Ray Dalio

So you can see also that if you said, what is the value of those assets that are being held, that that value has gone down a lot.

And because it was bought on leverage, as you described, because it is bought on leverage, there are bad losses in different places.

And then the question is, what are you going to do with those losses?

In most cases, quite often, don't mark them to the market.

meaning don't account for them and recognize those losses, which is kind of, let's say, hiding those losses and hoping in time that they'll just over time, you know, it'll be fine.

But that'll produce a squeeze.

That'll produce a problem.

So I think we know those things.

We know those things.

And and that's happening at the same time as we have an internal conflict taking place, such as the presidential election.

So we're going to come into the presidential and it's not just presidential election.

Of course, it's a number of things.

senators, congressmen, and so on, and who are at each other's throats about this, and who are going to fight with each other and fight to win.

Not probably respect the rules as much,

but fight to win for their side.

And that's happening at the same time as we have the situation with China, most importantly, China and Russia, in terms of the issues, in terms of their things to fight over.

You know, for example, even there's going to be an election in Taiwan that will also have a big bearing on this whole thing.

So there's, you know, we know, I think, pretty much, that we're going to have financial problems and economic problems at the same time as we have this internal fighting and this external risky situation.

The most important thing, I think, is to know your nature.

What is your nature?