After relinquishing control of the world's largest hedge fund, Ray Dalio, the founder of Bridgewater Associates, said he will continue doing the most engaging thing he has done — play the markets.
"I will play the markets till I die because it's the most engaging thing I've done since I was 12, and I will pass along what I have to offer through mentoring and philanthropy because that's the most meaningful thing I can do," Dalio said in his tweet.
I will play the markets til I die because it's the most engaging thing I've done since I was 12, and I will pass along what I have to offer through mentoring and philanthropy because that's the most meaningful thing I can do — (4/5)
— Ray Dalio (@RayDalio) October 5, 2022
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Stepping Down: On Sept. 30, Dalio transferred all of his voting rights to the board of directors and stepped down from his role as one of three co-chief investment officers at Bridgewater.
"Thank you all! I'm overwhelmed by the outpouring of congratulations and warm wishes arising from my turning over control of Bridgewater to my next generation partners and moving on to a new phase as a mentor, investor, and board member," Dalio tweeted.
Dalio has been vocal on social media about his opinions on the global economic environment. On Tuesday, he quoted legendary economist John Maynard Keynes to express what he felt about cash as an asset in the current economic environment.
"As John Maynard Keynes is credited with saying: 'When the facts change, I change my mind. What do you do, sir?' Along these lines, the facts have changed and I've changed my mind about cash as an asset: I no longer think cash is trash," Dalio said.
Why It Matters: His comments assume significance as assets across equities to bonds have taken a hit at a time when the U.S. Fed continues to maintain its hawkish tone. The SPDR S&P 500 ETF Trust
(NYSE:SPY) has lost over 21% since the beginning of 2022 while the Vanguard Total Bond Market Index Fund ETF (NASDAQ:BND) has shed over 14% in the same period.
On Social Media: Dalio, 73, also pointed out he would not be retiring. "By the way, lest there be any doubt, I'm not retiring," he said in his tweet.
The legendary investor has assured his followers on social media that the transition won't impact his social media posts and exchanges. "This new phase won't change my posts and our exchanges on social media. So let's stay in touch," Dalio tweeted.
Read Next: Ray Dalio Relinquishes Control Of Bridgewater: What You Need To Know
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