Navigating Through a Time of Extraordinary Change

Bridgewater

1 Pages

Bridgewater examines how modern mercantilism, concentrated US exposure, and technological disruption are reshaping the investment landscape. The firm argues that government intervention is becoming more entrenched, while persistent portfolio imbalances may leave investors exposed as capital flows, currencies, and global policy priorities shift.

Key Takeaways

Tariffs Remain Elevated: Since April 2, the effective US tariff rate has remained above 13%, its highest level in decades despite periods of policy de escalation.
Dollar Pressure Builds: The US dollar fell 10% against major currencies year to date as investors reconsidered concentrated US exposure and increased currency hedging.
Real Yields Resurface: Real yields are near their highest levels in 15 years, potentially improving the relative appeal of fixed income diversification beyond equity heavy portfolios.
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