Portfolio Challenges

Portfolio Challenges We are now in a radically different macroeconomic environment—one that poses urgent challenges to markets and portfolios. Today’s mix of global assets reflects the winners of the past paradigm. As a result, many portfolios are more vulnerable than ever to slowing growth, an equity bear market, or US underperformance. They are also geographically concentrated and increasingly illiquid—with little protection against inflation. In short, they are not resilient. Explore a selection of insights on how investors can adapt and prepare for what’s ahead. Taking Stock of the New Paradigm, with Co-CIO Karen Karniol-Tambour July 16, 2026 Karen Karniol-Tambour, Jim Haskel In an excerpt from our Q2 CIO call, Karen Karniol-Tambour lays out where we stand today in the new paradigm shaped by modern mercantilism and AI, and describes what investors can do to navigate this environment. Karen Karniol-Tambour on Investing in a More Fragmented World May 3, 2026 Karen Karniol-Tambour At the Milken Institute's 2026 Global Conference, Co-CIO Karen Karniol-Tambour discusses the investment implications of a world increasingly organized around resilience, industrial policy, and competing economic ecosystems. Two Resource Grabs Reshaping Markets: Modern Mercantilism and AI April 22, 2026 Greg Jensen, Jim Haskel In an excerpt from our Q1 CIO call, Greg Jensen describes how modern mercantilism and AI are driving two accelerating resource grabs and what that means for navigating markets and portfolios today. Building Resilient Portfolios in a Changing Global Environment April 15, 2026 Bob Prince At the HSBC Global Investment Summit 2026 in Hong Kong, Co-CIO Bob Prince joins HSBC Private Bank CEO Ida Liu to discuss managing money in a global landscape being reshaped by modern mercantilism and AI, as well as Asia’s role in providing diversification to today’s portfolios. Global Outlook: Our CIOs on Modern Mercantilism, AI, and Managing Money Today January 14, 2026 Karen Karniol-Tambour, Greg Jensen, Bob Prince, Jim Haskel In an excerpt from our Q4 CIO call, Karen, Greg, and Bob describe the new investment regime—defined by AI and modern mercantilism—and share how investors can build a resilient portfolio in the current environment. Assessing the Vulnerabilities in Portfolios—and What to Do About Them June 30, 2025 Jim Haskel, Jon Pliner, Rich Nuzum Bridgewater’s Jim Haskel sits down with WTW’s Jon Pliner and Mercer’s Rich Nuzum to discuss the risks they see in asset allocations today and how investors can protect help their portfolios. Building Resilience to Different Macroeconomic Regimes April 3, 2025 Head of the Portfolio Strategist group Atul Lele joins the Fiduciary Investors Symposium in Singapore to discuss the paradigm shift from globalization to modern mercantilism, and how investors can construct resilient portfolios in today’s increasingly complex macroeconomic and geopolitical environments. Investing in a New World: Capturing Opportunity and Weathering Uncertainty March 6, 2025 US equity investors have experienced an extraordinary run. Now the world is changing, with new variables at play, from the AI boom to Trump—presenting distinct opportunities and challenges. How can investors position to continue capturing great returns, given the wide range of ways the world could play out? This paper explores these questions and introduces Bridgewater’s All Weather® approach designed for investors seeking to reliably compound their wealth. The Growing Risk to US Assets March 26, 2025 As you know, one of the major issues I am focused on as CIO is how America’s shift toward modern mercantilism will affect the global economic order. As the events of the past few weeks indicate, it is sinking in for US trading partners and traditional allies that they will not be able to rely on the US as a consistent partner. Germany pushing through a major defense and infrastructure bill is indicative of where we’re going— with each major US partner finding a new way to live in a new world order. The All Weather Story August 2016: The story of how Bridgewater Associates created the All Weather investment strategy, the foundation of the ‘Risk Parity' movement. White Paper: The All Weather Story January 2012: How Bridgewater Associates created the All Weather investment strategy. More Featured Research Modern Mercantilism Artificial Intelligence