erik schatzker. highlights. erik: let us start with what people will find most surprising. bridgewater, this legendary firm , a long track record, been around 47 years, is cutting jobs. you do not hear that often about hedge funds especially of this size cutting jobs, cutting about 100. they want to redeploy the resources into other initiatives. the other thing people in the hedge fund community are going to find a super interesting is bridgewater is capping the so-called capacity of one of its strategies, pure alpha flagship strategy. what that means is the pure alpha strategy will no longer manage as much money as it once did. at one point, pure alpha peaked around one hundred billion dollars. that is a lot, for any single strategy in any asset class. it is an unconstrained strategy that runs across asset classes, it is a lot. for many years, it ran counter to the conventional wisdom that there are capacity limits. if you want to achieve a certain level of performance, there is a capacity limit and

erik schatzker has that story. change for him that he is doing. >> it is. it attracts so much attention because we are talking about bridgewater, the world's largest hedge fund firm for many years shrouded in mystery. much less mystery than before. the biggest thing to point out is the speed with which they are taking action. many of us have worked to companies in which new management comes in and it tends to take forever for change to rule out. here we are five months after ray left and changes happening quickly. they are capping the size of their flagship fund strategy. they are cutting a hundred jobs out of a workforce of about 1300 and plowing forward with major investments in four areas. and artificial intelligence. what that tells you is that some people including the new ceo, nir bar dea, were chomping at the bit. now that a new generation of leadership has the reins, they are moving forward and moving forward at a rapid pace. guy: in terms of how this is going to work, talk me through the key levers being p