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#43 Ray Dalio: Principles: Life and Work
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The Next Depression in Perspective
In 1981, Bridgewater wrote a newsletter entitled The Next Depression in Perspective. He said the enormity of our debt implies that the depression will be as bad or worse than one witnessed in the 30s. After Mexico's default, the Fed responded to the economic collapse and debt defaults by making money more readily available. This caused the stock market to jump by a record amount. All of this provided an indeliable lesson into my head: Timing is everything.
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