Ray Dalio

Yes.

Yes.

It's very much like the early 70s and then the question, because what do you put your money in?

Of course, the stock market has, we can't speak about the stock market as a whole, of course, because the stock market is so bifurcated, and the world's stock markets are so bifurcated.

But yes, that is the dynamic.

It depreciates the value of money, and then it costs, because everybody, it's all about a storehold of wealth.

What is your storehold of wealth?

What's it going to be?

A currency should be a medium of exchange and a storehold of wealth.

But when you have so much debt, you know, debt is money and money is debt.

I mean, debt is money, meaning when you hold debt, you're holding a promise to receive money.

And when I say money is debt, when you're holding money, you're putting it in a debt instrument.

And so for those reasons, when you have such a supply of debt and debt instruments, and it's not an effective storehold of wealth, it's natural to go to an alternative storehold of wealth, which is why we're going to harder

currencies, you know, and of course gold is the most fundamental of those, not only because of the many years, but even there it's, you know, as they say, it's the only asset that somebody can hold that doesn't, that you don't have to depend on somebody else to pay you money for it.

Well, I think first of all, in an asset allocation mix, the first thing you have to do is create your neutral portfolio.

What's your balance?

What's your beta mix to your strategic asset allocation if you don't have a view of the markets to make tactical moves?

And then you have to think, how do you make tactical moves?

Who's going to make those?

Because tactical moves are a zero-sum game.