Ray Dalio's Bridgewater Builds $5.7 Billion Bet Against European Stocks (Bloomberg) Ray Dalio 's Bridgewater Associates has emerged as the biggest short seller of European stocks, wagering more than $5.7 billion against them in a bid to profit from a potential decline in value. The investment by the world's biggest hedge fund firm includes a $1 billion position against semiconductor manufacturer ASML Holding NV and a short wager on TotalEnergies SE worth about $752 million, according to data compiled by Bloomberg based on regulatory filings. The firm has raised its short bets in the region this month to 18 companies.