I hosted episode 2 of the WTF is Finance podcast on 20 Dec 2025 with Ray Dalio, where we unpacked the nature of money, why bubbles form, and practical steps for young Indians to build resilient portfolios.
Dalio says gold is the only money that isn’t someone else’s liability.
He recommends holding 5‑15 % of a portfolio in gold or an alternative “money” that returns roughly 1.2 % a year after inflation and performs well when the rest of the portfolio suffers.
The U.S. wealth‑to‑money ratio is about 8.5 : 1, and the stocks‑to‑money ratio is about 3 : 1, levels similar to the peaks of 1929 and 2000.
Dalio calls transcendental meditation his biggest source of success.
He views Bitcoin as traceable and vulnerable to government interference, preferring gold; stablecoins merely track fiat and therefore aren’t a store of wealth.