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

24:20 – Portfolio construction if you *can’t beat the market*

29:25 – Bitcoin, stablecoins & why Ray remains cautious

33:00 – What actually counts as a store of wealth (beyond gold & crypto)

34:58 – Real estate, taxation & why immovable assets are easy to tax

37:12 – Learning by proximity: the modern version of “being a caddy”

40:42 – Prediction markets: speculation vs hedging

42:08 – Wealth vs money: how bubbles are created

47:56 – The 5 big forces that drive economies & markets

51:58 – How young Indians should actually “play the money game”

55:37 – What makes a successful trader or investor psychologically

59:00 – Curiosity, cause–effect thinking & building an edge

1:02:20 – Ray Dalio on legacy, mentorship & passing knowledge forward

1:06:10 – What makes a successful society (community, education, peace)

1:09:10 – Leadership lessons from China, UAE & global powers

1:11:10 – China vs US vs India: understanding the new world order

1:15:46 – Technology wars & why India is well positioned

1:20:00 – Ray Dalio’s advice if you’re 25 with $100

#NikhilKamath Entrepreneur & Investor Host of 'WTF is' & 'People By WTF' Podcast

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#RayDalio American Hedge Fund Manager

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