Karen Karniol-Tambour - All Things Macro

**Patrick O'Shaughnessy** (0:00)
This episode of Invest Like the Best is brought to you by Tegas. I started hearing about Tegas when several of my close professional investor friends sent me passages or ideas they'd found on the Tegas platform. Conducting effective primary research shouldn't take weeks, it should take hours. Searching for answers shouldn't be lengthy, cumbersome process. It should be easy and nearly immediate. Expert calls should not cost $1,000. Tegas solves these problems and makes primary research faster and better for professional investors.
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Hello and welcome everyone. I'm Patrick O'Shaughnessy and this is Invest Like the Best. This show is an open-ended exploration of markets, ideas, stories and strategies that will help you better invest both your time and your money. Invest Like the Best is part of the Colossus family of podcasts and you can access all our podcasts, including edited transcripts, show notes and other resources to keep learning at joincolossus.com.

**SPEAKER_2** (2:31)
Patrick O'Shaughnessy is the CEO of O'Shaughnessy Asset Management. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of O'Shaughnessy Asset Management. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Clients of O'Shaughnessy Asset Management may maintain positions in the securities discussed in this podcast.

**Patrick O'Shaughnessy** (2:56)
My guest today is Karen Karniol-Tambour, partner and co-CIO for sustainability at Bridgewater Associates. You will quickly understand why Ray Dalio described Karen as a vacuum cleaner of learning. Our conversation covered a variety of market themes and Karen goes deep on each of them. We touch on inflation, monetary policy, currencies, retail investors, ESG, and how each of these levers has become more important for investors to understand.
Karen has a rare skill for making complex ideas seem simple and I love the frameworks she uses to deconstruct big important issues. She does such a good job of explaining what's changed, why it matters, and what to do about it. I hope you enjoy my great conversation with Karen Karniol-Tambour.
So Karen, this has been a conversation long in the making. I'm excited to finally do it. We've had all sorts of disasters that have gotten in the way of us getting this on the books, but have been so looking forward to it. I think because we're going to talk about so many parts of the investing world, interesting topics, interesting parts of the economy, that it would be appropriate to start with sort of how your mind works and how the investing machine at your firm works. So maybe you could give us a thumbnail sketch of how you personally got to hear, what were sort of the formative experiences that have formed your investment worldview.

**Karen Karniol-Tambour** (4:13)
Let me give a couple of sentences about how Bridgewater invests, and then I'll talk about my journey into Bridgewater and why it spoke to me. I think the best way to think about Bridgewater is a firm that takes equally seriously being fundamental and being systematic. So we're not going to make any investments unless we deeply understand the cause effect relationships.