Dalio says ‘time is on China’s side’ in power struggle with US

Raymond 'Ray' Dalio, billionaire and founder of Bridgewater Associates LP, gestures as he speaks during a panel session at the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 18, 2017. Photographer: Jason Alden/Bloomberg

Bridgewater Associates founder Ray Dalio said China has an advantage over the U.S. on a range of issues.

“Time is on China’s side and it’s not on the United States’ side, for various developments,” Dalio said Monday in a conversation with New York Times columnist Thomas Friedman at the Milken Institute Global Conference. “What’s going to be a difficult situation in the new administration is destiny is on the side of China growing, and doing better probably.”

He noted how China’s economy has rebounded faster during the pandemic than that of the U.S. and that the listing of “hot” companies on Chinese stock markets is attracting capital. He also said China’s higher interest rates mean the nation is in a better position of “not having to print money.”

In July, Dalio warned in a LinkedIn post that tensions between the U.S. and China could spiral into an armed conflict, saying there’s “usually an economic war” before “a shooting war.” Later that month, he said the two nations may find themselves ensnared in a “capital war” that could hurt the dollar.

He reiterated those views on Monday.

“You’re going to see the internationalization of the renminbi, which was intentionally not developed before, because it is a threat to the American world order,” said Dalio, 71.

This year has been a rough one for Westport, Connecticut-based Bridgewater, the world’s biggest hedge fund firm. Its flagship Pure Alpha II fund fell 18.6% through August. The firm manages about $148 billion, down from roughly $160 billion at the start of the year.

Bloomberg

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.