WESTPORT, Conn. – Greenwich billionaire Ray Dalio, the richest man in the state, doesn't believe that the Westport-based hedge fund he founded was one of the causes of the recent stock market instability, reports Business Insider.
In a new paper released by Bridgewater and obtained by the Financial Times, Dalio disputes claims that the 'risk parity' strategy led by his hedge fund had a direct hand in last month's market fluctuations, Business Insider said.
The paper states that the money lost last month was a relative "drop in the bucket" compared to the size of global markets, according to Business Insider.
According to Forbes, Dalio is worth an estimated $15.2 billion.Click here to read the rest of the Business Insider article.
Click here to sign up for Daily Voice's free daily emails and news alerts.