Ray Dalio

So I think of, you know, I have my allocations to each, much greater in the United States than is in China, and then I move tactically within those, that's how I work.

Yes, this is something that feels frothy to me.

That's a straight answer to your question.

AI might change the world, but all of these companies...

were taking place during those times.

In other words, the late 20s, for example, was there were more patents, more inventions in the world, and so on.

And if you, you know, you could take 2000 or those types of period.

A lot of them are dependent, there's an interdependency between the capital markets and these in terms of funding and those types of things.

So we have to look at valuations too, right?

I would say in terms of, let's say, AI valuations and so on, I think it's more in the areas of applications than, let's say, the superscalers themselves.

I wouldn't want to be short the superscalers.

I just...

But if I'm thinking about what's going, it's going to be in the users.

Either the users of those technologies becoming more effective and so their profits will be better and so on, or those who will provide the platforms for the effective use of those.

I think that that's an area of greater opportunity.

And I wonder if you think- And by the way, we're doing that too, right?

At this moment, I, again, want to compare it with the 1930s, because you have to look at the times and what it's like, right?

So this is a period of great conflict.

And if you take such periods of great conflict, the country often needs a direction.

It can't be just consumer goods, rich people then buying expensive things like handbags or something.