Bridgewater Associates, one the biggest, most vocal bulls on China, has reportedly flipped it’s view on the world’s second-largest economy.
According to the WSJ, Ray Dalio — the firm’s multi-billionaire founder and CEO — wrote investors that “(o)ur views about China have changed,” adding that “(t)here are now no safe places to invest.”
Dalio, who earlier this month said that China’s market rout was “not significantly reflective of, or influential on, the Chinese economy, Chinese investors, or foreign investors,” apparently reversed course on the nation because of the huge psychological damage the slump has created, telling investors:
“Even those who haven’t lost money in stocks will be affected psychologically by events, and those effects will have a depressive effect on economic activity.”
This is a dramatic 180 for the firm given Dalio’s recent comments on the nation — he said there’s a lot of potential in the region and even called its leadership “impressive.”
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