Ray Dalio

government, spends $7 trillion.

It takes in about $5 trillion.

So it's 40% overspending.

It has a lot of debt.

And the demand for that debt is falling.

And it's falling not only because of the supply-demand situation, the regular supply-demand, but we're now in a world where even wars, the worries of...

of those who are holding dollar-denominated debt, that they could be sanctioned.

Imagine if you're Chinese and you're holding it, and you could have a conflict.

So there are these shifts that are happening in terms of that.

So that plays a role.

And, of course, there is the international conflict.

And of course, technology is changing at an incredible rate.

And so I think that as we take the next two to three years, it will be like going through a time warp that we're going to have a riskier period, but also a period of great changes that we, you know, are difficult to deal with.

And particularly, I think the question is how you deal with that to have a well-diversified portfolio.

But in answer to your question, it's a sort of long-winded answer, but I think that we're on the brink.

of some of these problems.

And we are, I would say, particularly in the vicinity of two years away from what obviously is a confluence

of more risks.

I think the most important thing for most individuals is not to market time

a lot of these things.