Ray Dalio on Deleveraging

Even if you are a pure value investor who ignores the macroeconomics, it is valuable to at least be aware of the understanding of the flow credit in the economy. The credit is the grease that makes the economic machine run, and it enters every nook and cranny of the economy, including the balance sheets of every business out there.


Please do ignore or tolerate the interviewer (Maria from CNBC), because when she finally does let Ray talk, it is well worth the listen.