Wealth can be created easily — but that doesn’t mean it’s real.
In WTF is Finance, Ray Dalio explains how money actually works, why asset bubbles form, and how investors should build portfolios that survive cycles, debt, and political change.
00:00 – Ray Dalio’s early life & first exposure to markets
04:55 – Why early wins hook people into trading
07:20 – Leverage, futures & learning risk the hard way
08:45 – Nixon ending the gold standard & why it mattered
11:25 – What money really is (store value vs medium of exchange)
15:00 – The interest-rate trap: promises vs real money
18:00 – How Ray compares assets, liquidity & leverage
21:48 – Portfolio construction if you can’t beat the market
24:21 – Bitcoin, stablecoins & why Ray remains cautious
26:40 – What actually counts as a store of wealth (beyond gold & crypto)
28:41 – Real estate, taxation & why immovable assets are easy to tax
30:44 – Learning by proximity: the modern version of “being a caddy”
34:22 – Prediction markets: speculation vs hedging
36:02 – Wealth vs money: how bubbles are created
41:32 – The 5 big forces that drive economies & markets
45:39 – How young Indians should actually “play the money game”
50:00 – What makes a successful trader or investor psychologically
52:43 – Curiosity, cause–effect thinking & building an edge
55:00 – Ray Dalio on legacy, Community & passing knowledge forward
59:50 – Leadership lessons from China, UAE & global powers
1:05:02 – China vs US vs India: understanding the new world order
#NikhilKamath Entrepreneur & Investor
Host of ‘WTF is’ & ‘People By WTF’ Podcast
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American Hedge Fund Manager
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Please plan an podcast with Dr. Michael Burry
Great interview but while interviewing I’d recommend not constantly saying “mhmm” into the mic as it distracts from what the guest is saying.
I mean he dodged a lot of bullets. He Didn't answer what was asked.
What an embarrassment. Would have been better to have a monologue from Ray
In india black money is problem and in America every dollar is tracked…so it is not that big issue of high real estate prices in America
its about nuance of life wat RDs passing on however its polar opposite for NK to grasp that and probing with silly questions; everyTime RD frowns and pause and reflect to say 'I've these things to convey to ur Audience being it Money, wealth., and five forces' , meaning NK is not asking relevant Questions; and i rest my case;
And secondly about PLay a game ; where in India kids are pampered till adolescence and even during marriage- till what point they dont see the outside world to interact, play, resonate and reflect with people; So in USA as RD mentioned kids are curious and open to Play the game;
Nikhil definitely wasn’t ready for such high level of discussion.
I doubt Nikhil is good at trading 😂
This interviewer is pissing Ray off😂
Host is so lost and clueless 😅
Extremely thank you, nikhil
Good u have covered almost all insights deeply.
Just an episode of pure wisdom, when Ray Dalio is talking about his learnings we can understand the depth of knowledge he has in economics and building a society as a successful one, there is so much to take from this podcast.
Bro that question list is embarrassing
You don't ask Ray Dalio "are you bullish on Bitcoin ". The guy is a legend you should ask him a deeper questions, such as: why would governments never support Bitcoin? He will tell you because the governments can't print it or create more of it in order to fund the war in "Ukraine" or any other wars around the world 🌎🌍🌎🌍.
Nikhil was dumb with questions
I Thought Nikhil Kamam had some common sense… Guy doesn't even understand difference between a Goat currency 💵 and Credit Line and real asset class currcency like Gold 🪙. What kind of MBA student is he…😂
Nikhil keeps interrupting, oh man. Sit down.
Ray dalio networking is broken
❤❤❤
15:36 why he keeps referring interest rate as "trap" "always the trap" ? is it just because of the credit risk ?
हिन्दी ???????? @nikhil
I am stopping to watch this half way!! The interviewer is dumb and Dalio is almost amused at his questions!!
Can you ask some Good questions.
By hearing these intellectuals I learnt only one thing from them . The actions which he told to do to start the game and how to play the game are done by every Indian middle class boy because we already know how to play the game , be it samosa wala or AI entrepreneur or restaurant owner , everyone knows it . Yet not every one succeeds because of Indian corruption in every system . This system only helps the chosen ones . But in USA they play fair that’s why they make big money .
Dalio has a youtube channel that has taught me more economics than 5 years of college
I am waiting for Putin interview now.. What The Fuck With Politics 😂😂
One with the Warren Buffett 🎉
The first 35 minutes were wasted. Then Mr Dalio took control of it. Thank you.
One of the most important thing I understand is stay neutral, never get into wars. Then educate your children, teach them civility. And also the difference between wealth and money.
22:23 have 5-15% of portfolio in gold or similar