Bridgewater bets against Italian banks

Ray Dalio’s shop has mounted a $713M wager against five Italian banks and one insurer, according to a Bloomberg story.

That Italian lenders have a lot of bad paper on their books isn’t exactly old news, and one analyst suggests Bridgewater appears late to the party. Italian banks were among Europe’s best performers in Q3, but have given back 4% in the last few sessions after the ECB announced tougher provisioning standards to kick in next year.

Dalio’s largest bearish bet is against Intesa Sanpaolo (OTCPK:IITOF), followed by Unicredit (OTCPK:UNCFF).

Meanwhile, Jim Grant wonders if Dalio isn’t spending too much time on Twitter and in promoting his book at the expense of running his firm. He also takes note of some odd goings-on at the $160B hedge fund giant.

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