Ray Dalio Explain's The History of The Stock Market

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01. In this program, we will learn about the history of the stock market from Ray Dallio, how Joe's Stone Crab remains the highest grossing independent restaurant in the world, and how innovations and technology are transforming global economies around the world for the better. My first meeting was with Ray Dallio, one of the most successful people in finance.

02. I think that basically life exists in three phases. He's the founder of Bridgewater Associates. Bridgewater is the largest hedge fund in the world. They have over $120 billion dollar under management. I wanted to speak with Ray about how the business we interact with on a daily basis got started. When I was uh in Holland, I went to visit the offices of the Dutch East India Company, the original offices, and they said they were the first company that allowed shareholders.

03. That's right. They invented capitalism as we know it. And that's a good invention. The first stock, the first public stock. And that was also the Dutch had the first public stock market. And that changed how we perceived wealth. I I'll tell you why. Up until then, we perceived wealth as being the the wealth we had.

04. You have your house, you have your whatever the the stuff you have, and that was wealth. And then they began to be able to sell dreams. In other words, they they'll be able to sell a piece of an income that hasn't yet been made. So that created this wealth that was inconceivable before. So there are all these cycles that I'm describing.

05. Um and then but there's an evolutionary process of man learning and evolving in different ways. So the way I look at it is there are these cycles, the money cycle, the internal conflict cycle, the external conflict cycle that all work together in those rises. And then there's evolution of man inventing new ways to do things and become better.

06. And that's an evolutionary process that these cycles move around as there's that evolutionary process. For example, um in um early in that 500year period, there there was um uh the wealth and the power was in the hands of families that were royalty. Okay? And they had a political system connecting them, you know, through the church.

07. the popes and and so on would pronounce who had the uh mandate of heaven and they did that in all societies in China the same thing and so there's the emperor and the family and so on and wealth was around um agriculture so in other words you got it out of the land you grew it um and that's how it worked and then there's evolution and really evolution then becomes uh uh the the beginning of the development of machines that start to do the work for you.

08. And so you see individuals the as we go into the early phases of the industrial revolution and so on, you see the inventions of machines that replace the person and you see wealth and power shift to those who are being able to be productive. They come up with the ideas and so on. more you have the age of exploration where they go all over with their boats and they take wealth from other places.

09. And so you see that happen and that evolution and then you start to see the breakdown of these families instead of royalty and and you start to see okay that other class in the French revolution and other places. It becomes then the the people starts with the nobility fighting and then it goes down below that to the masses fighting and you start to see an evolution in the political system that evolves and then you start to see economically that the um you move up you know from physical then it becomes the brain and the brain uh becomes the thing how can you invent things and you see entrepreneurship begin to develop and you see like a capital market begins to develop.

10. Wow. There weren't capital markets like we're talking about in Holland and everything. You develop the capital markets. You develop the brains. And now what we're seeing it evolve is that the mind comes up with these things. And you come to this uh artificial