There is a reason why Bridgewater is the world's biggest hedge fund with $171 billion in assets: it generally, and consistently, tends to generate more alpha than its competitors. Granted, there was the whole "beautiful deleveraging" phase (just ask Greece how that worked out), and the fact is that risk parity is just a ticking time bomb waiting for the worst possible time to explode (usually just when central banks lose control of historical correlations) but on the whole Ray Dalio has proven his investing talent since inception. So for those wondering which "strategy" has been the biggest contributor to Bridgewater's flagship $82 billion Pure Alpha funds over the past decade, the answer is shown in table below. It is not stocks.