
My Reflections on July 4th as America Turns 250
Originally shared on July 4th
For over 50 years, global macro investor Ray Dalio led Bridgewater Associates, growing it from a NYC apartment to the world's largest hedge fund. He is also a #1 New York Times bestselling author.
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Originally shared on July 4th

On Chinese Culture, the Tribute System, the 100 Years of Humiliation, The Art of War, “One China with Taiwan Part of China,” Where We Are Now, and Where We Are Headed

This note is about how to play the investment game given what’s happening now.

What is the best approach to being effectively intelligent now that human intelligence and artificial intelligence are merging?

I’m at a stage of my life in which I want to pass along principles I’ve learned that have helped me to people who want them, especially principles about investing because I have a demonstrated subject matter expertise in that area, which is important.

For me, who graduated from LIU 55 years ago, to pass along what I’ve learned over those 55 years to the graduating class of 2026 was a déjà vu joy.

For today, that is most importantly that the US-Israel-Iran war is just part of a world war that we are in and that isn’t going to end anytime soon.

I believe that some of the most important investment principles I can pass along are about what an “All Weather Portfolio” is and how to build such a portfolio.

I have found that most wars are filled with big disagreements about what is likely to happen and big surprises.

Because so many people asked, I am now passing along to you the book's next chapter, "Investing in Light of the Big Cycle."