Ray Dalio considers betting against the US debt load in 1982 among his biggest failures

Why Ray Dalio thinks the US deficit is a political problem

Dalio frequently argues that debt cycles are inevitable and a tradition of every empire. However, he said in 2025 that the US was headed for a debt crisis. Dalio says that while Republicans and Democrats agree on the math of the debt crisis, all politicians make promises to neither increase taxes nor cut government benefits—which Dalio says can't close the deficit.

In 2007, Bridgewater Associates warned of an impending financial crisis

Ray Dalio even presented his concerns to the US Treasury Secretary. In late 2025, Dalio warned of another recession, in line with models he created in his book "How Countries Go Broke: The Big Cycle."

Ray Dalio allegedly punched one of his early bosses

Before founding his hedge fund, Dalio traded commodities and futures. In 1974, Dalio allegedly punched one of his departmental bosses, causing him to lose his job at Shearson Hayden Stone. He founded Bridgewater Associates the following year. (Some users may experience a paywall.)

Ray Dalio started his career as a golf caddy in Long Island

When Dalio was 12 years old, he worked as a golf caddy at the Links Golf Club. That's where he heard about the stock market for the first time and decided to invest in Northeast Airlines—the only stock he knew that was selling for less than $5 a share. Dalio ended up tripling his profit and became fascinated with the stock market—ultimately laying the foundation for his legendary career as a hedge fund manager.

Ray Dalio argues that American capitalism is broken, citing economic factors like a growing wealth divide

Dalio also points to stalling income growth, weak healthcare systems, and poor educational outcomes when arguing that American capitalism needs serious reform. However, critics point out that Dalio has amassed a large fortune by running the world's largest hedge fund and question whether Dalio really wants economic reform.

Watch Ray Dalio break down his 'holy grail' investment strategy

As a hedge fund manager, Dalio's investment strategy relies on insulating investments from economic downturns. To do this, Dalio attempts to diversify investments as much as possible while considering the correlation between industries and markets.

Ray Dalio officially left Bridgewater Associates in late 2025

In 2017, Ray Dalio began a multiyear transition out of his leadership role at his company. He officially left his role as cochief investment officer and ended his tenure as the board chair in 2022 at 72 years old. How much Dalio made in the selloff of his Bridgewater equity in November 2025 isn't publicly known, but Forbes estimated his net worth to be $15.4B as of early 2026.

Time magazine named Ray Dalio one of the 100 most influential people in 2012

Dalio's profile, written by former Federal Reserve Chairman Paul Volcker, praised Dalio for his investment strategy and his deep understanding of economics, if unorthodox at times. Volcker particularly appreciated Dalio's support for the Federal Reserve's handling of the 2008 financial crisis. Dalio and Volcker were longtime friends—Dalio has referred to Volcker as "the most principled man" he knows.

Hear Ray Dalio talk about the growth of the Chinese economy

Dalio was an early advocate of US investment in China. While he has previously criticized the authoritarian regime, his criticism of the government has been labeled mild relative to his praise for economic growth and innovation—critics argue that he has minimized human rights violations in the country.

The culture Ray Dalio created at Bridgewater Associates is often criticized

Despite large returns, former employees report meticulous logs of mistakes, intense public questioning of junior-level staffers, recordings of all meetings being made available to all employees, and highly confrontational meetings—many of which are attributed to the book of more than 100 principles Dalio gives each employee. (Some users may experience a paywall)

Despite being a 'C' student in high school, Ray Dalio got his MBA from Harvard

Ray Dalio frequently says he was a poor student in high school and barely got into college. However, Dalio has said that he succeeded in college because he got to pick classes that interested him, like finance and economics. Dalio went on to earn his Master's in Business Administration from Harvard University in 1973.

Hear history nerd Ray Dalio talk about making decisions during times of uncertainty

For Dalio, history is the best teacher. Dalio emphasizes relying on and respecting the past as a framework for the future, so that during unsettling times, people still make good decisions.

Read Ray Dalio's reflection on his son's death

One of Dalio's sons, Devon Dalio, died in a car crash in December 2020. In a LinkedIn post, Dalio said Devon's death triggered an enormous amount of pain and reflection.

What happens when a hedge fund grows too big, too fast?

Dmitry Balyasny, who heads what has become one of the top US hedge fund firms, got a crash course in finance as a teenager, when he started trading stocks—and started losing money. Balyasny went on to lose a whole lot more money. But, this time, it wasn’t his to lose. To find out more about his firm’s remarkable comeback, read this article.

As part of their donations to advancing education, Barbara and Ray Dalio have invested in Trump accounts

The Dalios have committed $250 per child to 300,000 children under 10 years old in Connecticut who live in ZIP codes where the median income is less than $150K—an expected total of at least $75M. The money is designated for "Trump Accounts," or investment accounts with $1K provided to children to put towards education or starting a small business.

Warren Buffett has said not investing in Google or Amazon early enough was a mistake on his part

After avoiding investing in tech stocks during the dot-com boom, Buffett's stance on investing in tech was widely criticized. Buffett later shared his thoughts on why he regrets not investing early enough.

Investment banking giant Lehman Brothers filed for bankruptcy in September 2008 when it had $619B in debt, making it the largest bankruptcy ever in the US

Nearly all of its 26,000 employees immediately lost their jobs. But in London, a few hundred remained tucked away, working for another decade to wind down the bank’s European business.

JP Morgan Jr. once angered the nation with his zero-dollar tax bill

In the aftermath of the Great Depression, Congress learned that Morgan and his banking partners had avoided paying any federal income tax in 1931 and 1932. By claiming their losses in the stock market, they seemingly erased what they owed.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

In 2008, the 'Big Short' mastermind Michael Burry made more than $700M

Before the 2008 housing crisis, Burry used credit default swaps to bet against subprime mortgage-backed securities that fueled the 2008 housing crisis. His firm made more than $700M for its investors, and Burry made more than $100M in personal profits.

Central banking in the US has had a fraught political history

That history includes its doomed early efforts in the First and Second National Banks, as well as its failure to address the worst financial period in US history, the Great Depression.

Retail investors are getting burned by long/short strategies

In the US, many retail investors lack the SEC-mandated status (a high enough net worth, income, and other factors) to directly invest in hedge funds. The regulator considers hedge funds too risky for the masses. Hedge fund-like strategies have emerged as a workaround, despite potential pitfalls.

Investing in bonds comes with a few risks

Think: changes in interest rates that impact the bond’s value, or a bond issuer completely defaulting on a loan. There are steps investors can take to lower their initial and future risk when investing in the bond market, such as checking a company's bond rating before investing.

Visa Founder Dee Hock abruptly left the company in 1984.

Hock was arguably an unlikely candidate for the founder of one of the most successful banking organizations of all time. He grew up extremely poor in rural Utah without indoor plumbing, but would go on to create one of the most innovative financial technologies of the 20th century.

The worst election polling fails in US history

Presidential pollsters in the US have had some embarrassing failures. Here’s a catalog of those miscalls, from the scholar who literally wrote the book on them.

Many years ago, the US dollar became the world's primary reserve currency

In 1944, 44 nations gathered in Bretton Woods, New Hampshire, to rebuild the global economy. The result? The US dollar became the world’s reserve currency, backed by gold.

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

See a ranking of the best (and worst) Federal Reserve Chairs since 1914 out of the 16 men and women who have held the office since.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

Play the role of a student in a game where you try to navigate college and remain debt-free, selecting different income levels, high school experience, race, ethnicity, and more.

Discover the catastrophic consequences of a failure of the US electrical grid—something that is more likely than many Americans think.

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

In 1945, Surrealist artist Salvador Dalí and legendary animator Walt Disney began collaborating on a short film that was not completed until 2003, years after both men had died.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

Before writing 'Walden,' transcendentalist Henry David Thoreau nearly burned down his hometown with a campfire that grew out of control.

The Beatles' US label rejected the band's first two singles, 'Please Please Me' and 'From Me to You,' with one executive calling the band 'dead in the water.'

Before the current East Wing ballroom project, only two White House renovations in the past 100 years cost more than $10M.

Despite being favored by 87% of Americans, Congress does not have term limits.

Exploring the Larry Bird punch that almost changed March Madness

Use this calculator to find the dollar value of your mental load, from meal planning to coordinating after-school care for your children.

When a Paris department store hesitated to sell Estée Lauder's perfume, she 'accidentally' broke a bottle, causing the smell to spread throughout the store and shoppers to start asking to buy the scent.

Double world record holder Hunter Ewen helped conquer his fear of balloons, called globophobia, by training to win Guinness World Record titles for balloon inflation.

See 33 images that became central to huge scandals, including a young Charles and Camilla, Michael Jackson's baby on a hotel balcony, and Hugh Grant's mugshot.

The name 'Silicon Valley' arose from the founding of Shockley Semiconductor Laboratory in Fairchild Semiconductor in 1956-57, founded near Stanford University in Palo Alto

Watch contemporary footage covering the US-backed Shah of Iran fleeing the country in the face of the 1979 Iranian Revolution