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A fireside chat with the founder of one of the most successful investment management firms in the world on how capitalism is broken, and importantly how it can be fixed.[vc_quotes layout=”accordion” quotes=”%5B%7B%22name%22%3A%22Ray%20Dalio%22%2C%22job_role%22%3A%22Founder%20of%20Bridgewater%20(United%20States)%22%2C%22content%22%3A%22Ray%20Dalio%20is%20founder%2C%20co-chair%20and%20co-chief%20investment%20officer%20of%20Bridgewater%20Associates.%20He%20started%20Bridgewater%20out%20of%20his%20two-bedroom%20apartment%20in%20New%20York%20in%201975%20and%20under%20his%20leadership%2C%20the%20firm%20has%20grown%20into%20the%20fifth%20most%20important%20private%20company%20in%20the%20US%20according%20to%20Fortune%20Magazine.%5CnFor%20his%20and%20Bridgewater’s%20industry-changing%20innovations%20as%20well%20as%20his%20work%20advising%20policymakers%20around%20the%20world%2C%20Dalio%20has%20been%20called%20the%20%E2%80%9CSteve%20Jobs%20of%20Investing%E2%80%9D%20by%20aiCIO%20Magazine%20and%20Wired%20Magazine%2C%20and%20named%20one%20of%20the%20100%20Most%20Influential%20People%20by%20TIME%20Magazine.%5CnHe%20is%20also%20the%20author%20of%20The%20New%20York%20Times%20%231%20Bestseller%20Principles%2C%20which%20outlines%20his%20work%20and%20life%20principles%2C%20the%20foundation%20of%20Bridgewater%E2%80%99s%20distinctive%20culture%20and%20the%20cornerstone%20of%20his%20and%20Bridgewater%E2%80%99s%20success.%20Dalio%20and%20Bridgewater%20also%20recently%20published%20Principles%20for%20Navigating%20Big%20Debt%20Crises%2C%20the%20first%20public%20dissemination%20of%20their%20research%20on%20these%20economic%20events%2C%20which%20enabled%20them%20to%20anticipate%20the%202008%20Financial%20Crisis.%20He%20is%20currently%20working%20on%20his%20third%20book%2C%20which%20will%20outline%20his%20investment%20principles.%5CnDalio%20holds%20a%20Bachelor%20of%20Science%20degree%20in%20Finance%20from%20C.W.%20Post%20College%20and%20an%20MBA%20degree%20from%20Harvard%20Business%20School.%20He%20has%20been%20married%20to%20his%20wife%2C%20Barbara%2C%20for%20over%2040%20years%20and%20has%20four%20grown%20sons.%20He%20is%20an%20avid%20philanthropist%20with%20a%20special%20interest%20in%20ocean%20exploration%20and%20conservation.%5Cn%22%2C%22image%22%3A%2233586%22%2C%22linkedin%22%3A%22https%3A%2F%2Fwww.linkedin.com%2Fin%2Fraydalio%2F%22%7D%5D” title=”Speaker” el_class=””][vc_quotes layout=”accordion” quotes=”%5B%7B%22name%22%3A%22Colin%20Tate%22%2C%22job_role%22%3A%22Chief%20executive%2C%20Conexus%20Financial%20(Australia)%22%2C%22content%22%3A%22Tate%20has%20been%20an%20investment%20industry%20media%20publisher%20and%20conference%20producer%20since%201996.%20In%20his%20media%20career%2C%20Tate%20has%20launched%20and%20overseen%20dozens%20of%20print%20and%5Cnelectronic%20publications.%20He%20is%20the%20chief%20executive%20and%20major%20shareholder%20of%20Conexus%20Financial%2C%20which%20was%20formed%20in%202005%2C%20and%20is%20headquartered%20in%20Sydney%2C%20Australia.%5CnThe%20company%20stages%20more%20than%2020%20conferences%20and%20events%20each%20year%20%E2%80%93%5Cnin%20cities%20which%20have%20included%20London%2C%20New%20York%2C%20San%20Francisco%2C%20Los%20Angeles%2C%20Amsterdam%2C%20Beijing%2C%20Sydney%20and%20Melbourne%20%E2%80%93%20and%20publishes%20three%20media%20brands%2C%5Cnincluding%20the%20global%20website%20and%20strategy%20newsletter%20for%20global%5Cninstitutional%20investors%20conexust1f.flywheelstaging.com.%20One%20of%20the%20company%E2%80%99s%20signature%20events%20is%20the%20bi-annual%20Fiduciary%20Investors%20Symposium.%20Conexus%20Financial%E2%80%99s%5Cnevents%20aim%20to%20place%20the%20responsibilities%20of%20investors%20in%20wider%20societal%2C%20and%20political%20contexts%2C%20as%20well%20as%20promote%20the%20long-term%20stability%20of%20markets%20and%20sustainable%5Cnretirement%20incomes.%20Tate%20served%20for%20seven%20years%20on%20the%20board%20of%20Australia%E2%80%99s%20most%20high%20profile%20homeless%20charity%2C%20The%20Wayside%20Chapel%3B%20and%20he%20has%20underwritten%20the%5Cnwelfare%20of%2060%2C000%20people%20in%2028%20villages%20throughout%20Uganda%20via%20The%20Hunger%20Project.%22%2C%22image%22%3A%2233547%22%2C%22linkedin%22%3A%22https%3A%2F%2Fwww.linkedin.com%2Fin%2Famanda-white-101a7515%2F%3ForiginalSubdomain%3Dau%22%7D%5D” title=”Moderator” el_class=””][vc_empty_space height=”10px”]
‘I think sustainability is the most important word of the 21st It’s the most important force.’
For a society to be great, you need to increase productivity and then divide it well. COVID has made productivity difficult but it has also highlighted inequalities. For example, the top 40 per cent of the US population spends 5 times more on the education of their children than the bottom 60 per cent. This mismatch creates a fundamental inequality and unfairness. The US economic mechanism is not meeting its goals of fairness or equality. Inequality is not just unfair its damaging. Populism, for example, has arisen because of unfairness.
The problems of civility, poverty and guns are American problems. I’m a mechanic. I don’t approach this moralistically. I want us to consider what we want to be as a nation and how we engineer for it.
The system that we need is a bipartisan system, otherwise we will constantly be at one another’s throats battling over contradictory positions. We need to produce win-win outcomes, not lose-lose outcomes, to avoid social and political conflict. We need leaders to create harmony so we can work together to generate efficiencies.
I am a realist. The curse of every generation is to not acknowledge the lessons from prior generations.
The children of today will need skills to navigate the risks, uncertainties and opportunities of the future world.
Regardless of who wins the US election, there will be significant stimulus.
Impact investment is easier to measure than philanthropy, but it is still difficult.
Oceans are the greatest asset in the world.
Three issues currently exist that last occurred in the turbulent 1930s period:
Extreme debt levels
The values and political gap
A rising power (China) challenging a historical power (USA)
One of the most important, upcoming challenges at CalSTRS is how the fund should evaluate Chinese investments from a human capital and environmental standpoint, says Chris Ailman, chief investment officer at the giant pension fund.
This episode explores the key pillars of a sustainable recovery including the three important long term trends that need to be addressed climate change, loss of biodiversity and inequality.
It explores the key role for the finance industry which includes building new models that are not only about maximising monetary profits but also transition theory, and the value of ecological and social capital.
Nigel Topping who was appointed by the UK Government as the High Level Climate Action Champion for United Nations climate talks, COP26 joins Fiona Reynolds, chief executive of the PRI, in conversation with Amanda White, editor of Top1000funds.com This episode focuses on climate change and how, amongst and despite, the short-term focus of this COVID-19 crisis, we can mobilise government, business and investors into action around this important issue of climate change.
COVID-19 has revealed some fundamental design flaws in our global economy, including the relentless pursuit of economic growth - not only at the expense of the environment but also at the expense of people. The investment industry has a role to play in fixing these design flaws. A systems framework for investing could be the answer.
For the economic recovery from the COVID-19 crisis to be durable and resilient, a return to ‘business as usual’ and environmentally destructive investment patterns and activities must be avoided. To avoid this, economic recovery packages should be designed to “build back better”.
As we move from the rescue to the recovery phase of the COVID-19 response, policy-makers have an opportunity to invest in productive assets for the long-term.
Investors in Canada and Australia have joined the Dutch funds, APG and PGGM, in making their intention of an AI-driven SDG investment platform a reality - the Sustainable Development Investments Asset Owner Platform.
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