Greg Jensen: Building Bridgewater, mastering AI and the power of radical transparency

Hi, everybody, and welcome to In Good Company. And today, I'm here with Greg Jensen, who is the co CIO of Bridgewater. Now, Bridgewater is, just an incredible hedge fund. The world largest and best, I think we can say. And, it's an honor to have you here, Greg. Thanks for having me. What are the most important things you are spending time on just now? What are you looking at? Yeah. If I said sort of at the the biggest level, the three big themes that I'm concerned about or focused on are, a, the change in how the global and US economy, is being managed. Essentially, what we call a shift to modern mercantilism. That's been a reaction to China's rise. It's created political changes across the West, probably most clearly in The US, leading to a whole different philosophy on how to run the economy. So that's one big theme, modern mercurialism, the way The US is operating both with respect to economics, but also with respect to geopolitical conditions. Huge change, really important to understand. The second is the technological change that we're in the midst of. I've been, as I'm sure we'll get into, thinking about and and working with AI for a very long time now, machine learning for fifteen years and more generally my whole career. And I remember people used to say, Greg, why are you talking about AI all the time? Nobody says that anymore. And, and that It's nice to be right at the end, isn't it? Well, there's a lot of being wrong along the way. Plenty to be wrong about. But the, but that that it it's so important. Right? It's a third to half of everything, geopolitics, markets, everything. You you have to understand it to understand the macro world. And, and third, that all is happening in a world where capital is more concentrated in The US than ever, more concentrated in equity and illiquid assets. So a kind of risky setup. So understanding where money has flowed to, why it's flowed there, and how likely that is to change. Mhmm. Those are the big three headlines. Well, let's unpack, let's unpack them, one after the other. What are the implications for investors that we are moving towards Mercantilism? Yeah. Well, I think, a it's it's a big shift. If you're if you're thinking the economy works the way it used to work, it's it's a really important change. Right? If you take there's a major change in the nineteen eighties, a shift towards small government, a lot of capitalism, a lot of, like, kind of freedom of the private sector to a very different view, right, that because China has risen, because you've hollowed out the middle class in in a a lot of the West, You've got a political reaction. It takes different forms, but you've got a plea political reaction in the rest of the world. In Trumpian kind of mindset, the basic …