Introduction of Ray Dalio:

The segment begins with an introduction of Ray Dalio as a prominent author, investor, and founder of Bridgewater Associates. With a significant financial standing, Dalio has written the book “Principles,” which is designed to provide guidance to entrepreneurs and business people.

Early Career and Investment:

Dalio recalls his initial interest in the stock market, which began while he was caddying at a golf course at the age of 12. His first investment was based on naivety; he invested in a company simply because its shares were less than $5. He got lucky, and his investment tripled, hooking him to the world of finance.

Personality Traits:

Dalio describes himself as a curious individual, not shy but polite. His curiosity led him to engage in conversations about stocks and investments while caddying, and it played a significant role in shaping his career.

Impact of Early Networking:

Networking played a crucial role in Dalio’s early career. Conversations with people he caddied for led to a job clerking on the floor of the New York Stock Exchange. These experiences significantly impacted his life trajectory.

Global Economics and Financial Markets:

Though not explicitly detailed, there is a mention of various geopolitical and financial topics such as capitalism being in danger, China’s investments, and U.S.-China relations. These points suggest that Dalio is well-versed in both macroeconomic issues and global politics.

Complexity of Financial Markets:

The discussion emphasizes the difficulty of succeeding in financial markets, comparing it to succeeding in the Olympics. Diversification is mentioned, refuting the notion that it is a boring or outdated strategy. The conversation points to the importance of nuanced thinking in finance.

Ray Dalio’s Principles:

In the background of the entire discussion is Dalio’s philosophy as penned in his book “Principles.” This philosophy serves as a guide to his career and likely influences his views on financial markets and economics.

Notable Encounters:

Dalio recalls caddying for interesting individuals, including Richard Nixon before he was President. Though these encounters didn’t lead to significant dialogue, they add a unique dimension to Dalio’s story.

Overall, the segment provides a glimpse into Ray Dalio’s early life, career, investment philosophy, and his views on complex financial and geopolitical issues. It illustrates how his natural curiosity and early networking opportunities paved the way for a highly successful career.

High School Years:

Ray Dalio describes his high school experience as less than stellar from an academic standpoint. He wasn’t a 4.0 GPA student and didn’t find the rote memorization prevalent in the educational system compelling. Dalio highlights that his poor rote memory made it hard for him to engage with a system that he found wasn’t curiosity-based or interesting to him. However, he did enjoy his time with friends and was actively involved in politics. He was particularly inspired by political figures like John F. Kennedy and took an active role during Bobby Kennedy’s Senate run.

Curiosity Beyond Academia:

Dalio was very curious about various subjects that were not traditionally academic. He was involved in understanding politics, markets, and how systems work. While he didn’t excel in school, this curiosity would later shape his approach to investing.

Games and Hobbies:

Dalio enjoyed playing games like backgammon and chess, but his main “game” was the markets. He saw the markets as a way to bet on what was happening in the world, particularly in politics. This provided him an objective scoring system on how well he understood and could predict macroeconomic and political shifts.

Investing Philosophy Compared to Peers:

When asked if paying close attention to politics is a common thread among investors like Warren Buffett, Dalio asserts that it’s not really common. According to him, most investors, including Buffett, focus on specific niches or approaches like value investing, which concentrates on the exchange of one cash flow for another. Dalio’s investment philosophy is more aligned with understanding how the world is changing, thereby allowing him to bet on future shifts in a macroeconomic context.

Specialization vs Diversification:

Ray Dalio starts by discussing how investing can often be a specialized field, similar to doctors who focus on specific areas of medicine. However, Dalio places a strong emphasis on the importance of diversification in portfolio management, contrasting himself with niche specialists.

The “Evergreen Principle” of Diversification:

Dalio highlights that diversification is an “evergreen principle” in investing. He likens successful investing to how casinos make money, which is by having an edge over the players. Dalio believes that understanding how to diversify properly is more crucial than almost anything else in investing.

Betting Against the World:

Dalio explains the challenging aspect of investing: whenever he finds an investment attractive or unattractive, he is essentially betting against the world’s view, which is reflected in the price of that investment. He acknowledges that he can get it wrong sometimes, emphasizing the need for diversification to mitigate risks.

Reducing Risk Without Lowering Returns:

Dalio elaborates on the concept of reducing risk without sacrificing returns, stating it’s the most important skill an investor could start with. He proposes that if you have a number of equally good but uncorrelated bets, you can lower your risk without affecting your returns, thus improving your return-to-risk ratio.

The Holy Grail of Investing:

Dalio calls this approach the “holy grail of investing,” claiming that it can improve the return-to-risk ratio by a factor of five. He suggests that understanding this principle can significantly change an investor’s approach and is particularly important for the average person. He has detailed this concept further in his book.

By highlighting the concept of diversification as the cornerstone of a robust investment strategy, Dalio provides valuable insights that can fundamentally alter how both professionals and average investors approach the market.

Investment as a Zero-Sum Game:

Ray Dalio emphasizes that investing is a complex, zero-sum game where many assume they can bet against the consensus and win. He explains that the consensus is already baked into the price of assets. Making money is not just about picking the best company or horse in a race; it’s about understanding the odds that are already reflected in the prices.

Price and Consensus:

Dalio argues that if everyone believes something will be terrific, then everyone will bet on it, and its price will be high. Success in the market is not necessarily about what’s best but what is best relative to its current price. The concept of what’s ‘discounted’ in the price is crucial to making profitable decisions.

Personal Qualities for Success:

When asked about personal attributes needed for success in investing, Dalio shifts the discussion back to the average investor. He suggests that individual qualities might not be as important as understanding the game one is playing. He emphasizes that the markets are even more competitive than the Olympics but less appreciated for their difficulty.

The Importance of Diversification:

Dalio places great importance on diversification, especially for the average investor who’s not equipped to beat professionals at the game. He points out that he himself diversifies his bets extensively and suggests that effective diversification is the most important skill for any investor to have. He counters the idea that diversification is a “boring formula,” arguing that it is a foundational principle that can significantly reduce risk.

Role of Politics and Economics:

Though the conversation begins to touch on the influence of politics and economics, Dalio implies that understanding these fields is becoming increasingly essential. However, the focus remains on the key principles he believes are vital for investors to grasp.

Overall, Dalio aims to impart the wisdom that success in investment is not merely a matter of picking winners but understanding the complexities of market behavior and the importance of diversification.

Wealth and Political Gap:

Ray Dalio begins by highlighting the significant gap between the rich and the poor as one of the most defining challenges today, much like in the late 1930s. This wealth gap extends into a pronounced political divide between the left and the right, a rift that Dalio suggests is becoming increasingly extreme. He correlates this gap with the rise of populism and its significant impact on economic policy and taxation. For example, he mentions how a corporate tax cut has a positive effect on stock prices, implying that electoral outcomes can substantially affect economic conditions.

Zero or Low Interest Rates:

The second major issue Dalio discusses is the current state of almost zero or low interest rates in many parts of the world. This low interest environment hampers traditional economic stimulus measures, like lowering interest rates or printing money to buy assets. He notes that these methods are becoming less effective. In a low-interest-rate environment, typical monetary policy tools lose their stimulative capacity. He also mentions that such policies often only benefit those who already own financial assets, thereby exacerbating the wealth gap.

Rising World Powers:

The third significant point Dalio raises is the emergence of a rising power that challenges the existing dominant world power. Although he does not elaborate further in this transcript, this type of geopolitical tension is another echo from the late 1930s and represents a potential destabilizing factor.

Dalio concludes by reinforcing the idea that these three forces have not been as relevant in recent history as they are now, drawing a strong parallel with the 1930s. He suggests that these forces will have an increasing impact on world events and need to be closely monitored.

Types of Conflict:

Ray Dalio elaborates on the third major force affecting the world: the rise of China as a power challenging the United States. He argues that such challenges often result in conflict, referring to historical precedents where similar dynamics have led to wars. Dalio outlines four types of wars that usually occur in such scenarios: trade wars, technology wars, geopolitical wars, and capital wars. He notes that these wars can happen simultaneously and influence each other.

Capital Wars:

Dalio touches upon the concept of a capital war, citing an example from the Trump administration considering shutting off capital flow to China. This is an unprecedented move that hasn’t occurred since World War II. In a capital war, the government can potentially use economic assets like bonds as leverage, affecting how money flows globally.

Role of Politics:

Dalio emphasizes that politics is more important than ever because of its impact on these significant global factors. The wealth gap, ineffective monetary policy, and geopolitical tension with China each play a role in shaping the markets and economy. Political decisions made in relation to these issues will have an outsized effect, making the geopolitical landscape especially important to consider.

China’s Perspective:

In response to a question about who needs whom more in the US-China relationship, Dalio talks about his experience interacting with Chinese leaders. He notes that China has a top-down kind of management, with the government highly involved in both the public and private sectors. Though he doesn’t directly answer the question, his description implies that the relationship is complex and multifaceted, with both nations having significant stakes.

Dalio’s observations suggest a complicated geopolitical environment, highlighting the importance of understanding the different facets of the US-China relationship and the broader forces shaping the world.

Cultural Underpinnings:

Ray Dalio discusses how the cultural and philosophical roots of the United States and China affect their governance styles. In the U.S., the focus is on individualism, rooted in Judeo-Christian traditions. This leads to a bottom-up approach to governance where individual rights and freedoms are paramount. China, on the other hand, operates from a Confucian perspective, which emphasizes the importance of the family unit and gives rise to a top-down, paternal governance style.

Bottom-Up vs Top-Down:

Dalio points out that the U.S. employs a bottom-up governance model, where power is dispersed and individual rights are highly valued. This is evident in aspects like entrepreneurship and the electoral system. In contrast, China’s governance is top-down, more centralized, and often compared to running a large company. This style is based on Confucian principles which start with running a family unit well, which is then extended to society at large.

Economic Outcomes:

Dalio highlights China’s remarkable economic progress since 1984, citing an increase in income by an average of 26 times and a poverty rate reduced from 88% to less than 1%. Life expectancy has also increased by 10 years. These outcomes, he suggests, indicate to the Chinese that their governance system is effective.

Public Education and Opportunity in the U.S.:

He also notes the problems in the United States, particularly in the public education system where funding is not reaching areas that need it the most. Dalio suggests that the U.S. is experiencing issues in maintaining its status as a land of opportunity.

Government Involvement in Research:

Dalio mentions that the Chinese government’s direct involvement in research and development is viewed as more integrated compared to the U.S., where funding for original research has historically been more prevalent. This creates different attitudes toward how progress should be driven, either through pure profit motive or through a more integrated government and business relationship.

Relativism of Governance Styles:

Finally, Dalio emphasizes that the preference for one system over another is not what matters. What is crucial is the ability for each nation to choose its own path, acknowledging the pros and cons of each system. This reflects a neutral viewpoint, focusing on the right for each country to govern in its own way.

Overall, the segment offers a comprehensive comparison of the governance philosophies and results between the United States and China, examining both the underlying cultural factors and practical outcomes.

Conflict Between Governance Models:

Ray Dalio emphasizes that the real conflict between the U.S. and China arises from differing governance models. China prefers a government-company partnership, while the U.S. opts for less government interference. The disagreement becomes evident when determining “the rules of the game.”

Rules of Engagement:

The discourse also delves into the conflict surrounding global business practices. While each country has the right to enforce its own rules within its domain, the globalization and intertwining of technologies make it challenging to keep business practices isolated. Dalio highlights this with the example of Huawei’s 5G technology and the interconnectedness of global trade.

Understanding Perspectives:

Dalio suggests that it’s essential to understand China’s perspective instead of painting it in a monochromatic light, such as “good vs evil.” Misunderstanding can lead to conflict and division, especially if America starts compromising its principles.

Globalization and Complexity:

Dalio remarks on the complexity arising from globalization, stating that technologies and products are now so interconnected that a strict division based on domains is impractical. For example, components of Apple products may come from various countries, making it difficult to impose isolated rules.

The Competition Paradigm:

Both the U.S. and China are seen as “teams on the field” with different approaches to governance and business. Dalio believes the real issue for the United States is to focus on being “as great as we can be” rather than worrying excessively about the competition.

Privacy and Control:

The conversation touches upon the dilemma of who should have more control: governments or corporations. This question relates back to the main discussion, as each country has different viewpoints on governance and control, thus affecting global relations.

Overall, Dalio emphasizes the necessity of understanding the nuances and complexities in the U.S.-China relationship, particularly in the context of globalization and intertwined technologies.

Capitalism and Socialism:

Ray Dalio begins by pointing out that most capitalists are not adept at dividing the economic pie equitably, while most socialists struggle to grow it efficiently. He suggests that each system has its pros and cons—capitalists are generally better at creating wealth but may hoard it, whereas socialists aim for equitable distribution but often lack efficiency in wealth creation.

Role of Personal Development:

Dalio emphasizes that one’s income growth is fundamentally linked to one’s productivity, which in turn is connected to personal development. He alludes to the importance of education in this context, indicating that better education can lead to better personal development and thus better economic outcomes.

The Need for Evolution:

Dalio believes that all good things, when taken to an extreme, can become self-destructive. He applies this principle to capitalism, suggesting that it needs to continually evolve or risk becoming obsolete. If a system fails to identify and address its problems, it’s at risk of failing.

Equal Opportunity in America:

Dalio views America as a land of equal opportunity but acknowledges that circumstances have changed. He attributes these changes to various factors including technology replacing jobs, the global workforce affecting local job markets, and monetary policies benefiting those with financial assets. Importantly, Dalio discusses the way the U.S. Constitution addresses education, suggesting that this contributes to inequality.

Inequality in Education:

He points out that there’s a massive disparity in education spending between the top 40% and the bottom 60% of the population. This discrepancy, he argues, is neither productive nor fair. The lack of proper education and resources hampers the development and productivity of a large percentage of the population.

Family and Social Issues:

Dalio also touches on the breakdown of families, stating that family guidance can be a crucial factor in personal development. He implies that this social issue feeds into the cycle of inequality and unproductivity.

Non-Partisan Solutions:

In conclusion, Dalio stresses the need for non-partisan, non-ideological solutions to address these problems. He encourages people to look at these issues critically and objectively for the betterment of society.

Parental Guidance and Basic Education:

Ray Dalio argues that the presence of at least one loving person, if not two, in a child’s upbringing is a significant determinant for the child’s future. Coupled with basic education, these factors play an essential role in a person’s life.

Historical Parallels and Wealth Gap:

Dalio refers to the 1930s to highlight the resemblance between income and wealth disparities of that era and today. He suggests that a large wealth gap coupled with an economic downturn can create dangerous circumstances, echoing historical patterns.

Inequality Beyond Wealth:

While he acknowledges the issues of income and wealth inequality, Dalio adds another layer by talking about opportunity inequality and production inequality. He suggests these are the fundamental issues that create wealth and income inequality as outcomes.

Capitalists and Socialists:

Dalio comments that capitalists know how to grow wealth, while socialists know how to divide it. But he asserts that these strengths must be combined to create a more equal-opportunity and productive society.

Addressing Education:

For Dalio, one of the critical steps in addressing social inequality lies in educational equality. He emphasizes that to make meaningful changes, the first step is to recognize and commit to dealing with the issue at hand.

Each of these points together paints a picture of a complex ecosystem of social and economic factors that contribute to various forms of inequality. Ray Dalio suggests that understanding and addressing these factors, especially education and opportunity, can offer a path toward a more equitable society.

Perception of a National Crisis:

Ray Dalio emphasizes the urgent need to view the prevailing economic and political division in the country as a national crisis. He advocates for a collective, bipartisan approach to solving these pressing issues.

The Role of Education:

Dalio suggests that education could be one of the areas through which these issues can be tackled effectively. He presents a personal perspective, based on his and his wife’s work in education, stating that strategically investing money in education can yield immense economic and social benefits.

Cost of Inaction:

Dalio draws attention to the financial costs of not investing in solutions, particularly in the area of education. He compares the expenditure on incarceration, which can range between $80,000 to $120,000 per person per year, to the relatively lower costs of educational programs that can transform lives and communities.

Bipartisan Efforts Missing:

Dalio is critical of the lack of bipartisan dialogue and concerted action in addressing these critical issues. He believes that current approaches are neither declared as a national emergency nor managed in a way that includes perspectives from both sides of the political spectrum.

Challenges in Engineering Solutions:

He suggests that effective solutions require the will to tackle the issue, along with thoughtful planning and engineering. According to Dalio, there are many cost-effective ways to enhance productivity and fairness in the system, yet these are not being sufficiently explored or implemented.

Socialist vs Capitalist Dilemma:

Dalio identifies a key obstacle as the divide between socialist perspectives, which he claims undermine entrepreneurship, and capitalist perspectives, which often fail to acknowledge the struggles of a significant part of the population.

Freedom to Fail:

The discussion also touches upon the concept of the “freedom to fail,” highlighting the importance of individual choices and opportunities in the context of the American dream. However, Dalio insists that the lack of a coordinated, bipartisan approach to solving the national crisis is a tragic failing that will have lasting repercussions.

In summary, Ray Dalio emphasizes the critical need for a unified, bipartisan approach to tackle what he perceives as a national crisis, particularly focusing on education as a pivotal area for strategic investment. He warns that the costs of inaction are high and the absence of a cohesive plan will only exacerbate current problems.

Parental Influence:

Ray Dalio emphasizes the crucial role parents play in the early development of a child. The first touchpoint of social learning often starts at home, and Dalio acknowledges this. Parents are responsible for setting the initial stage of values, self-discovery, and even the desire for education in their children.

American Dream Formula:

Dalio elaborates on what he sees as the formula for achieving the American dream. The components include good guidance from adults (ideally parents), a fair education system, self-discovery, and character development. By following this route, individuals not only uplift themselves but become net contributors to society.

Struggle as an Essential Element:

Dalio points out the value of “struggling well,” emphasizing that struggle is a part of the growth process. The goal should be to enable people to face challenges effectively, thereby developing their character and capabilities.

Social Inequality in Education:

Dalio mentions the significant disparities present in the American education system, citing examples like inadequate books and pencils in some school districts. This lack of resources hinders the provision of equal opportunity for all, which he identifies as a systemic issue needing attention.

Political Polarization:

Dalio discusses the problem of polarization in politics, where one side focuses solely on financial aid and the other avoids necessary restructuring for outcome improvement. He argues that neither approach is sufficient to ensure equal opportunities or productive outcomes.

The Value of Entrepreneurship:

Dalio speaks positively about entrepreneurship and the creation of value as pathways to financial success. He stresses that most people who are financially successful, including billionaires, have achieved their status by providing something valuable that others are willing to pay for.

Global Competition:

Lastly, Dalio highlights the necessity of fixing the American system to stay globally competitive, especially against countries like China. He advocates for a cooperative approach to problem-solving rather than adversarial political dynamics.

Overall, Ray Dalio outlines a complex interplay between individual responsibility, parental guidance, social systems, and political actions that shape the path to the American dream. He suggests that a collective effort is needed to address the systemic issues that hinder equal opportunities.

Synergist in Society:

The dialogue explores the concept of a “Synergist” — someone who can bring disparate elements together for a unified purpose. The context is American society, which is described as currently in a “bureaucrat, aristocrat” phase. The suggestion is that a Synergist could bring together conflicting parties for the greater good. However, Ray Dalio challenges this idea by stating that he has never seen a Synergist in the course of his study of historical dynasties and empires.

Historical Cycles of Rise and Decline:

Dalio elaborates that his study of history shows a repeating pattern where a new entity rises through hard work and innovation but eventually falls into decay and conflict. This cycle is not just true for nations but can be applied to companies and even multi-generational families. According to Dalio, this pattern occurs because the initial innovators are replaced by generations or systems more focused on maintaining existing structures than on innovation.

Real-world Examples:

Dalio uses empires like the British, Dutch, and Spanish, as well as dynasties in China, as examples to support his argument. He asserts that they all followed the same cyclical path of rise, stagnation, and decline.

The Role of the Entrepreneur:

Dalio states that entrepreneurs or revolutionaries often initiate the cycle again by tearing down old systems and replacing them with more efficient or innovative ones. The implication is that innovation and “scrappiness” are essential for breaking out of periods of stagnation and decline.

Drive vs Competitiveness:

In a slight detour, the conversation ends on Dalio’s personal philosophy, where he distinguishes between being “driven” and being “competitive.” While not elaborated upon, this distinction could serve as an insight into Dalio’s views on what fuels sustainable success.

The discussion encapsulates a somewhat pessimistic view of history’s repeating cycles but also hints at the importance of entrepreneurship and innovation in breaking these cycles. Dalio remains skeptical of the role of a Synergist in mitigating these historical trends.

Three Phases of Life:

Ray Dalio outlines three phases in a person’s life: the learning phase where you are dependent on others, the working phase where others become dependent on you, and the third phase, which he is entering, where the goal is to make others successful without your involvement. He asserts that his engagement in public discourse aims to share insights and help others, not to exert control or power.

Limited Role in Social Issues:

Dalio clarifies that while he is passionate about issues like income, wealth, and opportunity inequality, he does not see himself leading any charge to unify groups over these concerns. He believes his role is to share his best thoughts and let people decide whether to take or leave them, especially since he doesn’t have “his hands on the levers of power.”

Media’s Role in Society:

When questioned about the possibility of a balanced media platform emerging in today’s polarized environment, Dalio is skeptical. He thinks the mechanics of sensationalism and the underlying economics of the media industry make it unlikely for a balanced, Walter Cronkite-esque media platform to thrive.

Psychological Barriers:

Dalio refers to his studies in psychology and neuroscience, pointing out that people generally start with a conclusion and filter information accordingly, thus forming affinity groups. He feels this human tendency, coupled with economic factors, diminishes the chances of balanced media.

Market for Balanced Media:

While Dalio personally would subscribe to a balanced media platform, he questions the size of the market that would support such an endeavor. He suggests that the power of extremism or illogical emotional behavior makes it difficult for a neutral platform to gain enough traction to be sustainable.

The Idea of “The Issue”:

Ray Dalio talks about a social site concept called “The Issue,” developed by his son. The purpose of the site is to present multiple perspectives on controversial topics by featuring the viewpoints of experts who disagree. The idea is to offer a platform where people can become informed about both sides of an issue, thus fostering a more nuanced understanding.

In Pursuit of Truth:

Dalio also mentions another project aimed at balanced discourse: a show titled “In Pursuit of Truth.” The show would host individuals with opposing views on divisive topics for thoughtful debates. A pilot episode discussing whether God is reality or a delusion was even developed, underlining Dalio’s strong desire to encourage conversations that explore different facets of controversial subjects.

Value of Diverse Opinions:

Dalio appreciates events where people from opposing political or ideological camps come together for discussion, such as gatherings where campaign managers for both Obama and Bush debated issues. He believes these settings reveal the complexities of issues and show that opponents often have more in common than is initially apparent.

Finding Common Agreements:

Dalio emphasizes the importance of identifying areas of agreement when debating divisive topics. For example, can both parties agree that better education is essential? By establishing a common ground, he believes it’s possible to work collaboratively on solutions, which is the direction he thinks society needs to move toward.

Emotional Detachment as a CEO:

Ray Dalio starts by stating that being emotionally attached to the role of a CEO is unwise. He likens this attachment to a life arc, explaining that it’s natural to evolve and move on, much like parents do when their children grow up. He advocates for the importance of helping others succeed without you as the higher objective.

Learning Through Failure:

Dalio discusses the importance of embracing failure as a learning experience, especially when undergoing a transition of leadership roles. If you haven’t successfully carried out a task at least three times, he advises not to assume you know how to do it. He stresses allowing time for mistakes and learning throughout the process, sharing that he himself has failed at first but ultimately succeeded through iterative learning.

Enablement Over Control:

He shifts the focus from controlling an organization to enabling its growth, emphasizing the role of mentorship. He highlights that the primary role of a leader in the transition phase should be to enable and facilitate, not to control.

Partnership and Open-Mindedness:

Dalio talks about his love for partnerships that involve open dialogue and shared learning. He says the first sentence in his book acknowledges his own limitations, stating that his success is more due to his ability to deal with what he doesn’t know than anything he does know. He suggests that the tragedy for many people is their inability to challenge their own thoughts, emphasizing the value of open-mindedness and assertiveness in collective problem-solving.

Speed Round Opinions:

In a speed round where he is asked to respond to names with one word, Ray Dalio offers succinct evaluations. For Warren Buffett, he uses the word “wise.” For Lawrence Kolb during his tenure as the CEO of Danaher, he opts for “metrics.” For Boris Johnson, he chooses “loose cannon,” and for 1994 Newt Gingrich, he uses “accomplishment.” His one-word opinion about Joe Biden is “Who knows?” while for Milton Friedman, he selects “naive.” Lastly, for Michael Bloomberg, he describes him as “well balanced and capable.”

Book and App Recommendation:

The host highly recommends downloading Ray Dalio’s app “Principles” and reading the book of the same name. The host mentions having his executives and sales leaders read the book and write a paper on it, attesting to its effectiveness.

Outro and Further Engagement:

The host closes by thanking Dalio and expressing anticipation for future interviews. He also invites the audience to share their biggest takeaways from the interview via Twitter and promotes other related videos for viewers to watch.