BOSTON (Reuters) – Billionaire investor Ray Dalio, who founded the world’s largest hedge fund, said Monday that both sides must work together to reshape capitalism for a post-pandemic world.
Dalio, who has ideas of global problems and solutions that can be widely pursued, said that bipartisan and fertile effort is necessary to create economic transformation. “It’s not just wealth. There needs to be more productivity, ”he said on the meaningful agenda of the World Economic Forum.
“So it has to be too comprehensive and it has to be like the Manhattan Project,” Dalio said referring to the U.S.-led effort during World War II to develop nuclear weapons.
His remarks came hours after he said on Twitter, “I believe we are on the verge of a terrible civil war … where we are at an inflection stage between entering a hell of a kind of fight or withdrawal to work together for peace of wealth. ”
In the Davos session, which was held almost entirely because of the pandemic, Dalio praised US President Joe Biden for taking a more inclusive tone and for being president for the UNITED STATES. “It’s a big goal,” he said.
But the investor said he does not see an easy path to solving problems such as the wealth gap, more debt, as well as China’s rising power and the declining power of the United States. “It’s a fragile, fragmented world,” he said.
Dalio’s Bridgewater Associates has raised $ 46.5 billion for investors since its launch in 1975 but suffered a halt last year when it lost $ 12.1 billion, according to data from LCH Investments .
Reciting with Svea Herbst-Bayliss; Edited by Nick Zieminski