HIGHLIGHTS: Greg Jensen - Co-CIO of Bridgewater Associates

Hi, everybody. Tune in to this short version of the podcast, which we do every Friday. For the long version, tune in on Wednesdays. 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 mercantilism, 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, think 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. 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, every 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. Okay. So just to remind, everybody of the structure here. We talked about the economy, mercantilism. We talked about tech, where we touched on power, chips, and scientists. And then the last of the three points is capital and all the capital that's gone to The US. So what are your thinking here? Yeah. It's super interesting because these two other pressures cut against each other to some degree. But I think the economy has changed. Just back on marketableism for a second. The US is no longer The US that has been post World War two. The idea of global institutions and even what The US currently sees in its interest has changed radically. The …