Keep pulling the thread on Ray Dalio.
Ray Dalio asserts that the global monetary order, based on fiat currencies and debt as a store of wealth, is currently breaking down.
Central banks are changing their behavior and no longer holding fiat currencies and debt as a store of wealth in the same way they have historically.
There is mutual concern and distrust between the United States, as a major debtor nation, and the foreign countries that hold its dollar-denominated debt.
Foreign central banks and sovereign wealth funds are actively buying gold as a portfolio diversifier.
The most significant investment opportunities from the current technological revolution will be in companies applying new technologies, rather than in the large hyperscaler technology providers themselves.
The gold market was the best-performing market in the last year, outperforming technology markets.
U.S. markets underperformed foreign markets in the last year.
Gold is the second largest reserve currency in the global financial system.
During periods of international geopolitical conflict, even allied nations reduce their holdings of each other's debt and prefer to hold hard currencies like gold.
Ray Dalio recommends a strategic asset allocation to gold of between 5% and 15% for a typical diversified portfolio.
Ray Dalio's personal tactical investment strategy is to be underweight bonds and overweight gold relative to a neutral portfolio.
Ray Dalio asserts that major institutional investors and central banks are currently under-allocated to gold relative to their optimal strategic positions.