Bridgewater Unveil New $700 Million Short

By Tyler Durden

While in recent days Bridgewater has been in the news not for its investing acumen (or lack thereof), or the outspoken, contrarian views of its founder Ray Dalio, but rather the recent spirited attack by Jim Grant who in not so many words hinted, if not explicitly stated, that there is something very rotten in the state of (Westport) Connecticut (a theatrically sponsored defense was inevitable), it is still the case that any major investing move the hedge fund… pardon the algo-driven investing hedge fund with no prime brokers and lots of ETFs, makes is sure to result in headlines, and today was no exception, because as Bloomberg reports, Bridgewater has amassed a “$713 million wager against Italian financial stocks, its biggest disclosed bearish bet in Europe.”

In addition to shorting five banks and one insurer, public filings disclose that the $160 billion hedge fund is also betting on a decline in the stock price of Milan-based Prysmian SpA, the world’s largest cable maker.

Bridgewater’s biggest short is against Intesa Sanpaolo, followed by UniCredit and insurer Assicurazioni Generali, all names very familiar to anyone who covered the endless European crisis from 2010 until the launch of QE by the …read more

Source:: ZeroHedge