The markets are controlled, Robert Wu and Howard Wang believe. The erstwhile Bridgewater Associates executives, whose role at the hedge fund has been the topic of some dispute, now operate at a different hedge fund, Convoy Investments. But like Dalio and Bridgewater where they worked in limited roles, they coalesce their thoughts and nonetheless see central bank impact on markets as a major issue. In a monthly commentary document reviewed by ValueWalk, the hedge fund that only takes a 1.25% management fee, eschewing the performance fee, has a didactic look at tail risk and they dive deep into Central Limit Theorem to explain market risk.

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