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Financial headlines will almost always be scary, but there is money to be made in any economy . This is what I took away from my conversation with legendary investor Ray Dalio. Ray Dalio started investing at the age of 12, built Bridgewater into one of the largest hedge funds in the world, and made more money for his clients than any other living hedge fund manager.
Ray was a guest on " Money Rehab" last year, and honestly, I'm rarely impressed by celebrities, but that was exactly the case with Ray. I can't even pretend to be indifferent. He is one of the greatest investors of our time, and he is so popular that few people can ask him for advice. But he found time for us, the participants of "Money Rehab." Ray has an "all-weather " portfolio, built to withstand any economic conditions.
I'll go into all of this in detail at the end of the episode. But before I do that, it's important to understand how he sees the market. I know this sounds a little strange and unnecessary, but I'll show you what I mean . Dalio's entire worldview begins with one simple idea. Money is debt, and debt is money.
I know it takes a little while to realize this, but once you do, everything falls into place. Almost all purchasing power in the economy comes from someone's borrowing. In other words, from credit. And every dollar of credit creates a dollar of debt that someone else eventually has to pay, right? This is a market.
When debt accumulates faster than the income to service it, it begins to harden like plaque in an artery and crowd out everything else. Reye's diagnosis for the US? We have a lot of plaque and we are at risk of an economic heart attack. I know it's dramatic, but honestly, it's fair. And why can't the government just, you know, deal with it?
Ray has an answer for that too. Government debt works just like our credit cards, but governments have leverage that we don't. For example, governments can print money, and that's cool, but printing money doesn't create wealth. In reality, it simply devalues every dollar already in circulation, which manifests itself in our lives as inflation.
The government can also tax its citizens to cover the bills. So , when a country is drowning in debt, these are the levers. He can collect taxes or print money. And both methods take purchasing power out of our pockets. So, with the national debt at over $39 trillion as of the time of this video, well, things are not looking good.
Ray says we need to fix this ASAP or we're going to have a " heart attack." This is a macro level. Now let's move on to our bank accounts . I know it's easier said than done, but Ray doesn't just say you need to have savings. Of course, that's obvious. He also says we should know our numbers. Most of us think about saving in " pure" dollars.
He thinks in terms of purchasing power, because a dollar sitting in a checking account without interest is bad when inflation eats away at its value every year . So, the first step in understanding it is to determine the amount that will keep you and your family safe even if you have no income for a long time, and test it in case the market falls in a bad year.
And we must not forget about the priority of the reserve fund and placing it in an instrument such as a high-yield savings account, where your money brings at least some profit. Once you know you're protected, he says, you get peace of mind. And peace of mind is what allows you to take calculated risks, not panicked ones.
Next comes the most interesting part: how exactly to build such a portfolio. Ray means that you should have investments that are independent of each other. If you own two assets of equal value that do not rise or fall at the same time, your average return remains stable, and the fluctuations become much smaller because they cancel each other out on bad days.
Collect 10–15 such assets, and Dalio says you can reduce risk by a factor of five without losing any return . This is the basis of his famous " all-weather" portfolio, an asset allocation designed for any economic situation, and the key ingredient is an asset that people love to argue about. Interestingly, when Bill Ackman was on my show, he said he doesn't invest in gold.
Gold is an effective diversification tool. Gold should be part of a portfolio as a diversification tool. So, what is this fraction? From 10% to 15%. If you have a traditional portfolio and hold about 10–15% in gold, you will be well diversified when times get tough. So, whether you're waiting for good times or bad times, it's a good idea to have 10% to 15% in your portfolio.
Therefore, cryptoassets cannot be a substitute. And then there is the question of cryptocurrency. Cryptocurrencies have their pros and cons. Okay, this is how I look at cryptocurrency. In very difficult times, there is a desire to have privacy of ownership. Gold is an investment held by central banks because they can safely store it, as it is in their hands.
There is a saying that gold is the only asset, an investment asset, that does not depend on whether someone gives you something. So I don't believe that central banks will hold cryptocurrency in the same way, because it can be tracked—who owns it, what is done with it , and it can also be legally withdrawn in various ways.
So, cryptocurrency is less attractive to me than gold, but I have some crypto, a small amount, much less than gold. Well, he said he buys gold jewelry for his wife, which I like, but he has no opinion on gold as a traditional investment. But gold is a fundamental part of Ray's portfolio. Ray's view boils down to two things the government can do during a debt crisis: print money and tax us , which devalues the dollar.
Gold is protection against exactly this. He suggests keeping somewhere between 10-15% in gold as insurance. Okay, let me tell you about the all-weather briefcase. Here he is. Ray's all-weather portfolio involves 30% in US stocks , 40% in long-term Treasury bonds, 15% in medium-term Treasury bonds, 7.5% in gold and 7.5% in commodities.
It's a portfolio he designed to withstand a variety of economic conditions, even recessions. The large share of bonds here is not a bet that bonds are better than stocks. This is because bonds are less volatile, so more dollars are needed for equal risk, while gold and commodities serve as a hedge against inflation.
This portfolio is designed for stability and smoother returns with fewer drawdowns, not to achieve ultra-fast growth. But Dalio is a long -term investor who prefers survival here on Earth rather than investing in something that flies “to the moon .” Well, you can safely adopt today's advice . If you don't already have a reserve fund, you need to save up 3-6 months of basic living expenses.
If your income is unstable, for example, you are a freelancer, work on commission, or are the sole breadwinner in your family, aim for the upper limit or even 9-12 months of financial cushion. To get this amount, simply add up your mandatory monthly expenses, minus anything extra, and multiply that number by the number of months you want to cover .
Keep that money in a high-yield savings account where it remains accessible but also earns interest. This is not the kind of capital that should go to the stock market; The purpose of the reserve fund is safety and availability, not profit. We have
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