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.
目前的经济形势非常特殊, 金融部门的资产和负债之间普遍存在价值不匹配, 雷·达利奥全球最大的对冲基金的创始人周一表示。
The Bridgewater Associates founder appeared on his YouTube channel to discuss the Silicon Valley Bank crisis and its economic ramifications.
布里奇沃特协会创始人出现在他的 YouTube 频道上讨论了 硅谷银行 危机及其经济影响。
"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.
达利奥说：“已经产生了很多债务。”专家称，银行和保险公司以一定的利率借钱，并进行股票和债券等投资的回报低于预期，因为它们损失了价值或相对于融资成本不再提供足够的收益率。
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."
达利奥谈美联储： 达利奥说：“这里的所有人都亏钱。”“这个世界有多头杠杆，这意味着投资者已经借钱来持有这些头寸。”
The Federal Reserve faces a very difficult balancing act, according to the billionare.
这个 美联储 这位亿万富翁认为，面临着非常困难的平衡局面。
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.
达利奥说，美联储正在努力制定一个足够高的利率，在通货膨胀后提供足以支付投资者持有资产的报酬，同时防止更高的利率伤害那些借钱的人。
Related Link: Market Now Expects Fed Interest Rate Cuts In The Second Half Of 2023, But That Could Be Bad News For Stocks
相关链接：市场现在预计美联储将在2023年下半年降息，但这对股票来说可能是个坏消息
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."
他说，联邦政府层面存在供需失衡：“他们有巨额赤字来应对这种情况，这意味着发行更多的债务。”
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.
这位对冲基金经理说，只有当投资者获得足够高的实际回报时，他们才会购买政府债务；否则，他们将出售债务，从而造成严重的不平衡。
"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.
达利奥说：“这种不平衡是正在发生的事情的本质，” 他补充说，如果许多实体标价将持有的债券推向市场，它们已经陷入财务困境。
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.
布里奇沃特协会的最新投资组合统计数据: 根据HedgeFollow.com的数据， 宝洁公司 （纽约证券交易所：PG）是布里奇沃特投资组合中最大的单一股票，持有4.13％的股份。
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.
自年初以来，布里奇沃特投资组合中股票增幅最大的公司是 美国银行公司 （纽约证券交易所代码：BAC），上涨了152％， 伯克希尔哈撒韦公司 纽约证券交易所股票代码：BRK-A）（纽约证券交易所代码：BRK-B），上涨了44％。
Mastercard Inc. (NYSE:MA) saw the greatest reduction, with the amount of shares cut in half year-to-date.
万事达卡公司 纽约证券交易所代码：MA）的跌幅最大，今年迄今为止减半的股票数量。
Photo via Shutterstock.
照片来自 Shutterstock。
译文内容由第三方软件翻译。