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Alert: The U.S. recession is almost unavoidable, says Karen Karniol-Tambour, co-investment chief at Bridgewater Associates, the world's largest hedge fund

Photo: Mike Blake / REUTERS

When Karen Karniol-Tambour came to Princeton University from Israel at the age of 17, she knew only vaguely what a stock was. 20 years later, she moves the stock markets as co-investment chief of the world's largest hedge fund, Bridgewater Associates.

In the past, Karniol-Tambour liked to appear in a leather jacket, but for the opening round at the annual summit of the money elite in Beverly Hills at the beginning of May, she has taken a dove-blue business suit out of the closet and looks strictly straight ahead into the hand-picked audience. And that looks back sternly. The expectation: The star ensemble at the start of the Milken Institute Global Conference should please draw the "Very Big Picture", in a few rough, ideally bright strokes.

Sedated competence jerks its way around on the chairs, the big bank bosses Jane Fraser (55; Citigroup) and Robin Vince (51; Bank of New York Mellon), fund chief David Hunt (62; PGIM, assets under management: around $1.2 trillion) and private equity CEO Rishi Kapoor (54; Investcorp). Karniol-Tambour is the youngest in the group – and the coolest on the stage of the "Beverly Hilton".

She could understand the desire for a comeback of the stock markets, said Karniol-Tambour. However, almost everything speaks against it. The trend towards more and more globalization is a thing of the past. Which leads to higher inflation rates.

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