The ECB’s “insufficient stimulation” for the past years has led to “economies in the region mired in an ugly deleveraging,” a recent Bridgewater Associates second quarter investor letter said. But “recent policy shifts are unlikely to create a substantial change in conditions in the region.”
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The letter outlined the large hedge fund’s currency and bond market positions, both of which were profitable, and charted the path ahead.
Bridgewate's moderately short position in global bonds
Bridgewater changed from a neutral to a moderately short position in global bonds in the second quarter, where interest rate...
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