Ray Dalio

Look at the companies that are affected.

Because yields got so low, tech companies and others, those who have a dream, they don't have to necessarily make profits.

They're selling a dream and the money's gotta be invested.

And so you see all of that change radically when that tightening of monetary policy.

So now you sit there and have a loss.

So when you're looking at the big picture, you look at, you've got, think of it as all like banking.

You're holding all these financial assets.

What is the value of a financial asset?

It has no intrinsic value.

Its only value is what it can buy.

But there are many, many more financial assets out there, the most financial assets out there that there's ever been relative to the value of stuff to buy.

There's too many claims out there.

It's like musical chairs.

If everybody says, oh, wait a second, let me get my stuff.

Let me convert my debt assets.

I want to get my stuff.

I want to get real stuff.

that's a real problem.

And so that's the global picture on the first of those five influences, right?

The fact that it's happening with the other influences is very important because they affect each other.