Ray Dalio on geopolitics, the election cycle and his investing outlook

hi again Carl joining me special guest he he can't walk around here without getting stopped he's very recognizable Ray Delio is with me the founder of Bridgewater thank you for taking the time oh I'm glad to be here it's good to see you here you've been coming here for a long time and I just want to frame the conversation always with you sort of in the way you look at the world right now and through history focused on the big themes like debt and the internal order changes we'll talk about the election five big things

excuse me internal order on the internally uh credit debt and uh drives the economy and how that works so number one y and it goes through a big cycle number two is internal order and disorder yes so number three which we're experiencing in the United States and some other countries are experiencing at an extreme right number three is the world order and you know the rise of a great power and the and then the competition this is China VI the US China and then those and then yes and and what is the order what is

the rules are there rules so it changes it used to be dominant it's no longer dominant number four ismics was yes droughts acts of nature droughts floods and pandemics have killed more people than Wars and toppled more orders than anything else so climate like for example and pandemics are a bigger part of our lives and then number five is technology people's inventiveness and they come up with technology and these things go in Cycles the first three are big Cycles they've evolved and then um these others are disruptive the four of those are concerning the first

four of those the debt is concerning the internal conflict is concerning the external conflict is concerning and certainly the climate and the cost of the climate is concerning and then um technology is a two-edged sword right so those are so everything that we'll ever talk about and you'll ever interview fits into that and understanding also the relationships between it is key so seeing it in the big cycle way and seeing the relationship between these things is key every story we talk about I think on CNBC relates in some way to these themes so what about

here how does that fit in there's just so much enthusiasm I was just talking about some of the numbers in terms of growth and transitions in the economy you've been coming here for years how dramatically different is it and what's your invest dramatically dramatically different but I I think then we go back to the elements of what makes a place successful okay so we take this okay financially are you successful do you earn more money than you spend do you have a good income statement and a balance sheet okay that's number one number two do

you have internal order where the people work together in a favorable way number three is very important are you going to be involved in an big International conflict that's going to be damaging or not these are really the first three then of course climate and technology so when I come here and and I whatever country you pick you ask yourself things like do they educate their children well in um to become talented and then also civil with each other and do you come out to an environment which lends itself to being productive and raising living

standards these are the standards this check the boxes it changed radically when um his ex the MDS uh took power yeah so investment destination people don't see this you know every country there's pros and cons and their controversial things but if you're talking about now seeing this and how the changes are taking place it's a remarkable place he is a lean U or a dcha ping of the area because of the strength and quality of the changes