Presentation by Bob Prince, Co-Chief Investment Officer, Bridgewater Associates, at the Board of Trustees Meeting – June 5 – 6, 2014 (starts page 47)

Bridgewater’s Template: Three Big Forces

1. Productivity

2. The Long-term Debt Cycle (50 – 75 Years)

3. The Short-term Debt Cycle (5 – 8 Years)

U.S. Deleveraging

Bridgewater us deleveraging

Central Banks Are Printing Across The Developed World

central banks

Liquidity Impact

Liquidity Impact

Low Expected Returns

expected return

Long-term Expected And Actual Returns Of Assets

Long-term Expected

Bridgewater: Global Conditions, Asset Returns and Investment Strategy

See full Bridgewater’s presentation via trs.state.tx.us