At an economic forum in Greenwich Tuesday, star hedge fund manager and Greenwich resident Ray Dalio said the world’s bedrock economic system was “broken.”

“The reason the system is broken is because it’s not an equal-opportunity system,” Dalio told the crowd, according to The Greenwich Time. “There are justifiable complaints about the failure of that system to produce education. It needs to be reformed in a way that works better.”

Dalio called for capitalism to be reformed.

Dalio founded Westport-based Bridgewater Assoc., the world’s largest hedge fund by assets under management. He was speaking at the second annual Greenwich Economic Forum, being held at the Delamar Greenwich Harbor Hotel. GEF 2019 is being produced by the Greenwich Business Institute and the Financial Times, with the support of the state of Connecticut and the town of Greenwich. The agenda explores the trends and disruptions reshaping global finance, including the opening of China’s financial markets, the growth of private equity and private credit, and the latest trends in ESG investing globally.