Recently, Dalio officially retired, but it seems there has been little news coverage. As an important teacher in my investment field, retiring in 2025 is actually the best strategy for him to exit gracefully. Currently, investment masters with over 20 years of experience in the market are mostly adopting defensive strategies. Especially by looking at their 13F institutional holding reports, one can easily tell. 🧐

So I am very curious about what kind of asset allocation strategy Dalio will choose for his family fund after retiring from the Bridgewater Fund, which he founded 50 years ago. I continued to explore, and surprisingly, it is basically consistent with Buffett: abandoning active Alpha strategies and embracing Beta! 👇

🎯 Dalio has retired, but his approach has taught me: don’t just think about making money, but also think about how to "protect your money."

I have been investing in U.S. stocks and #Web3 for many years, often needing to track the movements of hedge funds and Wall Street big shots. Recently, one thing left a particularly deep impression on me: Ray Dalio, the founder of Bridgewater Fund and known as the "father of hedge funds," has officially retired.

To be honest, he is an investor I greatly admire. But one of his actions after retirement impressed me even more—he invested almost all of his family trust's money in Beta strategies, rather than his famous Alpha strategies.

Doesn’t that sound a bit contradictory? Let’s take a closer look; perhaps Dalio's strategy will also inspire you!

💡 What are Alpha and Beta? — One is "hunting," and the other is "renting."

Let’s use an analogy: you go fishing:

• Alpha: You rely on your fishing skills to catch 10 fish in a day while others only catch 3; this is called "excess return."

• Beta: You directly rent a fish pond, and the fish naturally grow; as long as you don’t make mistakes, you’ll have fish to harvest every year; this is called "market return."

Alpha relies on human brainpower, judgment, and intelligence; Beta relies on systems, allocation, trends, and time.

🧠 Dalio started with Alpha but ultimately entrusted his family’s money to Beta.

Bridgewater Fund started with Alpha, employing very advanced, complex, and highly timed stock-picking strategies. Simply put, it survives on genius.

However, after Dalio retired, he allocated his family trust assets into his own designed "All Weather Strategy," which is essentially a highly diversified system that earns slow money through Beta.

At first, I didn’t understand this operation: you made money your whole life through Alpha, so why not "show off your skills" with your family wealth? Later, I figured it out.

🛡 What truly needs to be passed down is not the windfall, but stability.

When we invest, in our youth, we all want to take risks, chasing highs and lows, going all in. But when it comes to considering wealth "passing down through generations"—you will find that relying on a person's judgment to operate is very unreliable.

• Alpha is too dependent on individuals: Dalio has retired; who will carry the Bridgewater banner? The answer is uncertain.

• Alpha is unsustainable: today's strategy may outperform the market, but tomorrow it might not work. Just like pop songs, they rarely last more than three years.

• Alpha is expensive: executive teams, researchers, algorithm developers—all require money, and the fees are exorbitant.

But Beta is different.

• Beta is a rising tide; you hold the entire market, which trends upward over the long term.

• Beta can be systematically managed, not relying on any individual's judgment.

• Beta is easy to pass down; even if you don’t understand investing, you can follow the system and achieve stable compounding.

⚖ The wisdom behind the "All Weather Strategy": don’t bet on judgment, prepare for all possibilities.

The core of Dalio's "All Weather Strategy" is four words: risk parity.

What does it mean? He doesn’t guess whether the stock market will rise tomorrow or whether gold will be expensive; he directly diversifies his money into:

• Stocks (growth)

• Bonds (good during recessions)

• Commodities, gold (anti-inflation)

• Cash (to combat tightening)

You will inevitably encounter one of the four economic cycles; he doesn’t predict which one will come but prepares for each in advance. This is "preparation > judgment." The All Weather Strategy is also the most enlightening investment strategy for us, and with appropriate adjustments, it can become a strategy with a large capacity and relatively stable returns, especially in response to economic downturns!

After I reviewed Dalio's actions, as an investor still battling in the market, I felt deeply moved. In our industry, many people only focus on "how to make money," but fewer think clearly about "how to protect the money they’ve made."

Dalio's choice represents a significant shift in investment philosophy: "I no longer bet on genius, but rather build a system that doesn’t require genius." This reflects wisdom, as well as a belief in Beta, compounding, and the power of systems. It is worth studying and deeply contemplating! 🧐

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