By Guy Fletcher, head of Research & Client Solutions at Sanlam Investments.
Ray Dalio, the billionaire founder of Bridgewater Associates, describes his epiphany when he discovered the “Holy Grail of Investing” as something akin to what Einstein must have felt when he discovered E=mc2. Dalio’s Holy Grail can be simply described as the discovery that, with 15 to 20 good, uncorrelated return streams, you can dramatically reduce risks without reducing expected returns. And knowing how to combine these return streams is even more effective than being able to choose the good ones, although that clearly helps too! (more…)
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