The Wall Street Skinny Podcast: A Conversation with Karen Karniol-Tambour
January 28, 2025
In this episode, co-CIO Karen Karniol-Tambour shares her perspective on macro investing, market cycles, and navigating an increasingly complex global economy. She discusses the key forces shaping today’s financial markets—from central bank policies to shifting geopolitical landscapes—and what they mean for investors. Karen also provides insights into Bridgewater’s systematic approach to decision-making, the importance of understanding economic principles, and how to build a resilient portfolio in a constantly evolving market environment.
Karen shares a behind-the-scenes look at Bridgewater’s systematic investment approach, our principles for decision-making, and how we assess risk and returns in an ever-changing market. In addition to her investment insights, Karen shares her perspective on leadership as well as balancing work and family. Whether you’re a finance professional or simply looking to enhance your understanding of global markets, the discussion offers valuable insights from one of the industry's most respected leaders.
Important Disclosures & Other Information
This podcast is circulated for informational and educational purposes only. There is no consideration given to the specific investment needs, objectives, or tolerances of any of the recipients. Additionally, Bridgewater's actual investment positions may, and often will, vary from its conclusions discussed herein based on any number of factors, such as client investment restrictions, portfolio rebalancing and transactions costs, among others. Recipients should consult their own advisors, including tax advisors, before making any investment decision. This material is for informational and educational purposes only and is not an offer to sell or the solicitation of an offer to buy the securities or other instruments mentioned. Any such offering will be made pursuant to a definitive offering memorandum. This material does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors which are necessary considerations before making any investment decision. Investors should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, where appropriate, seek professional advice, including legal, tax, accounting, investment, or other advice. No discussion with respect to specific companies should be considered a recommendation to purchase or sell any particular investment. The companies discussed should not be taken to represent holdings in any Bridgewater strategy. It should not be assumed that any of the companies discussed were or will be profitable, or that recommendations made in the future will be profitable.
The information provided herein is not intended to provide a sufficient basis on which to make an investment decision and investment decisions should not be based on illustrative information that has inherent limitations. Bridgewater makes no representation that any account will or is likely to achieve returns similar to those shown. The price and value of the investments referred to in this research and the income therefrom may fluctuate. Every investment involves risk and in volatile or uncertain market conditions, significant variations in the value or return on that investment may occur. Investments in hedge funds are complex, speculative and carry a high degree of risk, including the risk of a complete loss of an investor’s entire investment. Past performance is not a guide to future performance, future returns are not guaranteed, and a complete loss of original capital may occur. Certain transactions, including those involving leverage, futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Fluctuations in exchange rates could have material adverse effects on the value or price of, or income derived from, certain investments.
Bridgewater research utilizes data and information from public, private, and internal sources, including data from actual Bridgewater trades. Sources include Absolute Strategy Research, BCA, Bloomberg Finance L.P., Bond Radar, Candeal, CEIC Data Company Ltd., Ceras Analytics, China Bull Research, Clarus Financial Technology, CLS Processing Solutions, Conference Board of Canada, Consensus Economics Inc., DTCC Data Repository, Ecoanalitica, Empirical Research Partners, Energy Aspects Corp, Entis (Axioma Qontigo Simcorp), Enverus, EPFR Global, Eurasia Group, Evercore ISI, FactSet Research Systems, Fastmarkets Global Limited, The Financial Times Limited, Finaeon, Inc., FINRA, GaveKal Research Ltd., GlobalSource Partners, Gordon Haskett Research Associates, Harvard Business Review, Haver Analytics, Inc., Institutional Shareholder Services (ISS), Insync Analytics, The Investment Funds Institute of Canada, ICE Derived Data (UK), Investment Company Institute, International Institute of Finance, JP Morgan, JSTA Advisors, LSEG Data and Analytics, MarketAxess, Medley Global Advisors, Metals Focus Ltd, MSCI, Inc., National Bureau of Economic Research, Neudata, Organisation for Economic Cooperation and Development, Pensions & Investments Research Center, Pitchbook, Political Alpha, Renaissance Capital Research, Rhodium Group, RP Data, Rubinson Research, Rystad Energy, S&P Global Market Intelligence, Sentix GmbH, SGH Macro, Shanghai Metals Market, Smart Insider Ltd., Sustainalytics, Swaps Monitor, Tradeweb, United Nations, US Department of Commerce, Visible Alpha, Wells Bay, Wind Financial Information LLC, With Intelligence, Wood Mackenzie Limited, World Bureau of Metal Statistics, World Economic Forum, YieldBook. While we consider information from external sources to be reliable, we do not assume responsibility for its accuracy. Data leveraged from third-party providers, related to financial and non-financial characteristics, may not be accurate or complete. The data and factors that Bridgewater considers within its investment process may change over time.
This information is not directed at or intended for distribution to or use by any person or entity located in any jurisdiction where such distribution, publication, availability, or use would be contrary to applicable law or regulation, or which would subject Bridgewater to any registration or licensing requirements within such jurisdiction. No part of this material may be (i) copied, photocopied, or duplicated in any form by any means or (ii) redistributed without the prior written consent of Bridgewater® Associates, LP.
This podcast contains a moderated discussion with personnel from both Bridgewater and external parties. The views expressed by each party are their own and neither party is endorsing the views, opinions, products, or services offered by the other party or such other party’s firm. Bridgewater may have a significant financial interest in one or more of the positions and/or securities or derivatives discussed. Those responsible for preparing this report receive compensation based upon various factors, including, among other things, the quality of their work and firm revenues.
Karen shares a behind-the-scenes look at Bridgewater’s systematic investment approach, our principles for decision-making, and how we assess risk and returns in an ever-changing market. In addition to her investment insights, Karen shares her perspective on leadership as well as balancing work and family. Whether you’re a finance professional or simply looking to enhance your understanding of global markets, the discussion offers valuable insights from one of the industry's most respected leaders.
Important Disclosures & Other Information
This podcast is circulated for informational and educational purposes only. There is no consideration given to the specific investment needs, objectives, or tolerances of any of the recipients. Additionally, Bridgewater's actual investment positions may, and often will, vary from its conclusions discussed herein based on any number of factors, such as client investment restrictions, portfolio rebalancing and transactions costs, among others. Recipients should consult their own advisors, including tax advisors, before making any investment decision. This material is for informational and educational purposes only and is not an offer to sell or the solicitation of an offer to buy the securities or other instruments mentioned. Any such offering will be made pursuant to a definitive offering memorandum. This material does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors which are necessary considerations before making any investment decision. Investors should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, where appropriate, seek professional advice, including legal, tax, accounting, investment, or other advice. No discussion with respect to specific companies should be considered a recommendation to purchase or sell any particular investment. The companies discussed should not be taken to represent holdings in any Bridgewater strategy. It should not be assumed that any of the companies discussed were or will be profitable, or that recommendations made in the future will be profitable.
The information provided herein is not intended to provide a sufficient basis on which to make an investment decision and investment decisions should not be based on illustrative information that has inherent limitations. Bridgewater makes no representation that any account will or is likely to achieve returns similar to those shown. The price and value of the investments referred to in this research and the income therefrom may fluctuate. Every investment involves risk and in volatile or uncertain market conditions, significant variations in the value or return on that investment may occur. Investments in hedge funds are complex, speculative and carry a high degree of risk, including the risk of a complete loss of an investor’s entire investment. Past performance is not a guide to future performance, future returns are not guaranteed, and a complete loss of original capital may occur. Certain transactions, including those involving leverage, futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Fluctuations in exchange rates could have material adverse effects on the value or price of, or income derived from, certain investments.
Bridgewater research utilizes data and information from public, private, and internal sources, including data from actual Bridgewater trades. Sources include Absolute Strategy Research, BCA, Bloomberg Finance L.P., Bond Radar, Candeal, CEIC Data Company Ltd., Ceras Analytics, China Bull Research, Clarus Financial Technology, CLS Processing Solutions, Conference Board of Canada, Consensus Economics Inc., DTCC Data Repository, Ecoanalitica, Empirical Research Partners, Energy Aspects Corp, Entis (Axioma Qontigo Simcorp), Enverus, EPFR Global, Eurasia Group, Evercore ISI, FactSet Research Systems, Fastmarkets Global Limited, The Financial Times Limited, Finaeon, Inc., FINRA, GaveKal Research Ltd., GlobalSource Partners, Gordon Haskett Research Associates, Harvard Business Review, Haver Analytics, Inc., Institutional Shareholder Services (ISS), Insync Analytics, The Investment Funds Institute of Canada, ICE Derived Data (UK), Investment Company Institute, International Institute of Finance, JP Morgan, JSTA Advisors, LSEG Data and Analytics, MarketAxess, Medley Global Advisors, Metals Focus Ltd, MSCI, Inc., National Bureau of Economic Research, Neudata, Organisation for Economic Cooperation and Development, Pensions & Investments Research Center, Pitchbook, Political Alpha, Renaissance Capital Research, Rhodium Group, RP Data, Rubinson Research, Rystad Energy, S&P Global Market Intelligence, Sentix GmbH, SGH Macro, Shanghai Metals Market, Smart Insider Ltd., Sustainalytics, Swaps Monitor, Tradeweb, United Nations, US Department of Commerce, Visible Alpha, Wells Bay, Wind Financial Information LLC, With Intelligence, Wood Mackenzie Limited, World Bureau of Metal Statistics, World Economic Forum, YieldBook. While we consider information from external sources to be reliable, we do not assume responsibility for its accuracy. Data leveraged from third-party providers, related to financial and non-financial characteristics, may not be accurate or complete. The data and factors that Bridgewater considers within its investment process may change over time.
This information is not directed at or intended for distribution to or use by any person or entity located in any jurisdiction where such distribution, publication, availability, or use would be contrary to applicable law or regulation, or which would subject Bridgewater to any registration or licensing requirements within such jurisdiction. No part of this material may be (i) copied, photocopied, or duplicated in any form by any means or (ii) redistributed without the prior written consent of Bridgewater® Associates, LP.
This podcast contains a moderated discussion with personnel from both Bridgewater and external parties. The views expressed by each party are their own and neither party is endorsing the views, opinions, products, or services offered by the other party or such other party’s firm. Bridgewater may have a significant financial interest in one or more of the positions and/or securities or derivatives discussed. Those responsible for preparing this report receive compensation based upon various factors, including, among other things, the quality of their work and firm revenues.