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

New Bridgewater Presentation On 'The Three Big Forces'

Central Banks Are Printing Across The Developed World

New Bridgewater Presentation On 'The Three Big Forces'

Liquidity Impact

Low Expected Returns

Long-term Expected And Actual Returns Of Assets

Bridgewater: Global Conditions, Asset Returns and Investment Strategy

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