Ray Dalio

And so intellectual property protections and isolation is probably not going to work. And so now we're going to have different advantages and disadvantages. Let's say, for example, in China's case, there are many fantastic chips, not quite at the same level. See, we design chips, but we can't produce chips effectively.

By and large, we can't produce things, any manufactured goods, as effectively, cost effectively, by and large. We have a problem doing that. So what we'll do is we'll design those better chips. You won't have the intellectual protections. And you're going to then have the production of things in China at a very inexpensive way. Manufacturing. China has about...

By and large, we can't produce things, any manufactured goods, as effectively, cost effectively, by and large. We have a problem doing that. So what we'll do is we'll design those better chips. You won't have the intellectual protections. And you're going to then have the production of things in China at a very inexpensive way. Manufacturing. China has about...

By and large, we can't produce things, any manufactured goods, as effectively, cost effectively, by and large. We have a problem doing that. So what we'll do is we'll design those better chips. You won't have the intellectual protections. And you're going to then have the production of things in China at a very inexpensive way. Manufacturing. China has about...

33% of the manufacturing in the world, which is more than the United States, Europe, and Japan combined. They manufacture effectively cheaply. They will embed chips in the manufacturing. The application of chips, they are more ahead on. China is more ahead on the application of chips. Robotics. So we're talking about just thinking.

33% of the manufacturing in the world, which is more than the United States, Europe, and Japan combined. They manufacture effectively cheaply. They will embed chips in the manufacturing. The application of chips, they are more ahead on. China is more ahead on the application of chips. Robotics. So we're talking about just thinking.

33% of the manufacturing in the world, which is more than the United States, Europe, and Japan combined. They manufacture effectively cheaply. They will embed chips in the manufacturing. The application of chips, they are more ahead on. China is more ahead on the application of chips. Robotics. So we're talking about just thinking.

But when you connect the thinking to bodies that are automatic bodies, too. Yes. and you have robotics and so on, they're ahead on that type of thing. So different entities are going to be ahead in different ways. And we're going to then be in this world in which there's competition in that world. And then there's an attempt to be protectionist or whatever, or to fight those differences.

But when you connect the thinking to bodies that are automatic bodies, too. Yes. and you have robotics and so on, they're ahead on that type of thing. So different entities are going to be ahead in different ways. And we're going to then be in this world in which there's competition in that world. And then there's an attempt to be protectionist or whatever, or to fight those differences.

But when you connect the thinking to bodies that are automatic bodies, too. Yes. and you have robotics and so on, they're ahead on that type of thing. So different entities are going to be ahead in different ways. And we're going to then be in this world in which there's competition in that world. And then there's an attempt to be protectionist or whatever, or to fight those differences.

And that's what the world looks like.

And that's what the world looks like.

And that's what the world looks like.

We are behind in both of those areas, greatly behind. You know, so, you know, I would say we're not going to have competitive advantages in those things. What we're competitive in is that small percentage of the population that is uniquely inventive. In terms of inventiveness, you know, the number of Nobel Prize winners in the United States.

We are behind in both of those areas, greatly behind. You know, so, you know, I would say we're not going to have competitive advantages in those things. What we're competitive in is that small percentage of the population that is uniquely inventive. In terms of inventiveness, you know, the number of Nobel Prize winners in the United States.

We are behind in both of those areas, greatly behind. You know, so, you know, I would say we're not going to have competitive advantages in those things. What we're competitive in is that small percentage of the population that is uniquely inventive. In terms of inventiveness, you know, the number of Nobel Prize winners in the United States.

The United States dominates Nobel Prize winners in the world. The inventiveness, best universities and so on. We have a system that is a legal system and a capital market system And we can bring the best from the world all to the United States to create an environment.

The United States dominates Nobel Prize winners in the world. The inventiveness, best universities and so on. We have a system that is a legal system and a capital market system And we can bring the best from the world all to the United States to create an environment.

The United States dominates Nobel Prize winners in the world. The inventiveness, best universities and so on. We have a system that is a legal system and a capital market system And we can bring the best from the world all to the United States to create an environment.

If we can work well together in that inventiveness with rule of law working and all of that working, we have those things that are our competitive advantage. We do not have manufacturing and we're not going to go back and be competitive in manufacturing with China in our lifetimes. I don't believe. OK, so now the question is how we deal with that.