The Master Investor Podcast with Wilfred Frost Ray Dalio: The Risks Are NOT Priced In – Here's What Happens Next
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Jul 28, 2025 
Ray Dalio, the legendary investor and founder of Bridgewater Associates, shares insights on looming risks in global debt markets and the complacency in bond pricing. He emphasizes the importance of gold and Bitcoin in his portfolio, suggests that popular stocks may be overpriced, and reflects on past economic collapses. Dalio discusses the necessity for strong leadership to tackle rising debt dynamics in the UK and US, and warns listeners about the potential weaknesses of the dollar compared to alternative currencies.
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Five Forces Shaping Economy Cycles
- Five big forces shape countries' cycles: monetary order, political order, geopolitical order, acts of nature, and technology.
- These forces interact to create large economic and political cycles that influence investment decisions.
US Debt Crisis Explained
- The US faces a debt crisis similar to historical reserve currency holders like Britain and the Netherlands.
- Rising debt servicing costs crowd out other spending, risking a financial collapse akin to an economic heart attack.
Debt Crisis Final Triggers
- Final triggers of debt crisis include another round of quantitative easing or government seizing central bank control.
- Warning signals of these triggers are now beginning to flash and are historically predictable.