Ray Dalio

Because there wasn't enough. They calculated how much vault storage space there was. And then they calculated that they would produce more vault storage space because it would be profitable to do that. And then they said, and the good thing is, We can tax it. OK, because if you have a digital currency, you can tax it.

Yeah, I have some. Not nearly as much as gold. You know, that's kind of my diversifier. I try to find what are the... I have to have some... But I'm a gold guy much more than I am a big guy guy.

Yeah, I have some. Not nearly as much as gold. You know, that's kind of my diversifier. I try to find what are the... I have to have some... But I'm a gold guy much more than I am a big guy guy.

Yeah, me too.

Yeah, me too.

I'm with you. So, you know, that chart that we showed in the beginning has this line productivity going up, you know? And I think that we're in a, yeah, that's it. And it tends to compound on itself. And I think that that's where AI and that is fantastic. But it depends where you're referring to AI. I think the super scalers in this world have risk issues. You know, you think by, you know, the...

I'm with you. So, you know, that chart that we showed in the beginning has this line productivity going up, you know? And I think that we're in a, yeah, that's it. And it tends to compound on itself. And I think that that's where AI and that is fantastic. But it depends where you're referring to AI. I think the super scalers in this world have risk issues. You know, you think by, you know, the...

the super scales or video or those. I think that the tech war, certainly productivity, I'm with you, man, but you want to invest in productivity. But there's disruption, great disruption that's going to take place. And there are going to be the disruptors and the disruptees. And it's not necessarily those who are producing

the super scales or video or those. I think that the tech war, certainly productivity, I'm with you, man, but you want to invest in productivity. But there's disruption, great disruption that's going to take place. And there are going to be the disruptors and the disruptees. And it's not necessarily those who are producing

the vehicles, but it's those who are implementing and changing as a result of having their big impact. I think that like the tech war for the AI war, it easily is, I think it is actually more important. It's a war that no country can lose. Okay. Because it's more important than profits. if you lose, if China or the US really lose this war, it's more important than profits.

the vehicles, but it's those who are implementing and changing as a result of having their big impact. I think that like the tech war for the AI war, it easily is, I think it is actually more important. It's a war that no country can lose. Okay. Because it's more important than profits. if you lose, if China or the US really lose this war, it's more important than profits.

And so you have to play that war that way and it could be like electric vehicles or more in terms of Chinese electric vehicles and the like, you can produce them. So I don't think, and I think there's such expectations. I think we are going to see applications. Like I think the Chinese are a bit behind in the chips.

And so you have to play that war that way and it could be like electric vehicles or more in terms of Chinese electric vehicles and the like, you can produce them. So I don't think, and I think there's such expectations. I think we are going to see applications. Like I think the Chinese are a bit behind in the chips.

but they're ahead in the applications in terms of- Yeah, did you see the DeepSeek announcement this weekend? And obviously markets are reacting. That was known for a little while now. Yeah. And so I think you're going to even see, well, the Chinese play is going to be Chips, very inexpensive chips embedded into manufactured goods. You'll see robotics.

but they're ahead in the applications in terms of- Yeah, did you see the DeepSeek announcement this weekend? And obviously markets are reacting. That was known for a little while now. Yeah. And so I think you're going to even see, well, the Chinese play is going to be Chips, very inexpensive chips embedded into manufactured goods. You'll see robotics.

So you're going to see Chinese are unbelievably in making things inexpensively, terrifically. They own 33% of all world manufactured goods, which is more than the combined U.S., German and Japanese manufactured goods, Chinese produce more. So, you know, you're going to see that type of competition. And it may be it's like solar panels or something. Right. It's profit doesn't matter.

So you're going to see Chinese are unbelievably in making things inexpensively, terrifically. They own 33% of all world manufactured goods, which is more than the combined U.S., German and Japanese manufactured goods, Chinese produce more. So, you know, you're going to see that type of competition. And it may be it's like solar panels or something. Right. It's profit doesn't matter.

So you have to go where there's I think that. where there's productivity and innovation and disruptors to be essentially long those who are benefiting themselves through usage or creating the applications that are having the big effect is certainly one thing. But you also have to look at different countries and places and things. Most importantly is price.

So you have to go where there's I think that. where there's productivity and innovation and disruptors to be essentially long those who are benefiting themselves through usage or creating the applications that are having the big effect is certainly one thing. But you also have to look at different countries and places and things. Most importantly is price.

I think a lot of investors make the mistake of thinking, I want to buy good things. That's a great company. But a great company that gets expensive is much worse than a bad company that's really cheap. So you have to look at pricing. This is all part of the cycle. Everybody says that's great and it's going to be great for the future. And like You know, like the Internet and dot com. It was great.