Ray Dalio

Biography

Competitiveness is really what it costs you per man-hour to get you what you want. In other words, there's an education level that plays into the mix and so if it's inexpensive to buy an hour of real good education in places like China versus the U.S., that factors in.
It all comes down to interest rates. As an investor, all you're doing is putting up a lump-sump payment for a future cash flow.
I think that the first thing is you should have a strategic asset allocation mix that assumes that you don't know what the future is going to hold.

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