Senate

Why’s McCormick Trying To Cover Up His Record On China And Outsourcing?

Despite Connecticut hedge fund executive David McCormick‘s best efforts to try to distance himself from his former boss Ray Dalio on China and posture as a “China hawk” (baseless TV ad fearmongering and all), a new MarketWatch report highlights that, under McCormick’s leadership, Bridgewater Associates actually “boosted its bet on Chinese companies in the fourth quarter” on 2021.

It’s just the latest evidence — whether on outsourcing and offshoringBuy American requirements, or business dealings with China — that David McCormick’s campaign trail rhetoric is completely at odds with his actual track record.

The MarketWatch report comes as TV and radio ad spending in the Pennsylvania GOP Senate “slugfest” primary has now exceeded $32.5 million (including future reservations), according to Medium Buying

Market Watch: Ray Dalio’s Bridgewater boosts its bets on China

By Steve Goldstein, 2/15/22

  • “The world’s biggest hedge fund boosted its bet on Chinese companies in the fourth quarter.”
  • “The latest 13-F filing from Bridgewater Associates shows the firm boosted the number of shares it’s held in Alibaba BABA, 2.69% by 29% in the fourth quarter, to take its holding in the Chinese internet services giant to the eighth highest spot in its portfolio.”
  • “Bridgewater also boosted its stake in JD.com JD, 2.46% by 33%, in Pinduoduo PDD, 2.15% by 38%, in Baidu BIDU, 2.34% by 23%, and in Chinese electric vehicle maker Nio NIO, 4.85% by 8% in the fourth quarter.”
  • “Bridgewater also indirectly owns a number of Chinese companies through its third-largest holding, Vanguard’s emerging-markets fund VWO, 1.61%, though the firm reduced its holding in that and two similar emerging-markets ETFs in the fourth quarter.”

Read more from Market Watch.

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