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Ray Dalio says his comments on human rights in China were misunderstood

Ray Dalio, the billionaire founder of Bridgewater Associates LP, took to social media on Sunday to “clarify” comments he made last week in which he appeared to deny infringement. human rights in China.

Dalio said he “recklessly answered” a question in an interview with CNBC that “created a misunderstanding” about his position.

“I assure you that I do not mean to convey that human rights are not important because I certainly believe they do and I do not mean that the US and China deal with these issues similarly because they are certain that they are not. definitely not,” Dalio said in a series of tweets on Sunday, and in a post on LinkedIn.

Dalio said he was trying to explain how “Confucianism is based on the family and that extends to their management, a more autocratic approach like strict parents. I did not express my own opinion or endorse that approach.

“Understanding and agreeing are two different things, and that is what was lost in the interview. I apologize my answer lacked that nuance and caused confusion,” he wrote.

Bridgewater – the world’s largest hedge fund – has significant investments in China, and has raised about $1.25 billion for its latest investment fund in China in the third quarter, the Wall Street Journal reported last month.

The spat began last Tuesday, when Dalio was interviewed on CNBC’s “Squawk Box” and on the topic of concerns about investing in China, telling host Andrew Ross Sorkin: “I watch it. See what the rules are. If the government has a policy that I should do something, etc., but I cannot be an expert in all of those particular dynamics. … As a top-down nation, what they’re doing is… they behave like a strict parent. ”

He added: “I look at the US, and I say, well, what’s going on in the United States? And shouldn’t I invest in the US because of our own human rights issues, or other things? ”

The comments drew condemnation by the editorial board of the Wall Street Journal, which said his comments “show why so many Americans don’t like Wall Street,” and Sen. Mitt Romney, R-Utah, among others.

“Ray Dalio is a wonderful person and a friend, but his feigned ignorance of the horrendous abuses and rationalizations of Chinese complicit investments there is an utter lapse. morally sad force”. Romney tweeted on Thursday.

Source link Ray Dalio says his comments on human rights in China were misunderstood

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