Ray Dalio Warns Everybody Is Losing Money: 'The World Is Leveraged Long'
Ray Dalio Warns Everybody Is Losing Money: 'The World Is Leveraged Long'
The present economic situation is quite exceptional, with a widespread value mismatch between assets and liabilities in the financial sector, Ray Dalio, the founder of the world's largest hedge fund, said Monday.
目前的經濟形勢相當特殊，金融業資產和負債之間存在普遍的價值不匹配， 雷·達利奧世界上最大的對沖基金的創始人週一表示。
The Bridgewater Associates founder appeared on his YouTube channel to discuss the Silicon Valley Bank crisis and its economic ramifications.
布里奇沃特協會創始人出現在他的 YouTube 頻道上討論 矽谷銀行 危機及其經濟後果。
"There has been a lot of creation of debt," Dalio said. Banks and insurance companies borrowed money at a certain rate and made investments, such as stocks and bonds, that provided lower-than-expected returns because they lost value or do not provide adequate yields relative to the cost of funding anymore, according to the expert.
「有很多創造的債務，」達利奧說。銀行和保險公司以一定的速度借錢，並進行了投資，例如股票和債券，這些投資提供了低於預期的回報，因為它們損失了價值或不再相對於資金成本提供足夠的收益率，根據專家的說法。
Dalio On The Fed: "You have everybody losing money here," Dalio said. "The world is leveraged long, meaning that investors have borrowed money to hold those positions."
達里奧在美聯儲: 「你讓每個人都在這裡虧錢，」達利奧說。「世界是長期槓桿的，這意味著投資者借錢來持有這些倉位。」
The Federal Reserve faces a very difficult balancing act, according to the billionare.
該 聯邦儲備 根據億萬人的說法，面臨著非常困難的平衡行為。
The Fed is attempting, with much difficulty, to produce an interest rate that is high enough to provide real returns after inflation that are adequate to pay investors for keeping an asset, while preventing higher interest rates from harming those who have borrowed money, Dalio said.
Dalio 說，美聯儲正在嘗試產生足夠高的利率，以便在通貨膨脹後提供足以支付投資者保留資產的實際回報，同時防止更高的利率損害那些借錢的人。
Related Link: Market Now Expects Fed Interest Rate Cuts In The Second Half Of 2023, But That Could Be Bad News For Stocks
相關鏈接：市場現在預計 2023 年下半年美聯儲利率下調，但這對於股票來說可能是個壞消息
A supply-demand imbalance exists at the federal government level, he said: "They run big deficits to deal with this situation, which means issuing more debt."
聯邦政府層面存在供需不平衡，他說：「他們運行巨大的赤字來應對這種情況，這意味著發放更多的債務。」
Investors would purchase government debt only if they have high enough real returns, the hedge fund manager said; otherwise, they will sell the debt, causing a terrible imbalance.
對沖基金經理表示，投資者只有在擁有足夠高的實際回報的情況下才會購買政府債務；否則，他們將出售債務，造成可怕的不平衡。
"That imbalance is the nature of what's going on," Dalio said, adding that many entities are already in financial difficulties if they mark to market their bond holdings.
Dalio 說：「這種不平衡是發生的事情的本質，」Dalio 補充說，如果他們標記市場債券持有量，許多實體已經處於財務困難之中。
Latest Bridgewater Associates Portfolio Statistics: According to Hedgefollow.com data, the Procter & Gamble Company (NYSE:PG) is the biggest single stock holding in the Bridgewater portfolio, with a 4.13% stake.
最新布里奇沃特聯營投資組合: 根據刺猬網的數據， 寶潔公司 (紐約證券交易所:PG)是布里奇沃特投資組合中最大的單一股票，股份為 4.13％。
The firms with the greatest increase in shares in Bridgewater's Portfolio since the beginning of the year are Bank of America Corp (NYSE:BAC), with a 152% rise, and Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B), with a 44% increase.
自今年年初以來，布里奇沃特投資組合股份增長最大的公司是 美國銀行 紐約證交所代碼：BAC），上升 152%，以及 伯克希爾·哈撒韋公司 紐約證券交易所代碼：BRK-A）（紐約證交所代碼：BRK-B），增幅為 44%。
Mastercard Inc. (NYSE:MA) saw the greatest reduction, with the amount of shares cut in half year-to-date.
萬事達卡 紐約證券交易所代碼：MA）的減幅最大，股份數量減少了半年至今。
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譯文內容由第三人軟體翻譯。