This Is How BILLIONAIRES Manage Their Portfolios - Ray Dalio

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01. my main things are um first um cash is trash um um and um that there's uh in bonds and and and debt um it's it's not going to be good and the claims of financial assets so either avoid those or position yourselves uh so that when those things operate and and position yourself for inflation um and um so there are um Investments lots of Investments pertaining to inflation I agree with Jeremy's comments about Commodities and and that and the big commodity Cycles are reactive there's there's a giant just like the the 40-year bull market in bonds um Associates with a commodity cycle where everybody adapts to that companies don't Hedge um um inventories are drawn down there's less investment in those things that when that switches switches to that kind of environment and the big overarching thing is that the amount of Financial claims that exist and there's charts in my uh that I repeatedly show when I deal with the uh changing World Order what is the amount of Financial claims assets relative to real assets and you could see that through history when those Financial claims it's like a bank has too many ious on its real money and that thing then you always get into these environments where it's undesirable to own the debt and you have negative real returns and so to position one's portfolio in a tilt that way but of course the way that we do it is to separate Alpha and beta right so two parts four uh poor workers we're all talking tactical how do you create a truly well-balanced um core portfolio and we know that the typical well portfolio is not well balanced with its greatest vulnerability being in that upper right quadrant in our box which is the inflation box and we know that we're in that environment so from a starting point of view I would encourage all investors to look at that those four quadrant box that box that we have Rising inflation falling inflation Rising real growth relative to discounted falling real growth relative to discounting and see what the biases are in those portfolios I believe that now you can simultaneously reduce risk and raise returns reduce risk of that portfolio by having more in that upper right quadrant Rising inflation and you will reduce your risk because if you look at your portfolio typical investors portfolio that is the environment that is missing so you start with that how do you get more neutral how do you get better balance and you cover yourself from that exposure and then you make your Tactical moves around it and the Tactical moves again should not be in those debts it should be very well Diversified I think that the social and political conflicts are going to be a big investment thing coming forward and so that'll mean and that way I look at it is I want to look at places that have good income statements and balances so I say places I mean countries as well as individuals that make up those countries the individual people and the individual companies so do they have a good income statement Financial stability if they have a good balance sheet so that they can weather those things and also it's a sign of their productivity are they productive and then number two are they civil with each other I really do believe that internal conflict and bad finances are going to be well defining characteristics of where to invest or even where to be and then if I carry that forward to the third do am I going to have in the in the risk of being in a in a international War an important International War because that International war will um raise lots of threats so I want when I'm picking those locations I I want to be out of the finance of those those dead instruments largely minimized on the on the financials the inflation heads assets well Diversified look to parts of the world that are not as plagues um so emerging Asia is very interesting India is interesting so diversify look at neutral countries during that period of time watch out for um government controls on Capital markets because that's the logical Next Step history has shown that watch out for foreign exchange controls could be watch out uh for those things so those are the themes that um I think are most important and will be most important in investing thank you