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Ray Dalio: How I put together a portfolio

The now legendary Ray Dalio from Bridgewater is interviewed on the podcast Value Investing with Legends, where two almost equally legendary investors and thinkers sit on the other side of the table: Columbia Business School professor Tano Santos and Michael Mauboussin.

Throughout the podcast, they cover a variety of topics and Dalio explains how his investment philosophy is focused on return streams rather than asset classes. He goes on to explain that he can put together a well-diversified and uncorrelated mix of alpha and beta by separating alpha and beta in one investment. It allows him to build a portfolio with a higher return to risk ratio.

So in other words, they would say if you’re a stock manager, stock equities, that you would then have your alpha in equities. And then I said, why do that? I can have my alpha in whatever arrangements I have. So I can construct a well diversified, uncorrelated mix of alphas that’s going to give me a higher ratio of return to risk.

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