Hi, I'm Dan Fromat and welcome to Axios Recap.

Today is Tuesday, February 3rd.

U.S. jobs are up, Jeff Bezos is stepping down, and we're talking to one of the world's

top hedge fund managers about the Reddit Revolt.

Last Saturday, my mother asked me to explain the GameStop situation to her.

Then, some of my friends, who don't invest or generally care about business, texted to thank

me for the explainer episode we did last Wednesday with Felix Salmon.

Several hours later, SNL referenced the matter on two different segments, the ultimate

sign that something has caught the American imagination. The easiest way to explain this is that

rich hedge fund managers use so-called shorting strategies to bet that a stock's value will fall,

not rise. In some cases, those same hedge fund managers actually make public statements or use other

techniques to help move the prices downward, much like Reddit users leverage social media to make

GameStop shares go higher. In short, the little guys finally put one over on the big guys.

What we want to get today, though, was a view from the hedge fund side of the table,

not just about the class conflicts inherent to the trades, but what they tell us about if,

as S&L put it, the stock market no longer works.

So for that we reached out to Ray Dalio, founder of Bridgewater Associates, one of the largest

hedge funds in the world.

And we are pleased to be joined by Ray now.

We are joined now by Ray Dalio.

So Ray, you spoke to the Washington Post last week.

And one of the things you said was that the broader game stop trading situation didn't

...