Features of Principles for Dealing with the Changing World Order PDF
Principles for Dealing with the Changing World Order PDF-“A provocative read…There are few tomes that coherently map such broad economic histories as well as Mr. Dalio’s. Perhaps more unusually, Mr. Dalio has managed to identify metrics from that history that can be applied to understand today.” —Andrew Ross Sorkin, The New York Times
From legendary investor Ray Dalio, author of the #1 New York Times bestseller Principles, who has spent half a century studying global economies and markets, Principles for Dealing with the Changing World Order examines history’s most turbulent economic and political periods to reveal why the times ahead will likely be radically different from those we’ve experienced in our lifetimes—and to offer practical advice on how to navigate them well.
A few years ago, Ray Dalio noticed a confluence of political and economic conditions he hadn’t encountered before. They included huge debts and zero or near-zero interest rates that led to massive printing of money in the world’s three major reserve currencies; big political and social conflicts within countries, especially the US, due to the largest wealth, political, and values disparities in more than 100 years; and the rising of a world power (China) to challenge the existing world power (US) and the existing world order. The last time that this confluence occurred was between 1930 and 1945. This realization sent Dalio on a search for the repeating patterns and cause/effect relationships underlying all major changes in wealth and power over the last 500 years.
In this remarkable and timely addition to his Principles series, Dalio brings readers along for his study of the major empires—including the Dutch, the British, and the American—putting into perspective the “Big Cycle” that has driven the successes and failures of all the world’s major countries throughout history. He reveals the timeless and universal forces behind these shifts and uses them to look into the future, offering practical principles for positioning oneself for what’s ahead.
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Description of Principles for Dealing with the Changing World Order PDF
Principles for Dealing with the Changing World Order PDF This is the best book for anyone around the world to download and must read whether of any age or any profession as they will improve the thinking with which you live your life dramatically.
Ray Dalio is the founder and co-chairman of Bridgewater Associates, which, over the last forty years, has become the largest and best performing hedge fund in the world. He is the author of #1 New York Times Bestseller and #1 Business Book of the Year, Principles. Dalio has appeared on the Time 100 list of the most influential people in the world as well as the Bloomberg Markets list of the 50 most influential people. He lives with his family in Connecticut.
Dimensions and Characteristics of Principles for Dealing with the Changing World Order PDF
- Publisher : Avid Reader Press / Simon & Schuster; 1st edition (November 30, 2021)
- Language : English
- Hardcover : 576 pages
- International Standard Book Number-10 : 1982160276
- International Standard Book Number-13 : 978-1982160272
- Item Weight : 1.99 pounds
- Dimensions : 6 x 1.9 x 9 inches
- Book Name :Principles for Dealing with the Changing World Order PDF
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A Customer “The author of this book has established a great reputation for himself as a shrewd investor and the founder of a successful and storied hedge fund. Bridgewater Associates has attracted the best and the brightest. Intellectual honesty, rigor and reportedly brutal candor are hallmarks of the firm. All which makes this book eagerly anticipated.
And yet, this reader found the tome surprising for its lack of honesty. Worse, given the non-disclosure of at least one big fact, the work could be characterized as self-serving. Or, like war, is this book perhaps all about deception?
Nowhere in the tome is there reference to Bridgewater Associates’ $1.25 billion raise for its third investment fund in China, as reported in the Wall Street Journal on November 24, 2021. This, to quote the Journal, would “catapult[s] the hedge-fund firm into the ranks of the biggest foreign managers of private funds in the world’s second-largest economy”. The book was released November 30, 2021. Was the author aware of the fund’s placement before he published? Would it affect the reader’s treatment of his subject-matter? One could guess ‘probably’ on the former and ‘certainly’ on the latter. The author’s work is his own, but he writes “[t]he people and tools at Bridgewater were also invaluable to this research.”
As to honesty, let’s look at the testy issue of intellectual property – long seen as something at issue in US-China relations. While acknowledging “intellectual property” is a thing, the author devotes merely 6 references to intellectual property in the book. Six! One of them is about Americans stealing Chinese IP. Yet buried in a footnote is a CNBC Global CFO Survey that finds 20% of CFOs report to having had IP stolen by Chinese companies. To add insult to all innovators out there, the author contends that, you know, stealing IP has been going on, like, forever: “Stealing intellectual property has been going on for as long as there has been recorded history and has always been difficult to prevent”.
Beyond the honesty, there’s just plain sloppy writing. Mr. Dalio may want to add a forceful editor to ‘triangulate’ with, to use his term for seeking counsel of notables. Consider this abominably ugly sentence, upon which a Kindle refund ought to issue:
“For example, it is because of the United States’ great global successes that the US dollar became the world’s dominant reserve currency, which allowed Americans to borrow excessively from the rest of the world (including from China), which put the US in the tenuous position of owing other countries (including China) a lot of money which has put those other countries in the tenuous position of holding the debt of an overly indebted country that is rapidly increasing and monetizing its debt and that pays significantly negative real interest rates to those holding its debt.”
One could go on. The rule of law, treatment of human rights, appropriation of private property, freedoms of speech, religion, assembly, climate change… All of these weighty themes are curiously absent in a true discussion of the author’s putative Ruler Of The World In Waiting.
But what about insight on stuff the author knows a great deal? Money, central banks, reserve currencies and their role, historically in global growth and order? This is the stuff one could reasonably give Mr. Dalio a very high degree of competence. Well, here too the ball is dropped, hard. There was a lot of discussion here, but the discussion seemed frozen in 1990. There was materially zero discussion on arguably some of the tectonic shifts in history coming our way – some of which may truly change the world order. For example, how are Central Bank Digital Currencies (CBDCs) and sovereignty-agnostic crypto to change the very nature of money itself? Or the world order therein? You don’t have to be a crypto bull to argue that digitization of fiat currencies is a Thing. That. Merits. Discussion. Yet here too, zero. Perhaps it was too sensitive for the audience in Beijing, given their own CBDC initiatives.
A nit now, perhaps. But there are a lot of ugly meaningless charts. My candidate for indictment is the bell curve chart (reproduced in the photo attached to this review). It depicts two nations’ relative position of dominance in the world – the USA and China. The bell curve has ‘The Top’ at the peak and the label “CHN -> The Rise” on the ascendant curve, and “USA -> The Decline” on its descendant. Would a sentence like “China is on the rise to the top, while the US is declining past its peak” do instead? And isn’t that really the only chart that Mr. Dalio wanted to impart in the whole book, given the audience in Beijing and the Bridgewater investment in China? More to the point, should we just have dispensed with all the charts and words and ‘triangulation’ and dinner parties with Lee Kuan Yew and paid our $16.99 for a Kindle version of that sentence?
So to the reader-to-be, my advice is simply this. Save your money. The only real point is Mr. Dalio’s contention that China is on the ascendant slope, and the USA is past its prime. Because that is a message that resonates well with readers in Beijing, where he is wanting to be seen as playing nice.”
Arturo Brillembourg “I’m grateful Ray Dalio has shared his world view and his access to leading thinkers and valuable sources of data, to make me more aware and better prepared for what’s coming. I am also friends with Ray, and I trust him.
This book offers at least two major contributions.
First, the synthesis and integration of economic, social, and geopolitical history that presents a holistic view of how countries rise and fall. Leveraging his relationships with leading thinkers and historians, Ray gives us a way to understand the major forces, cycles, and paradigm shifts that can dramatically change the world around us. You would have to read dozens of well-chosen books to gain such an understanding, and you still may not have a comprehensive theory.
Second, the quantification of each major nation’s economic, cultural, and geopolitical health. With the support of Bridgewater’s multi-hundred-million-dollar research budget and team, Ray presents the key determinants of a country’s strengths and weaknesses through time, and relative to other countries. Seeing the most important long-term trends in charts provide useful perspectives that are unavailable elsewhere.
Here are some of my biggest take-aways.
Disorderly conflict is the pre-cursor to destructive conflict that is likely to be devastating for all of us. Both the winners and the losers of destructive actions are worse off relative to compromise, mutual understanding, and respect. As an American, I should not take for granted that I live in the most powerful country that has seen one of the longest periods of peace, economic growth, and innovation in global history. It’s not the norm, and if we aren’t careful, things could get a lot worse.
Invest in innovation. Both as an investor and as a citizen, innovation has been a powerful force for improving lives and driving economic growth.
We are likely in for a period of high inflation. The easiest way for the government to deal with high levels of debt is by printing money, using stimulus to spur economic growth, and keeping interest rates lower than nominal GDP growth. That is, to inflate their way out of debt. As an investor, he suggests avoiding long term holdings of cash and bonds. Instead, he recommends diversifying with assets that can do well in an inflationary environment, like highly dependable cash generating stocks, some gold (possibly a little cryptocurrency), and other scarce inflation-protected assets.
This book is a major contribution. I strongly recommend reading or listening to it. If you don’t have the time, at least read the first few pages of the introduction, the first chapter “The Big Cycle in a Tiny Nutshell”, chapter 8 “The Last 500 Years in a Tiny Nutshell”, and the final chapter called “The Future”. I hope you found this helpful.”
Kendra W. “For having such a large team do so much work on his behalf, there are significant issues with this book. Dalio, add just enough detail to make it sound like he has done his research to the layman, but in reality, he grossly misrepresents topics that are clearly outside of his domain. Every chapter is full of inaccuracies and misrepresentations that just a little degree of education on these topics can remedy. He completely ignores the Eurodollar system which has been one of the key drivers of globalization and developmental economics since the 50s, the progression of empires prior to the dutch which do not fit his models. Even the ones he shows do not fit his doctored maps. has an embarrassingly low handle on the history of critical technologies such as deepwater navigation and the development of trade within vs between empires. He definitely needs to hire better consultants that talk to him about military technology strategy and warfare. His metrics regarding education and technological innovation are laughable. He is almost completely silent on demographics which is appalling.
Study the eurodollar system and grab some books from the old Stratfor crew (Robert Kaplan, George Friedman, peter Zeihan etc. ). If you need help understanding the actual economy and how it works I recommend looking up Jeff Snider Eurodallors University. This is just a bunch of doctored ideological non-sense. I can’t give it more than 1 star because so much of his data is doctored to the point of non-sense for his story.”
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