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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#RayDalio American Hedge Fund Manager

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Watch 'WTF is' Podcast on Spotify https://open.spotify.com/show/5T1uhRS...

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Watch 'WTF Online' on Spotify https://open.spotify.com/show/3BQFvdH...

#PeopleByWTF #WTFOnline

Ruchir Sharma thinks America’s peak is over. In this episode, I sat down with the author, investor and economist to discuss the forces shaping the world’s economy, where India fits in the new world order, and all things geopolitics.

Timestamps:

00:00 - Intro

2:45 - Early life & formative years

6:50 - What India can learn from Singapore & China’s models

11:33 - Premature welfare state: growth or mistake?

17:47 - Social mobility, elections & incumbency

27:06 - Does meritocracy create inequality?

31:29 - Why govt. bailouts hurt the private sector

33:50 - Regulation, crypto & blockchain

44:06 - Tariffs & free trade

49:12 - Affordable housing & property taxes

56:55 - Does India need a dogecoin?

1:02:00 - State vs. central govt. in India

1:09:07 - Putting corruption into perspective

1:15:03 - UBI & AI’s potential

1:25:37 - Interaction with Putin

1:32:35 - Journalism, free speech & media ethics

1:41:43 - Short selling: risks & rewards

1:43:47 - How Ruchir found his passion

1:53:26 - Validation & defining happiness

1:57:28 - FDI & how India can boost growth

2:06:44 - US: Superpower no more?

2:11:31 - Geopolitics: India, China & US

2:18:28 - American tech & patriotism

2:21:55 - Small cap boom & retail investors

2:30:56 - China today: politics & economics

2:37:26 - The thesis of American exceptionalism

2:40:28 - India’s 10 year playbook: wages vs. assets

2:48:35 - Private, public & emerging markets

2:52:48 - Tomorrow’s big trends

#NikhilKamath - Investor & Entrepreneur

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#RuchirSharma - Chairman of Rockefeller International and Founder and Chief Investment Officer of Breakout Capital

Website: https://ruchirsharma.com/