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Bridgewater's Ray Dalio · The David Rubenstein Show

0:03
Speaker 1: Of the past several decades, one of the most successful
0:05
Speaker 1: hedge fund investors in the world has been Ray Dalio.
0:08
Speaker 1: Ray Dalio has built Bridgewater and the largest single hedge
0:11
Speaker 1: fund in the world, managing more than a hundred billion dollars.
0:14
Speaker 1: He's also an accomplished author. In his most recent book,
0:17
Speaker 1: The Changing World Order, talks about the rising China and
0:21
Speaker 1: the sinking United States. Had a chance to talk to
0:23
Speaker 1: him recently about that book and many other things relating
0:26
Speaker 1: to the investment world. Ray, thank you very much for
0:29
Speaker 1: coming and uh for writing this book. We're gonna talk
0:31
Speaker 1: about this principally this evening. UM. I wanted to start though,
0:35
Speaker 1: by asking you, uh this. You're running the largest hedge
0:38
Speaker 1: fund in the world, more than a d fifty billion dollars.
0:42
Speaker 1: How do you have time to write books when you
0:44
Speaker 1: were and running that hedge fund. I didn't write either
0:48
Speaker 1: of those books. Really, what I did was this book
0:52
Speaker 1: was UM. In order to understand what was going on today,
0:55
Speaker 1: I needed to do a study, right, and what I
0:59
Speaker 1: experienced in life many times before is that the surprises
1:02
Speaker 1: that happened to me were things that never happened in
1:05
Speaker 1: my lifetime, but happened many times in history. When you
1:08
Speaker 1: read the book as I have, and I enjoyed it.
1:10
Speaker 1: It took me a couple of sittings to get through
1:12
Speaker 1: because it's a lot of detail in here. Um. You
1:15
Speaker 1: have a lot of historians that help you because a
1:17
Speaker 1: lot of history in here. History. I didn't know you
1:20
Speaker 1: have histories. I'm so lucky because I get to speak
1:24
Speaker 1: to so many people who are historians, who are practitioners,
1:30
Speaker 1: you know, people in different countries, Henry Kissinger, Graham, Alice In,
1:35
Speaker 1: you know, just scientists and so on, and then historians.
1:39
Speaker 1: So and then I have a fabulous research team. So
1:42
Speaker 1: I go into this learning immersion, UM and then UM,
1:46
Speaker 1: and I iterate with it. I show them what I've got,
1:49
Speaker 1: They come back and that's the process. Okay. So you
1:52
Speaker 1: have in here people who have said good things about
1:55
Speaker 1: the book, including a number of Treasury secretaries Hank Paulson,
1:59
Speaker 1: Tim Geitner. Are Summers hard to get three Treasury secretaries
2:02
Speaker 1: agree on anything, but you did. You also have very
2:04
Speaker 1: favorable comments about the book from Henry Kissinger and Bill Gates.
2:07
Speaker 1: You know both of them, who's smarter? Well, I think, um,
2:15
Speaker 1: I think that they would say they each would say
2:18
Speaker 1: the other guy, and I think I would say that, um,
2:23
Speaker 1: each in their own ways. Okay, so boy, you should
2:26
Speaker 1: go into politics or to pose. Okay, your view is
2:29
Speaker 1: there are three big cycles in history. It's not fair. Yeah.
2:33
Speaker 1: I came with the three things that are happening today,
2:36
Speaker 1: and then I found that there are really five, but
2:39
Speaker 1: the three three big ones. Yeah, alright, so let's go
2:41
Speaker 1: through the first cycle. The first cycle is when economy
2:44
Speaker 1: comes together gets wealthy. People are building up the economy
2:48
Speaker 1: and eventually they build it up so much they borrow
2:50
Speaker 1: more money and maybe they should and they dilute their currency.
2:53
Speaker 1: Is that fair? Yeah? I could do it in a
2:55
Speaker 1: quicker way. Quicker than that, Well, excuse me, better than that?
2:59
Speaker 1: How Now, um, there is um, there's a new water,
3:07
Speaker 1: there's a there's usually some fight between the left and
3:10
Speaker 1: the right, or it could be foreign countries and whatever
3:13
Speaker 1: new water. And then when that begins, it's sort of
3:15
Speaker 1: a great equalizer. And capitalism is how fantastic enabler because
3:22
Speaker 1: what it does is it gives people who may not
3:24
Speaker 1: have anything, who have good ideas capital so they get
3:27
Speaker 1: the resources to pursue that. And that's a fabulous thing.
3:31
Speaker 1: And then as it rises over a period of time,
3:34
Speaker 1: you'll see debt to income ratios rise and so on,
3:37
Speaker 1: because everybody gets more funded because debt is buying power
3:41
Speaker 1: and everybody wants more buying power. And then also you
3:44
Speaker 1: see it naturally UM distributes wealth unequally, and it distributes
3:49
Speaker 1: opportunity on equally, so UM as that wealth gaps rise
3:55
Speaker 1: and widen. And then also because it's opportunity, parents and
4:00
Speaker 1: who have wealthy parents can educate their children in an
4:03
Speaker 1: unfair let's say, an unequal way relative to others. And
4:07
Speaker 1: so but it over it gets overly indebted. And then
4:11
Speaker 1: because all this buying power which comes in the form
4:13
Speaker 1: of debt as somebody else's assets, then what happens is
4:18
Speaker 1: UM then you lower interest rates. You try to stimulate it.
4:21
Speaker 1: So for example, since every cyclical peak and every cyclical
4:26
Speaker 1: trough and interest rates was lower than the one before it,
4:29
Speaker 1: so that they can stimulate more debt. And then when
4:31
Speaker 1: you get to zero interest rates, that doesn't work. So
4:34
Speaker 1: they have to print money and they buy money to
4:37
Speaker 1: keep get that pile going up, and that creates the cycle. Okay,
4:42
Speaker 1: so there's part of that cycle, which is a capital
4:45
Speaker 1: markets or UH. And then, by the way, this exists
4:48
Speaker 1: almost everywhere. And then with that, and then you see
4:51
Speaker 1: the monetization of debt and so on, and with that
4:54
Speaker 1: there are also conflicts, conflicts that are the wealth conflicts,
4:59
Speaker 1: and related to that the political left and the political
5:02
Speaker 1: right and there, and that creates the dynamic that we're
5:04
Speaker 1: talking about now you're signing your book. Two examples where
5:07
Speaker 1: this has happened before. One is in the Netherlands, where
5:10
Speaker 1: the Dutch economy ultimately they had the only reserve currency,
5:14
Speaker 1: at least in Western Europe, the guilder, and they did
5:16
Speaker 1: some of what you now say we're doing. Is that right, Yeah,
5:19
Speaker 1: the same patterns over and over again. They had in
5:21
Speaker 1: the beginning, big education, they want a war. Then they
5:25
Speaker 1: became very competitive. They went out in the world taking
5:27
Speaker 1: their goods and they built ships that were the best
5:30
Speaker 1: ships around the world, so they can go anywhere in
5:32
Speaker 1: the world. They brought their arms with them and they
5:35
Speaker 1: made a fortune. And with that they brought their currency.
5:38
Speaker 1: And as they bring their currency, because it's a world
5:41
Speaker 1: currency of reserve currency, others want to own it. And
5:45
Speaker 1: because others want to own it, because that's buying power,
5:48
Speaker 1: it's the common wamp them. And then because of that um,
5:52
Speaker 1: then they lend it to the Dutch. So in other words,
5:55
Speaker 1: Americans get lent money because others want a whole dollars,
5:59
Speaker 1: and then that allows us, that's the exorbitant privilege, to
6:02
Speaker 1: get more and more in debt, and then what happens
6:05
Speaker 1: is they lose their competitiveness. The British built came along
6:09
Speaker 1: and copied from the Dutch and found oh, they can
6:12
Speaker 1: make ships better and cheaper, and then they became the competitors.
6:16
Speaker 1: And then as the competitors are operating, they take market
6:19
Speaker 1: share away, quite similar to lots of technology companies and
6:23
Speaker 1: what's going on now. And then what happens is then
6:27
Speaker 1: they get more in debt, and then they have the
6:29
Speaker 1: other cycle that's operating, and then you have the challenges
6:33
Speaker 1: of that. They had the Dutch, they typified by the
6:36
Speaker 1: Dutch tool bulb craze where people were spending a lot
6:39
Speaker 1: of guilders buying toil bulbs. Right, So that imploded and
6:43
Speaker 1: the British came in and they built a big economy,
6:46
Speaker 1: and then they kind of went south a bit. They
6:48
Speaker 1: had the same and then we came along the United
6:51
Speaker 1: States became the biggest economy world around eighteen seventy and
6:54
Speaker 1: since World War Two we've been the dominant economy. So
6:57
Speaker 1: now we have a lot of debt. You'd say, yeah, trillion,
7:02
Speaker 1: good of that, So how are we going to pay
7:05
Speaker 1: off at that? By the way, well is the only way.
7:09
Speaker 1: In the end, it's always print the money. You know,
7:12
Speaker 1: it's always print the money because you see the one
7:15
Speaker 1: man's debts or another man's assets. And so if you're
7:20
Speaker 1: holding a bond and you receive a you don't get
7:24
Speaker 1: compensated for inflation. Let's say people think cash is a
7:27
Speaker 1: low investment, low risk investment. Well, they're earning no interest,
7:31
Speaker 1: and when you have a seven percent or five percent inflation,
7:35
Speaker 1: you lose five percent of your buying power. Or if
7:37
Speaker 1: you're owning a bond, you have the same thing. And
7:40
Speaker 1: so what happens is not only is there the debt
7:43
Speaker 1: that is coming from the new debt created to run
7:47
Speaker 1: the deficits, but there become sellers of that debt because
7:51
Speaker 1: the owner as an asset, it's not a good asset.
7:54
Speaker 1: And then there's so much selling. And what that means
7:57
Speaker 1: is that you either have to interest rates have got
7:59
Speaker 1: to go up, or and then that grinds things down
8:03
Speaker 1: to a close or what they do is they have
8:06
Speaker 1: to print money. And so the history of all of
8:09
Speaker 1: these cycles is that the coffers are empty because you
8:14
Speaker 1: can't continue to spend more than you earn and give
8:16
Speaker 1: it to somebody expect them to like it, and then
8:19
Speaker 1: you devalue it and that becomes the cycle. And so
8:22
Speaker 1: you see the classic cycle of the ingredient is um
8:27
Speaker 1: the cycle I'm talking about in terms of supply to man.
8:29
Speaker 1: And so what you want to do is presumably let
8:32
Speaker 1: people know this is occurring. So maybe they could take
8:35
Speaker 1: action by letting their congressman or governors know something about
8:38
Speaker 1: this or not. Well, I think there are two two things.
8:41
Speaker 1: What you can do to make a better side in
8:43
Speaker 1: your contribution, but also how you can individually take care
8:46
Speaker 1: of yourself in a situation that might be difficult. Okay,
8:51
Speaker 1: so let's finish on the third part of the cycle.
8:53
Speaker 1: The third part of the cycle is somebody's rising up.
8:56
Speaker 1: And right now you would say China is rising up?
8:58
Speaker 1: Is that correct? It there's just numbers and you look
9:01
Speaker 1: at it and okay, so if I want to do
9:04
Speaker 1: something about it, and I want to live in a
9:06
Speaker 1: time when China is not rising up so much, and
9:08
Speaker 1: were better off in the US economy. What should I do?
9:11
Speaker 1: Should I lobby my members of Congress not to print
9:13
Speaker 1: so much money? What should I do about it? If anything? Um, well,
9:17
Speaker 1: again it's the cycles. I think. If I think, if
9:20
Speaker 1: we go back and we look at history, there are
9:24
Speaker 1: three main things that you can do. Okay, first as
9:29
Speaker 1: a society individually and then collectively. Um, how do you
9:33
Speaker 1: earn more money than you spend? And how do you
9:36
Speaker 1: build a balance sheet that has more assets than liabilities.
9:40
Speaker 1: That's a healthy and so keeping that in mind, the
9:43
Speaker 1: second is um internal conflict or cooperation? Can you have
9:50
Speaker 1: internal cooperation because you realize what the consequences are? So
9:57
Speaker 1: I think that in the two twenty for elections, there
10:01
Speaker 1: is a reasonable chance that neither party will accept losing
10:04
Speaker 1: the elections. And that is something that means that democracy
10:08
Speaker 1: or a type of civil war of sorts could develop
10:12
Speaker 1: in a way. This is realistic. I'm not being um
10:16
Speaker 1: exaggerated by that. And when one looks at those types
10:19
Speaker 1: of things, there is a worry that one should have
10:23
Speaker 1: about the divisiveness and what it means for each other.
10:26
Speaker 1: And the same is true internationally. So basically, if you
10:30
Speaker 1: anybody who has gone into wars this through history. Um,
10:35
Speaker 1: the people who are the most convinced that that's the
10:38
Speaker 1: thing to do all regretted going into wars because of
10:41
Speaker 1: what wars are like. So the things that I would
10:44
Speaker 1: hope to convey is, first of all, what are the arcs?
10:47
Speaker 1: Is that right or wrong? In the arcs measured not opinionated.
10:51
Speaker 1: Just look at those measurements so that you could see that.
10:54
Speaker 1: And then as we think about it, like I have
10:57
Speaker 1: a principle, if you worry, you don't have worry, and
11:00
Speaker 1: if you don't worry, you need to worry. And what
11:03
Speaker 1: I mean by that is if you worry and you
11:05
Speaker 1: start to think what this direction could be and what
11:09
Speaker 1: it's like, then um, maybe you deal with the things
11:12
Speaker 1: that prevent those worries. Where if you don't worry, maybe
11:16
Speaker 1: you get into trouble without worrying or with a confidence
11:19
Speaker 1: that there are things we can do. The world has
11:22
Speaker 1: now more resources than it has ever had, and there
11:25
Speaker 1: are things that can be done. Now you're managing a
11:27
Speaker 1: hundred and fifty billion plus about them? And why is
11:30
Speaker 1: it explained this to me? I really don't know the answer.
11:33
Speaker 1: Hedge funds seem to come and go sometimes they're hot,
11:35
Speaker 1: sometimes they're cold. Sometimes they go out of business. You've
11:38
Speaker 1: been in business for almost half a century and you've
11:41
Speaker 1: got a hundred fifty billion. What did you do that
11:43
Speaker 1: nobody else has been able to do. What we were
11:45
Speaker 1: able to do, UM was to be able to structure
11:49
Speaker 1: portfolios in a way that we're UM better in terms
11:54
Speaker 1: of the returns, risks and correlations of our investors. So
12:00
Speaker 1: to give you that an idea, in other words, UM,
12:04
Speaker 1: you could balance things in a way. I could take
12:06
Speaker 1: different alpha's, different bets in different markets, and I could
12:11
Speaker 1: carry that and put that in a fund called pure Alpha.
12:14
Speaker 1: Then I could take different asset classes and put that
12:17
Speaker 1: in a fund which was called pure beta. And then
12:20
Speaker 1: we could engineer it for the customers risk levels. Do
12:24
Speaker 1: you want it at twelve percent volve, volatility eight percent involved?
12:29
Speaker 1: And then they would whatever benchmark they wanted we could
12:32
Speaker 1: put the alpha on top of, so they could say
12:36
Speaker 1: I want the SMP five hundred plus a six percent
12:40
Speaker 1: ball operating that way. I know it all sounds complicated,
12:43
Speaker 1: but we could design and structure things to their liking
12:47
Speaker 1: that would produce an attractive, rich risk in return that
12:51
Speaker 1: also was not correlated with their other investments. You wrote
12:54
Speaker 1: a book a few years ago called Principles that sold
12:58
Speaker 1: millions of copies. Usually books in the business world on
13:01
Speaker 1: sell millions of copies, and millions of them were sold
13:03
Speaker 1: in China as well. Um, what is it that was
13:07
Speaker 1: in that book that was so exciting to people? When
13:10
Speaker 1: I would make decisions, I would not just make the decisions.
13:15
Speaker 1: I would think about, what are the criteria that I
13:18
Speaker 1: would use to make the decisions, and I'd write them down,
13:21
Speaker 1: those are the principles. And then in our culture, which
13:25
Speaker 1: is this idea of meritocracy, we would say that those
13:28
Speaker 1: criteria good or bad, and then we would try to
13:31
Speaker 1: put them into algorithms and equations. And so I would
13:36
Speaker 1: do that almost like a diary kind of thing, and
13:38
Speaker 1: I would see the same things happening over and over again,
13:41
Speaker 1: and the next time it happened, I would go to
13:43
Speaker 1: the principle, and we could together go to our principles.
13:46
Speaker 1: And so it accumulated that over a period of time,
13:49
Speaker 1: and they were practical, they're not theoretical principles, and people
13:53
Speaker 1: seem to find the valuable. Now it is said that
13:56
Speaker 1: you use these principles in your firm, and you operate
13:59
Speaker 1: the firm and in the principles right more or less,
14:02
Speaker 1: but it's very constant self examination. Employees have to be
14:06
Speaker 1: self examined by their peers. You're self examined by your peers, right,
14:10
Speaker 1: or other people in the firm. It's hard to get
14:13
Speaker 1: people to want to do this and where they be
14:15
Speaker 1: examined so intently over the years, and it's so logical,
14:19
Speaker 1: But that doesn't mean everybody wants to do it. Um,
14:23
Speaker 1: it's um so in one sentence, it's an idea meritocracy.
14:27
Speaker 1: You know, the best ideas win out from wherever they
14:30
Speaker 1: come from, in which the goals are meaningful work and
14:33
Speaker 1: meaningful relationships. That we're in it together through radical truthfulness
14:39
Speaker 1: and radical transparency. So if we disagree, that's a good thing.
14:43
Speaker 1: It's no reason to have anger and to have the
14:46
Speaker 1: art of thoughtful disagreement and examine how do you scientifically
14:50
Speaker 1: find out what's true? How do you test things? And
14:53
Speaker 1: so on? And that's been essential to our success. So
14:57
Speaker 1: you know, you're very intense. You're obviously into the numbers,
14:59
Speaker 1: but you're so big into transcendental meditation. Right, Yeah, that's
15:03
Speaker 1: helped me a lot. It's been probably the biggest whatever
15:07
Speaker 1: success I've had, maybe more attributable to transcendental How did
15:10
Speaker 1: you get into transcendental meditation? The Beatles help you or something? Yeah? Yeah, Um,
15:17
Speaker 1: it was exactly that. In ninety eight the Beatles went
15:21
Speaker 1: to India and they meditated, and then I heard about it.
15:26
Speaker 1: And then in nineteen sixty nine in New York you could, Um,
15:31
Speaker 1: you can bring some flowers and you could do that
15:33
Speaker 1: and you could learn how to meditate, and and wow, um,
15:38
Speaker 1: I recommend it's the best thing gift. I could do
15:40
Speaker 1: it every day or almost every almost. Yeah, I try
15:44
Speaker 1: to do it every day. I try to do it
15:45
Speaker 1: about twice a day. And if I could take a
15:48
Speaker 1: second to describe it, um um, what it is, um
15:53
Speaker 1: is it frees your mind of thought, and it takes
15:56
Speaker 1: you from a conscious state into your subconscious, and your
16:01
Speaker 1: subconscious is where creativity comes from and equanimity and all
16:07
Speaker 1: of that. Like if you're calm and great ideas come
16:10
Speaker 1: to you, and when you have that equanimity, then you're
16:13
Speaker 1: as you're approaching everything. Things are just the way they
16:16
Speaker 1: are and you have to deal with them. And it's
16:18
Speaker 1: a little like being you know, in the uh Ninja movies,
16:21
Speaker 1: it's a little bit like being the ninja, and everything
16:24
Speaker 1: seems slower and you can handle it better. And so
16:27
Speaker 1: and you align your subconscious which is where the motions
16:31
Speaker 1: and also inspirations come from, with your conscious mind. And
16:35
Speaker 1: when they're aligned and you have that equanimity, it's a
16:38
Speaker 1: great thing. You're gonna write a book on transitentle meditation.
16:42
Speaker 1: Let me ask you this. The average person watching right
16:44
Speaker 1: now probably doesn't have a hundred and fifty billion dollars
16:47
Speaker 1: to manage the investment of. So what can the average
16:52
Speaker 1: person do to invest reasonably? Well, well, you know, um,
16:56
Speaker 1: like I didn't have any money, and I remember the
16:59
Speaker 1: cycle and what it was is I would start to think, um,
17:04
Speaker 1: how much money do I have to how many weeks,
17:09
Speaker 1: months and then years can I take care of myself
17:12
Speaker 1: and my family? And I would calculate that I would
17:15
Speaker 1: be at okay, fifty two years if no income was
17:18
Speaker 1: going to come in, And then I would start to think, um,
17:22
Speaker 1: and then if I'm holding a portfolio in something, maybe
17:25
Speaker 1: I could lose half, so I better cut that number
17:27
Speaker 1: in half. And then I start to think of what
17:30
Speaker 1: are my uses of the money, what do I need
17:32
Speaker 1: to do? And I would think about how do I
17:34
Speaker 1: immunize that? And you start and you build like that,
17:38
Speaker 1: and you know how to save and and saving you
17:41
Speaker 1: know things like don't put it into cash deposits that
17:45
Speaker 1: get eroded by inflation and taxes and so on, and
17:48
Speaker 1: you start to develop it. And the thing that you
17:51
Speaker 1: can do, the most important thing you could do, is
17:53
Speaker 1: not be in cash and and those deposits, particularly now
17:58
Speaker 1: when there's such negative real rates. And to have a
18:01
Speaker 1: well diversified portfolio. And that well diversified portfolio that's a
18:06
Speaker 1: whole subject of what does that mean and how to
18:08
Speaker 1: do it, But it's a well diversified portfolio of not
18:12
Speaker 1: just asset classes, but of uh countries, of um uh
18:19
Speaker 1: you know, of of different thing currencies, diversified. But let's
18:22
Speaker 1: let me ask you an average person who isn't you know,
18:26
Speaker 1: a billionaire. Should they expect to get a great return
18:29
Speaker 1: over on their money of five percent a year? Is
18:31
Speaker 1: that a good target? Six eight percent? What do you
18:34
Speaker 1: think is a reasonable target for somebody doesn't want to
18:36
Speaker 1: take undue risks? Well, nowadays the structure of the markets
18:42
Speaker 1: and where everything is priced um if um and done
18:46
Speaker 1: the normal way, we'll give you probably a return in
18:50
Speaker 1: the vicinity of with a lot of risk around it. Uh,
18:55
Speaker 1: maybe in the vicinity of four percent three three and
19:00
Speaker 1: three percent three four, Okay, something that might not equal inflation,
19:05
Speaker 1: probably would be very close. And then you have to
19:07
Speaker 1: pay taxes on it um because there are so many
19:11
Speaker 1: financial assets. But one thing you can, they'll send you
19:14
Speaker 1: more money. As we talk today, the stock market in
19:18
Speaker 1: the last couple of weeks has been correcting, if that's
19:20
Speaker 1: the right verb, and a lot of the errors out
19:23
Speaker 1: of the so called bubble. Should people be selling everything
19:27
Speaker 1: and getting out of the market now because the markets
19:28
Speaker 1: are going down? Or is just the time to buy?
19:31
Speaker 1: First of all, I'm not here to give a lot
19:34
Speaker 1: of advice, but I'll give you the following thoughts. We
19:36
Speaker 1: won't tell anybody, just give us, okay, just just on
19:39
Speaker 1: our own. Uh. What's happened is the they produced a
19:44
Speaker 1: lot of debt and gave out a lot of money,
19:45
Speaker 1: and so everybody's got money. And it's also very easy
19:48
Speaker 1: to borrow money to buy things. And as a result,
19:51
Speaker 1: if you create much more buying power, then you create
19:54
Speaker 1: goods and services. You've got a lot much more inflation.
19:58
Speaker 1: And the Federal Reserve has been behind the curve slower
20:01
Speaker 1: to tighten monetary policy, and as a result, we're now
20:05
Speaker 1: starting to see the rise in interest rates to be
20:09
Speaker 1: able to deal with that. As that happens, all assets
20:13
Speaker 1: compete with each other. So now that free money is
20:17
Speaker 1: still going to be cheap money, but it's going to
20:19
Speaker 1: be a bit higher, so interest rates. Let's say bond
20:23
Speaker 1: yields have gone up about one percent. Now you take
20:27
Speaker 1: that and you adjust everything is the present value of
20:30
Speaker 1: future cash flows. But it means that that interest rate
20:33
Speaker 1: goes up a percent. That means all the other assets
20:36
Speaker 1: have to adjust. We're in a process of making that
20:39
Speaker 1: kind of adjustment. That means the days that we've had before,
20:43
Speaker 1: the easy days where they not money on you and
20:45
Speaker 1: you don't have much inflation and you don't have much tightness,
20:48
Speaker 1: those are past and now we're in a different kind
20:51
Speaker 1: of part of the cycle. How do you foresee crypto
20:54
Speaker 1: impacting the world order? Uh? I think it's interesting. I
20:59
Speaker 1: have a tiny percentage of my portfolio wanted to to diversify.
21:03
Speaker 1: But it is a very vulnerable incident because they can
21:06
Speaker 1: track who is operating on it. It can be tracked.
21:09
Speaker 1: It will be outlawed, probably by different governments, and in
21:13
Speaker 1: terms of its size, it has issues. So I think
21:16
Speaker 1: too much attention is spent spent on um crypto or
21:21
Speaker 1: somebody might be a gold bug, or somebody might be
21:24
Speaker 1: I don't know they hold gems or whatever they do.
21:26
Speaker 1: But I think that we're now in an era where
21:29
Speaker 1: we're going to have different types of money. We're going
21:32
Speaker 1: to question money is a medium of exchange, but it's
21:35
Speaker 1: also a store hold of wealth, and we're going to
21:37
Speaker 1: be questioning what are the right store holds of wealth
21:41
Speaker 1: in in the value And you're going to see around
21:43
Speaker 1: the world, not only the digital versions of that take
21:47
Speaker 1: place in many forms. You're going to see other forms
21:50
Speaker 1: of that competition. I think in the year's at we
21:53
Speaker 1: are not investing, and you're not transcendental meditating, and you're
21:58
Speaker 1: not writing books and doing philanthropy. What are you doing?
22:01
Speaker 1: You have any Outsidember Number one is my grandkids? Okay,
22:05
Speaker 1: my my kids, my my family of course, um and
22:09
Speaker 1: one of the greatest blessings in life that whenever can
22:13
Speaker 1: possibly have his one. How many grandchildren you have? I have? Ford? Now,
22:16
Speaker 1: what do they call you? Papa? Not Mr Dahlia or
22:19
Speaker 1: something like that. Thanks for listening to hear more of
22:24
Speaker 1: my interviews. You can subscribe and download my podcast on Spotify, Apple,
22:29
Speaker 1: or wherever you listen