked the ITC to ban over 93% of the smartphones, as well as tablets and laptops, that American consumers depend on every day. As is often the case, the tech companies had little choice but to settle rather than fight Arigna, given the risk that the ITC would ban their products from the U.S. market. Arigna was funded with the backing of Magnetar Capital, a hedge fund that not only helped create mortgage-backed securities, but then bet against those risky investments, ultimately sowing the seeds of the 2008 Financial Crisis. Magnetar, Arigna, and other investors made money while U.S. tech companies, and ultimately consumers, paid the bill. Similarly, Longitude Licensing is owned by Vector Capital, an investment firm that raised red flags in 2014 when it invested in a network of payday-lending websites, using corporations set up in Belize and the Virgin Islands to obscure their involvement and circumvent U.S. usury laws. Through this shady web, payday lenders charged their customers over 600 percent interest on loans. When Congress granted the ITC its exclusion order ability through the Tariff Act of 1930, it sought to protect domestic industries that could not use U.S. courts to reach unfair importers, so it set up a special remedy against the importers' goods. But Congress had no idea it would be enabling a system where wealthy hedge funds help Irish shell companies pursue questionable litigation using portfolios of old patents to try to extort massive payouts from innovative companies contributing billions to the U.S. economy. Congress must step in to protect the ITC process from being exploited by patent trolls. Bipartisan ITC reform legislation was introduced in the last Congress and should be reintroduced and passed quickly. Simple fixes like forcing the ITC to conduct rigorous public interest analyses before it acts and ensuring the patents in question have a real tie to an actual American industry are reforms that everyone should support. Foreign patent trolls and their deep-pocketed predatory backers are hoping that Congress doesn't take up this legislation to fix the ITC. As Congress looks to support President Trump's trade agenda to support American manufacturing, stopping patent troll abuse at the ITC should be at the top of the list. Gerry Scimeca is co-founder, chairman, and general counsel of CASE – Consumer Action for a Strong Economy, the nation's foremost non-profit, non-partisan organization devoted to the singular cause of promoting consumer interests through the advancement of free-market principles.
Int'l Business Times
a day ago
- Business
- Int'l Business Times
Investors Follow Warren Buffett to Ramp Ultrashort Treasury Bets as Longer-Term Bills Face Volatility
Investors are more attracted to the ultrashort fixed-income market opportunity as the iShares 0-3 month Treasury bond ETF and the SPDR Bloomberg 1-3 Month T-Bill ETF witnessed inflows of over £18.47 billion ($25 billion) in assets in 2025. Meanwhile, Vanguard's short-term bond ETF witnessed inflows of more than £2.95 billion ($4 billion) year-to-date. The emerging investor trend of preferring the shorter end of the fixed-income market aligns with Warren Buffett's Berkshire Hathaway doubling its ownership of T-bills to own 5% of all short-term Treasuries. BondBloxx CEO Joanna Gallegos told CNBC that volatility is less on the "short and middle end" with stable yields, but bond jitters remain on the long end as the 20-year treasury has 'gone from negative to positive five times so far this year.' The 3-month T-Bill is paying 4.345% at an annualised rate, while the two-year treasury is at 3.9% and the 10-year at around 4.4%. The current bond market volatility comes nine months after the US Federal Reserve started trimming interest rates. However, the Fed has paused its campaign due to concerns about inflation rising again on the US government's tariff play. Moreover, market concerns about federal spending and government deficit levels have further fueled the volatility in the bond market. Strategas Securities' Todd Sohn said that 'long duration just doesn't work right now,' citing long-term treasuries and corporate bonds have recorded negative performance since September 2024, which happens to be a rare phenomenon. 'The only other time that's happened in modern times was during the Financial Crisis,' he said. 'It is hard to argue against short-term duration bonds right now.' The ETF specialist added that he recommends that clients avoid any bond instruments with a duration above seven years. Investors Overlooking Fixed-Income Assets in Their Portfolios Gallegos is worried that investors are not adequately prioritising fixed-income instruments in their portfolio mix amid the bond market volatility. 'My fear is investors are not diversifying their portfolios with bonds today, and investors still have an equity addiction to concentrated, broad-based indexes that are overweight certain tech names. They get used to these double-digit returns,' she said. US stock market volatility peaked this year after the S&P 500 jumped to record highs in February but tanked 20% in April amid the tariff episode before rebounding to make up for all the recent losses. While Sohn acknowledged that bonds are a crucial part of long-term investing and offer a hedge against stock market volatility, he now thinks it might be time for investors to explore options beyond the US. 'International equities are contributing to portfolios like they haven't done in a decade,' he said. 'Last year was Japanese equities, this year, it is European equities. Investors don't have to be loaded up on US large-cap growth right now,' he said. The S&P 500 posted over 20% returns in 2023 and 2024, but the iShares MSCI Eurozone ETF has gained 25% YTD, while the iShares MSCI Japan ETF jumped over 25% in the last two years and is up 10% in 2025. Disclaimer: Our digital media content is for informational purposes only and not investment advice. Please conduct your own analysis or seek professional advice before investing. Remember, investments are subject to market risks and past performance doesn't indicate future returns. Originally published on IBTimes UK
Economic Times
6 days ago
- Business
- Economic Times
How Laddering Fixed Income Can Help You Stay Agile in an Uncertain World: Jiraaf's Strategy for FY26
In a year marked by global uncertainty, fluctuating interest rates, and shifting investor sentiment, building a resilient portfolio is more critical than equity markets may dominate headlines, fixed income is quietly making a powerful comeback. In this exclusive conversation, Saurav Ghosh, co-founder of Jiraaf, sheds light on why laddering fixed-income instruments could be the smartest strategy for a blend of stability, predictability, and growth, Ghosh explains how this approach helps investors stay nimble in volatile times—without chasing returns or compromising on more retail investors look beyond traditional fixed deposits, Jiraaf's insights offer a fresh perspective on how to make fixed income work harder and smarter. Edited Excerpts— Kshitij Anand: Let us start with the basics. As we begin FY26, what should be the key priorities for retail investors when it comes to building a well-balanced portfolio? Saurav Ghosh: The last few months have been quite volatile. We've seen multiple factors at play—geopolitical uncertainty, macro uncertainties, and trade issues. So, it has been an uncertain world in some sense. For retail investors, regardless of the time period, the goal should remain unchanged. We like to keep things simple. I would say one of the most basic things we need in our portfolio is stability—a steady portfolio that performs well during volatile times. Second, as a retail investor, I always want to be in control of my money. That means having a portfolio that gives me predictable returns and a sense of cash flow so I can manage my financial goals and expenses like all individuals, we are chasing growth. In today's market, inflation is a significant concern. So, we need to ensure that our portfolio can beat inflation over time, allowing our money to I would say stability, predictability, and growth are the three pillars a well-balanced financial portfolio should be built on. Kshitij Anand: Well, in fact, let me also add an anecdote: 'History doesn't repeat itself, but it often rhymes,' a well-known quote by Mark Twain. So, how has the macro environment—interest rates, inflation, and global headwinds—changed the way one should look at asset allocation today? I ask this because we are seeing similar patterns again: interest rates on a downward trajectory, inflation also coming down, and global geopolitical headwinds resurfacing, although things have become a bit more stable. How should we view all this? Saurav Ghosh: Like you rightly said, we've had several instances over the last 15–20 years. We went through the Financial Crisis and then COVID—two major events. These were periods of extreme volatility, and there's a lot to learn from them. Looking ahead, in terms of asset allocation, first, we need to ensure that our portfolio meets our goals—stability, predictability, and growth, as I mentioned second point, where many retail investors often get stuck, is in trying to decide which asset class is good or bad. But there is no asset class that is inherently good or bad. What's important is figuring out the right asset allocation for your specific example, if your key objective is stability and predictability, then fixed income instruments or FDs are the appropriate asset classes. Gold is a great defensive asset class—when nothing else performs well, gold usually does. We've seen that play out over the last 6–12 the other hand, if you're looking for long-term growth, then equities are a great from an asset allocation perspective, a well-balanced portfolio should have exposure to all major asset classes. The key is to understand your own risk appetite, define the right asset allocation based on your needs, and then go out and build a strong, diversified the livestream below: Smart Mix: Equity, Bonds, FDs & Gold Kshitij Anand: In fact, recently there is one trend we have witnessed. I'm sure you would concur that debt funds and bonds are gaining popularity. How should investors approach them versus traditional FDs in FY26? I say this because we've gone through a volatile environment in the equity markets, especially in the last three to four months — a lot of volatility, a lot of uncertainty, possibly due to geopolitical conditions. But yes, as a safe haven, debt funds and bonds have gained considerable popularity around this time. What are your views on that? Saurav Ghosh: Absolutely. The last one year has shown a lot of retail investors what volatile markets can do to their portfolios. Post-COVID, from 2021 onwards, there was a good three to four-year runway for equity markets. A lot of people made healthy returns on their equity portfolios, and I think they got used to that to some extent. The last six months have made people look at their portfolios in the right way. A good portfolio is not just about chasing returns—it's about being resilient. The volatility of the last 6–12 months has been a wake-up call for a large base of where bonds and debt mutual funds have really come into focus. Traditionally, the main asset classes were FDs and equities. The issue with equities is the volatility we've recently seen. The issue with FDs — and what people have now realised — is that they don't beat inflation on a post-tax basis. This means that any money allocated to FDs is actually de-growing over time in real terms. So what do we do? Volatility is a concern, and we want stability and predictability — but if our money is losing value, that's also a where bonds and debt mutual funds have gained traction. If you look at a bond offering a 10% yield, even for someone in the 30% tax bracket, the post-tax return is around 7%, which helps beat inflation. People have developed this maturity and understanding today — that having bonds in a portfolio not only provides stability but also offers growth because they beat inflation. It's a fantastic addition to a financial portfolio, and that's why we've seen a lot of traction in the bond investment space over the last 12 months. Kshitij Anand: Let me also get your perspective on the precious metal—the yellow metal, gold. In fact, it has been a strong performer in the past 12 to 18 months. How do you see its role evolving as part of a diversified portfolio? For three straight years, we've seen significant outperformance, and now people are beginning to understand that gold needs to be a part of the portfolio. The allocation might increase—what are your views on that? Saurav Ghosh: Historically, gold has been a safe haven—a defensive bet. There's a saying: when things go bad, gold shines brighter—both literally and metaphorically. Over the last 6–12 months, with all the geopolitical tensions and macroeconomic uncertainties, gold has outshone most other asset classes. True to its nature, it's a great defensive bet, and it played that role well recently. It provided the stability that portfolios I said earlier, every asset class has a role to play. Looking forward, gold will continue to be that defensive, safe haven—something of real value in your portfolio when uncertainty prevails. That said, I believe the typical allocation to gold should be around 10–15%. It's important to remember that gold does not generate yield. While it holds value and is a real asset, it doesn't produce cash flows or meet financial needs on a day-to-day or annual when you're looking for stability and predictability, gold is great for stability, but for predictable cash flows, you need to look at corporate bonds or other income-generating assets. Gold will always be the safe haven—it has been in the past and will continue to be in the future. But alongside that, you should look at other asset classes that add different kinds of value to your portfolio. Kshitij Anand: In fact, now that we are talking about asset allocation, let us say for someone who is starting afresh in this financial year, what could be the ideal allocation mix between equities, bonds, FDs, gold, and maybe for Gen Z, cryptos? I'll leave that up to you. Saurav Ghosh: Generally, again, any asset allocation is very customised and highly dependent on the risk appetite of each individual, so there is no one-size-fits-all asset allocation that works. But typically, in the financial world, we categorise investors as aggressive, moderate, or risk-averse. Depending on where you are in your financial journey, you will fall into one of these three buckets. So, if you are, for example, a risk-averse or conservative investor, that means you highly value stability, predictability, and capital preservation. If this is your investor persona, then I would say at least 60% should be in fixed income, mostly in higher-rated bonds—your AAA or AA-rated bonds—which offer that stability and focus on capital preservation. FDs can provide some liquidity for your emergency funds, and so on. So, 60% in fixed income, largely bonds with some allocation to FDs. I would still suggest about 20% in gold because, again, as a conservative investor, you place a lot of value on stability. The remaining 20% can be in equities and alternatives like crypto. That's for a conservative a moderate investor, I'd balance it out a bit more—maybe 50% in gold plus fixed income, which could mean 30–40% fixed income and 10% gold. The remaining 50% could be in equities and alternatives—maybe 30–40% in equities, and 10–20% in private markets, alternate fixed income (i.e., higher-yielding fixed income), crypto, and so on, which can help you generate if you are a high-risk investor and your financial journey is otherwise well sorted and you're chasing growth, then I would say go as high as 80% in equities and alternatives, and 20% in fixed income. Because you're chasing growth, that's the kind of asset allocation you can look at. Kshitij Anand: And how should investors approach dynamic rebalancing between asset classes during the year? Are there any tools or strategies which Jiraaf recommends? If you can help us with that as well. Saurav Ghosh: That's a very interesting question. Today, we're in an environment where there's a strong fear of missing out—the FOMO phenomenon has really taken hold. The world is uncertain—we don't know how things will change six months down the line. So, everyone highly values optionality. If there's an opportunity six or twelve months from now, I want to be able to take advantage of it—I want to be present for it. So, in some sense, people have become averse to making long-term bets. They don't want to get locked in for 5–10 years because, 'What if a better opportunity comes up a year later?' That's the world we are in. That means being agile and truly dynamic with both asset allocation and investments is crucial. At Jiraaf—especially with fixed income—we help you play this optionality game very effectively. One strategy we recommend to our investors is laddering, which allows for dynamic asset allocation and this means is that you invest in different fixed income products with varied maturities and credit strategies or exposures, from AAA to BBB. So, for instance, you can invest in a six-month paper with a AAA rating, a 12-month paper rated A, and an 18-month paper rated BBB. You can mix and match across ensures that a portion of your capital matures every few months—say, at 6, 12, 18, or 24-month intervals—which gives you the opportunity to reinvest based on market conditions at that point in time. So, if today you believe that interest rates are high and may fall in the future, you might also invest a portion in a 3–5 year asset to lock in those high of these investments should represent a certain percentage of your overall asset allocation. By investing across different tenors—6, 12, 18, or 24 months, and even up to five years—you are constantly creating opportunities to reinvest as market conditions evolve. This dynamic asset allocation through laddering, especially within fixed income, is a powerful strategy for investors who want to remain agile and make smart, timely investment decisions. Kshitij Anand: And let me also get your perspective. In fact, you did mention the laddering approach. So, where do alternative fixed income products fit in today's investment landscape? What kind of returns and risks should investors expect from these instruments? Because you rightly pointed out that one can invest in triple-A and probably go down to triple-B as well. So, I'm sure there is a certain level of risk that one should be aware of—if you can highlight this for investors as well. Saurav Ghosh: Again, great question. Typically, alternative fixed income comes into play when you're trying to balance growth and stability. A lot of investors, as I said, have a higher risk appetite, so they are chasing growth. When they are chasing growth, it means they are looking for long-term equity returns in the range of 15% or more. But they also want some stability in these uncertain times. That's the sweet spot where alternative fixed-income strategies come are fixed-income categories or opportunities that can deliver anywhere between 12% and 18% returns. So, they almost mimic long-term equity returns in some sense, but because they are fixed income in nature, you get predictable cash flows over your one-, two-, or three-year investment horizon. They balance out equity-like growth with stability and predictability. Obviously, this means you're taking a higher risk compared to FDs or triple-A or double-A rated assets, but for that additional risk, you're getting higher returns. Kshitij Anand: …high return. Saurav Ghosh: Yes. Now, it's all about maturity and understanding. People often think that triple-B is highly risky, for example. But a lot of our credit rating agencies have done a ton of work. A BBB rated asset has a probability of default of just 0.8%, which is still very low. As a fixed-income platform, we also curate and select higher-quality assets, so in that sense, the actual probability should be even lower. If you have this understanding, it means that by investing across 10 to 15 opportunities within the fixed income category, you're very well diversified. Over a 5- to 10-year investment period, even if one asset results in some capital loss, you can still ensure that you're generating positive returns on your fixed-income portfolio on a yearly the way to think about it. Understand the risks involved, diversify across more opportunities to balance out the risk, and take advantage of the sweet spot: earning equity-like returns with stability and predictability. That's where alternate fixed income comes in. Kshitij Anand: And can we say that alternate fixed income is for senior citizens as well, or risk-averse investors? What is your advice for getting inflation-beating returns while keeping risk under control? Saurav Ghosh: I wouldn't recommend alternate fixed income for senior citizens or highly risk-averse investors. For these segments, we need to prioritise capital preservation along with predictability of cash flows. Senior citizens may not have active monthly income, so for their regular household needs or expenses, it's better to look at fixed income assets that offer monthly cash flows, but with greater emphasis on stability.I would say AAA to maybe A rated assets are the sweet spot for senior citizens. These can offer close to 10% or double-digit yields. So, you're still beating inflation, you have monthly income to plan your expenses in the absence of active income, and you're prioritising safety. That would be the right strategy for senior citizen investors. Kshitij Anand: And let me also get your perspective in terms of what are the common mistakes some investors make while mixing asset classes? Saurav Ghosh: Again, we see this pretty much on a day-to-day basis. First and foremost, as I said, people often ask questions like, "Are FDs good?", "Are bonds good?", "Is crypto bad?" These are typical queries we get. The first thing to understand is that there's nothing inherently good or bad—every asset class has its place. You need to understand the risks associated with an asset class, what goals it can help you achieve, and then decide how much allocation it should have based on your goals and risk appetite. That's the first thing.A good portfolio is a well-diversified one, which includes all asset categories. This is something retail investors often don't understand very second thing is the importance of liquidity. It's always great to chase returns, and returns usually come from a long-term view. But I've seen a lot of retail investors or Gen-Zs invest 100% in equities. Unfortunately, you also need to plan for your financial goals. If you want to buy a house two years later or a car, you don't know how the equity markets will perform in the next two to three years. So, you need to give a lot of value to having predictability—knowing when your money will be finally, I would mention understanding risk. People often misunderstand or are simply unaware of the risks they're undertaking. I believe a careful understanding of your financial liabilities, your financial needs, and even external obligations outside your family is very important. You need to understand the time horizon for each of those liabilities and then build your financial portfolio understanding your risk profile, each asset class, and the importance of liquidity is crucial—because everyone is chasing long-term growth, but not everyone plans effectively. These are the three main mistakes I would say retail investors commonly make. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
The Guardian
19-05-2025
- Business
- The Guardian
Workers at top US consumer watchdog sound warning as Trump bids to gut agency
Donald Trump's bid to gut the top US consumer watchdog has left the agency unable to protect consumers amid mounting fears of recession, according to workers. For months the Trump administration has pushed to dismantle the Consumer Financial Protection Bureau and fire the vast majority of its workforce. Ripped-off Americans will have 'nowhere to turn' if it succeeds, staff told the Guardian. 'The agency that Congress created after the last financial crisis to help prevent another financial crisis is currently completely handcuffed from working,' said one attorney at the CFPB, who asked to remain anonymous for fear of retaliation. 'And we are on the verge of another major financial crisis, so it's terrifying. 'The one thing we were created to do we can't do – at a time when we're most needed.' Trump officials tried to axe about 1,500 of the CFPB's 1,700 workers last month, only for his plan to be blocked by a federal judge. 'This whirlwind has been hard on everyone, but everyone comes back with more fight to keep the bureau going, because we know the harms that will be visited on people if it goes under,' said a software engineer at the agency. 'When it comes to loans, mortgages, car loans, credit card debt, bank accounts, we're out there protecting everyone. 'We have helped millions of people. We have returned billions of dollars. It isn't the way it has to be that there is nowhere to turn to when a bank or credit card rips you off. That is something everyone is exposed to. That's what's heartbreaking to me about the possibility of my job disappearing.' Jonathan McKernan, the Trump administration's nominee to head the bureau since February, was lined up this month to be undersecretary of domestic finance at the US treasury – and the White House said it intends to rescind his nomination to lead the CFPB. No alternative nominee has been announced, fueling suspicions inside the agency that the administration never intended to move forward with McKernan's nomination in the first place. 'I don't think they ever intended to confirm him,' said the CFPB attorney, who noted McKernan had been nominated right before a high-stakes court hearing on the administration's actions inside the agency. 'They used that in the hearing as a way to argue they weren't trying to close the bureau.' McKernan's nomination was moved forward in a Senate banking committee hearing in early March, along with three other Trump nominees. While all three were approved by the US Senate within two weeks of the hearing, McKernan was not. Since February, the CFPB's interim director has been Russ Vought, the White House budget office director and the architect of the rightwing Project 2025 manifesto. His term in the acting role has a cap of 210 days. 'I think the goal is to try and close the agency before Vought's time is up as acting director, which is why they keep pressing so hard to try to be allowed to [terminate] everybody immediately,' the attorney said. Workers also criticized the actions of the so-called 'department of government efficiency' at the agency, noting the CFPB is funded by the Federal Reserve, and has returned over $21bn directly to Americans. 'They are not interested in efficiency,' said another employee. 'There was no plan on how to keep congressionally mandated programs like our military veterans office running. They shot first and didn't even bother to ask questions later. Russell Vought and this Trump administration are reckless and needlessly cruel.' Earlier this month, the CFPB issued a list of nearly 70 policy and regulatory guidance documents it plans to rescind – including exempting medical debt from credit reports, and banning lenders from considering borrowers' medical information during credit assessments – and fired three commissioners at the consumer product safety commission within the agency. 'To some extent, I think it's a show to say they're doing something,' said the attorney, who claimed many of the policy moves had been taken without explanation. 'All it does is create confusion. They think they are being super business-friendly, but everything they've done so far is actually not at all helpful to most of the businesses we regulate. 'We're not doing enforcement, and we're not doing any examination against some of the worst of the worst. We want to stop the harm before it happens, because that's better for everyone. The kinds of questions that get asked, it's clear they don't know what we do and they don't care.' The White House and Consumer Financial Protection Bureau did not respond to multiple requests for comment.
Yahoo
14-05-2025
- Business
- Yahoo
Ray Dalio's Strategic Moves: SPDR S&P 500 ETF Trust Sees Significant Reduction
Ray Dalio (Trades, Portfolio) recently submitted the 13F filing for the first quarter of 2025, providing insights into his investment moves during this period. Ray Dalio (Trades, Portfolio) is the Founder, Co-Chairman, and Co-Chief Investment Officer of Bridgewater Associates. The guru started Bridgewater out of his two-bedroom apartment in New York in 1975. Under his leadership, the firm has grown into the fifth most important private company in the US according to Fortune Magazine. For his and Bridgewater's industry-changing innovations as well as his work advising policymakers around the world, Ray has been called the Steve Jobs of Investing by aiCIO Magazine and Wired Magazine, and named one of the 100 Most Influential People by TIME is also the author of The New York Times #1 Bestseller "Principles," which outlines his work and life principles, the foundation of Bridgewater's distinctive culture and the cornerstone of his and Bridgewaters success. Ray and Bridgewater also recently published "Principles for Navigating Big Debt Crises," the first public dissemination of their research on these economic events, which enabled them to anticipate the 2008 Financial Crisis. Dalio built Bridgewater using a principled-based approach, applying standard ways to deal with situations that occur over and over. With the goal of creating an idea meritocracy, he wrote a set of principles that became the framework for the firm's management philosophy. Chief among them is employing radical truth and radical transparency encouraging open and honest dialogue and allowing the best thinking to prevail. His principles were captured in a TED Talk and published in a bestselling book in a global macro-investment manager, Bridgewater takes a diversified approach spanning more than 150 different markets. With deep expertise in portfolio construction and risk management, the firm develops insights and design strategies to deliver value to its clients through any economic environment. Ray Dalio (Trades, Portfolio) added a total of 123 stocks, among them: The most significant addition was SPDR Gold Shares ETF (GLD), with 1,106,395 shares, accounting for 1.48% of the portfolio and a total value of $318.8 million. The second largest addition to the portfolio was Inc (NASDAQ:JD), consisting of 2,786,833 shares, representing approximately 0.53% of the portfolio, with a total value of $114.6 million. The third largest addition was United Airlines Holdings Inc (NASDAQ:UAL), with 1,531,302 shares, accounting for 0.49% of the portfolio and a total value of $105.7 million. Ray Dalio (Trades, Portfolio) also increased stakes in a total of 283 stocks, among them: The most notable increase was Alibaba Group Holding Ltd (NYSE:BABA), with an additional 5,405,235 shares, bringing the total to 5,660,258 shares. This adjustment represents a significant 2,119.51% increase in share count, a 3.31% impact on the current portfolio, with a total value of $748.5 million. The second largest increase was Baidu Inc (NASDAQ:BIDU), with an additional 1,879,715 shares, bringing the total to 2,076,305. This adjustment represents a significant 956.16% increase in share count, with a total value of $191.1 million. Ray Dalio (Trades, Portfolio) completely exited 150 of the holdings in the first quarter of 2025, as detailed below: ON Semiconductor Corp (NASDAQ:ON): Ray Dalio (Trades, Portfolio) sold all 676,720 shares, resulting in a -0.2% impact on the portfolio. Moderna Inc (NASDAQ:MRNA): Ray Dalio (Trades, Portfolio) liquidated all 605,782 shares, causing a -0.12% impact on the portfolio. Ray Dalio (Trades, Portfolio) also reduced positions in 252 stocks. The most significant changes include: Reduced SPDR S&P 500 ETF Trust (SPY) by 4,889,807 shares, resulting in a -59.4% decrease in shares and a -13.14% impact on the portfolio. The stock traded at an average price of $587.78 during the quarter and has returned -3.37% over the past 3 months and 0.52% year-to-date. Reduced AppLovin Corp (NASDAQ:APP) by 486,443 shares, resulting in a -98.7% reduction in shares and a -0.72% impact on the portfolio. The stock traded at an average price of $344.61 during the quarter and has returned -26.61% over the past 3 months and 15.62% year-to-date. At the first quarter of 2025, Ray Dalio (Trades, Portfolio)'s portfolio included 664 stocks, with top holdings including 8.67% in SPDR S&P 500 ETF Trust (SPY), 5.67% in iShares Core S&P 500 ETF (IVV), 4.75% in iShares Core MSCI Emerging Markets ETF (IEMG), 3.47% in Alibaba Group Holding Ltd (NYSE:BABA), and 2.18% in Alphabet Inc (NASDAQ:GOOGL). The holdings are mainly concentrated in all 11 industries: Technology, Financial Services, Consumer Cyclical, Communication Services, Healthcare, Industrials, Energy, Consumer Defensive, Utilities, Basic Materials, and Real Estate. This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein. This article first appeared on GuruFocus.
