Comments

This is my superbowl

Yay not a state sponsored episode

Friedberg thank you for still having a conscience and balancing out this group.

Great interview. It is starting to look like we need to have Friedberg solo since Sacks and Chamath cannot get out of spewing propaganda every episode.

Thank you so much for the interview, you didn't interrupt him. Highly appreciated. ❤

Ep 0 : 'No ads ever' Ep 263: 'All In is Brought to you by . . .'

All roads lead to inflation

Is it just me or did Ray fail to answer a single specific question!? He literally talked jumbled circles and avoided any direct answer to every specific question that was asked!

I swear, if I see one more video of Ray Dalio talking about "Great Power Rise and Collapse Cycle" I will quit the internet forever!

Dalio's pessimism tracks with his age

Quote "gold is the diversifier when the shit hits the fan." Noted, Mr Dalio.

Peter Schiff and Ray dalio should write a book and title it 'Bet against America and lose money.'

guess i’m staying up for another 49:13

holy 5 am refresh

Here only for Ray Dalio. No respect left for the all-in guys anymore.

Interviewer: Ray, simple question. Do you like peanut butter and jelly sandwiches? Ray Dalio: Well, before answering that directly, I think it’s important to step back and look at the context of the question, because when people ask something like that, they’re often focusing on the specific instance rather than the underlying system that produces the outcome. One of the things I’ve learned over decades of studying markets—and really, studying history—is that individual preferences are usually less important than the forces that shape them. So if we want to understand something like peanut butter and jelly sandwiches, we need to look at the patterns that repeat over long periods of time. I like to go back at least 500 years, because when you study five centuries you start to see the recurring archetypes. Now obviously peanut butter itself doesn’t go back 500 years in the modern sense, but the principle of combining a fatty base with a sweet preserve between grains absolutely does. If you look at early European and Middle Eastern food traditions—things like nut pastes with fruit reductions on bread—you see proto–PB&J dynamics emerging. What I’ve found is that sandwich systems, like economic systems, tend to be governed by five major forces. The first is Ingredient Productivity, which is basically how efficiently societies can produce the inputs—bread, nut paste, fruit preserves. When productivity rises, sandwiches become more abundant. The second force is Cultural Preference, which determines whether people want those ingredients together. You see very different sandwich cultures in France, Japan, and the United States. The third force is Distribution Infrastructure—the ability to move ingredients through supply chains. Without refrigeration, transportation networks, and grocery logistics, the sandwich economy simply can’t scale. The fourth is Nutritional Incentives, which shape what people choose to eat based on energy density and cost. Peanut butter, for example, became very popular in the United States because it provided a cheap, high-protein food source. And the fifth force is what I’d call Psychological Comfort Cycles. In times of uncertainty, people gravitate toward familiar, simple foods—what we might call “comfort sandwiches.” When you look across history, these forces interact to create nine recurring cycles of sandwich production. I won’t go through all nine in detail, but broadly they include cycles of ingredient innovation, cycles of staple grain dominance, cycles of preservation technology, cycles of affordability, and cycles of cultural normalization. For example, the Industrial Bread Cycle in the late 19th and early 20th centuries dramatically lowered the cost of sliced bread. That interacted with the Peanut Processing Cycle, which was enabled by new milling technologies. Then you had the Preserve Stabilization Cycle, when jams became mass-produced and shelf stable. Those three cycles converged around the 1920s–1930s, which is really when the modern peanut butter and jelly sandwich became systemically viable at scale. So when you ask whether I like peanut butter and jelly sandwiches, the more useful question is: under what conditions do societies produce and prefer that type of sandwich? And historically what we see is that when those five forces align—cheap grains, scalable nut processing, preserved fruit, strong distribution networks, and a cultural preference for simple calorically dense foods—you tend to get a widespread adoption of peanut butter and jelly sandwiches. So rather than thinking about whether I personally like them, I’d say the more important takeaway is understanding why the system produces them in the first place. And if you understand the system, you can understand not just peanut butter and jelly sandwiches, but sandwiches in general.

Last time I was this early, Iran still had the ayatollah.

It’s wild how quickly people dismiss a 500-year grasp of macroeconomics just because they’re scared of a "bearish" outlook. Being cautious about the long-term debt cycle doesn't mean you can't profit; it means the rules of the game are changing. gang.. the truth is If you’re under 35, you’ve likely never invested through a genuine, multi-year business cycle reset. Business cycles aren't an opinion.. they are mechanics. Most critics are just terrified of a temporary drawdown and would rather deny the insights of one of history's greatest investors than actually learn how to navigate a shifting tide. Stop being disrespectful and actually listen.. we’ll all be here to make money on the recovery anyway.

So many words, opinions and noise only for actions to cancel any ideologies… speak less act more

DOGE was a massive opportunity wasted, in part due to the fact that the entrenched interests were able to take an idea from this podcast, inflate it into something "relevant", and then leverage it to further entrench their positions and pad their budgets. So yeah... worked perfectly.

Great interview, great podcast! Go David Friedberg! Thank you for the interesting conversation with Ray Dalio.

Ray Dalio is a great example of someone who can be a successful genius in investing, and still not have a proper understanding of the monetary system

Doge failed because it exsposed the crooks,if it could have continued if congress hadn't stopped implementing it.

Here is the cycle: Good Times ==> Weak Men ===>Bad Times ===>Strong Men===> Good Times.

A Friedberg only podcast has so much more entropy than typical all-in pods. Seems like people r evolving to look beyond biased narratives towards more honest discussions. ❤d it 👏👏

Great timing fellas

Friedberg is becoming my favorite bestie

Thank you Ray, Thank you Dave.. this is a great exchange. It is refreshing to hear some common sense in all the noise.

Didn’t think I’d ever see ads here, but if that’s the price I have to pay for solo Friedberg, so be it!

Oh no they gave in to advertisemets

Surely this billionaire hedge fund manager has the answers America needs

Ray is years behind on bitcoin

THANKYOU. Especially for the 3 requirements for success.

Best start to a morning

Ran into to Mr. Ray at a dinner in NYC this weekend. Being the in presence of this man was an honor 🫡

Fiat Currency is debt. Money is a store of value.

Ray’s mostly right on structural risks — often too early on timing

Friedberg is the only one i enjoying listening to these days.

All in.... you guys are great together and provide a good balance by having diverse thoughts and positions on topics you cover. Please stay together.

Does ray ever give a straightforward succinct answer to any question?

Nice work gents..!

The Situation (Plain English) The U.S. spends way more than it collects. Debt keeps growing. Fixing it politically is extremely hard. That usually leads to: Higher inflation over time Government keeping rates “managed” Currency slowly losing purchasing power Collapse tomorrow? Very unlikely. Slow erosion over years? Very possible. Think: Rust, not explosion.

friedberg saving all in podcast

Ray ray

Bitcoin needs a privacy feature to become digital gold.

Love when Ray comes on .. such a sage.

Thank u both for having a relatively honest conversation given the political environment. 🙏 Some questions like those on the affect of tariffs were side-stepped, understandably so 😂.

I appreciate Ray’s sounding the alarm on our debt situation. He pretty much has come to the conclusion that we are in a bubble and there is absolutely no incentive or Will for our Congress or government to do anything about it. America and the US dollar are going down and there is nothing that stops this train. Save your tans your family. Buy gold silver and bitcoin . This sucker is going down. History has shown over and over that this cycle repeats

The great ray dalio!

Bad things happen when you're deep in debt. Is anyone surprised by that?

I see Ray Dalio and I drop what I'm doing and listen.

My local DMV is fast and efficient.

You ask the best questions that can be asked to Ray !! Please invite him back more often ! You are one of Ray’s best interviewers ! Thank you so much for bringing the best out of Ray through your questions ! You have done lots of homework , clearly !!

Everything about Freidberg is loveable, his pace, his questions, his timing, his intellect, his integrity

As a resident of Greenwich CT I would like to shout out Ray for hosting the Greenwich town party! Great episode and this man knows how to party!!!

Great Social Dynamic-Hypothesis-Analysis-insight-Historical review

Agreed, I’m also riveted to your program. Thank you.

Gold real-estate and collectibles with some commodities.

Friedberg solo ep is the most informative and best

11:10 The idea that large systems can't be efficient is actually dumb. The Internet is efficient. The Bitcoin network is efficient. It can be done.

Hands down the most informative, transformative and relevant podcast ever created!

I would prefer succinct answers. So wordy.

Ron Paul for president

I mean, don’t you think it’s time we broaden our perspective on Bitcoin? Why don’t we bring Micheal Saylor on just once, not 3 times but once, to add a missing piece to this beautiful puzzle. Other than than, thanks a lot for your great work as always 🙏

Take a shot every time Dalio says History

An exercise in compassion TY gentlemen.

thank you All In team and the guest!

good interview Friedberg. good sharing Ray

Am I the only one who (for the first time) hearing Mr Dalio's voice being so "nervous"??? He knows something HUGE is coming??? Please get prepared!!!!

Great timing!

8:10 😢😢 DOGE - don't remind us. 😢😢

"The power of persuasion"

I was worried, I thought it was about Dogecoin.

If I were to break cryptography via quantum why would I target a 2t(BTC) financial network when I could target a 30t(gld) network. Breaking cryptography literally breaks everything. I love Ray, I read all of his books but I think he has been compromised.

Ray is a Legend. His rise and fall of empires is awesome. Too bad he doesn't not understand Bitcoin. Gold transactions are much more visible than Bitcoin. He dam well knows there is no fixed supply of gold and no one. NO ONE knows how much gold is out there. And gold is one of the most manipulative markets there are. Good luck getting your gold out of country during a war. Ill still with Bitcoin. Its day will come

The wealth and income gap started in 1971 when Nixon ended the gold backed dollar. It won't be fixed by wealth taxes it will be fixed by money that government doesn't inflate.

Friedberg is.my.favourite. less ego, more premises. Ray.Dallio a legend.

Thanks Ray for sharing your thoughts ! I love the part when you say … “stay away of conflicts and wars” and invest in education.

absolutely great when Ray is on

Buy jet ai. Now🤑🤑

Explains the reasons why bitcoin is better than gold but then chooses gold...

Friedburg is my favorite.

Exactly. I invest in monopoly technology.

Because debt is owed with interest, money creation ultimately requires the destruction of more money than was created (principal + interest). This is the core issue. This is why it will never end.

8:20 No. He's taking about taking a CORRUPT government and making it not corrupt.

Silver is money Ray. You and I both know it whether you want to say it out loud or not. What's coming will prove it unquestionably.

Q4 2026 to Q3 2027: expect it to drop ~48% throughout this timeframe. This is coming from an investment banker who is the top performer at his region.

Everyone is getting excited about gold when it is currently trading at the largest premium to all in mining cost/oz. Be prepared to buy more gold if the price breaks 30%-50%. Not sure if public can hold gold if it breaks 30%+.

I don't think Ray really understands Bitcoin..🤷‍♂️

I appreciate solo Friedberg, he is clearly the most solemn and deepest thinker although the most quiet of the bunch

Thank you for this golden conversation 🤌🏽

Dalio is sharp. Always appreciated

Answer is hard money.

Much respect for Ray, but his views on Bitcoin are upside down

Put your money in things they can’t print

Benchmark leading systems and best practices. You can also cooperate with foreign governments.

Ray, the Gloria Allred of Wall Street Media.

18:51 Yes! This is supposed to happen in very small individual ways ... But what happens when bankers and their buddies agree to kick their can down the road and 'extend' and forgive loans? There are no smaller corrections and a bubble forms.

It’s good that Ray is developing a “blue print” for government to create wealth for the middle classes as it is badly required now.

I think when bitcoin gets to $1M it will be more interesting to Ray. It will not be long!

Todabia deloqean sabido ustedes qetengo un 10 an descubierto

24:00 then why aren't borrowing rates increased for people who have wealth and lower for people who need to borrow?

I don’t like Friedberg but I can’t deny he’s one hell of an interviewer

Its not the product or technology in the company that makes them successful but their long term culture.

One of my favorites by far Ray Dalio

love it, great job...... Ray is always fantastic!

Thank you for having the conversation with Ray Dalio and sharing it!

Please ask Ray back. I treasure his wisdom!

I really love the one on ones you do :). I wish they let you speak more during regular All-in shows (or at least finish ehat you are saying. Thank you so mich for taking the time to do these! Namaste'

Thanks Dave and Ray

thank you for the interview with Ray Dalio . he's so cool

You are the best I have seen to actually explain skiing. Much better than is Norwegians :)

Great informative interview with a master of his subject, and we'll hosted.

Ive been listening to him for years, the repertory is the same🥲

Every time Ray says money my mind immediately starts the Pink Floyd song

Many thanks for this great interview. I really like to hear the opinion of Ray Dalio - a legend. And many thanks for your great work. Highly appreciated from my side. Greetings from Switzerland

Create a short of the clip about how Ray Dalio explains the impact of import tariffs

Thank you. My/Our honour 😌

Good discussion very to the point thank you Mr Dalio 🙏

So long story short, we are domed!

Thank you Ray the GOAT. His comment on China not needing to make a profit was new to me, lots to think about.

Someone needs to remix Ray Dalio saying money

Great conversation

Best investor Ray Dalio

I like how Ray doesn’t try to side with opinions but always trying to observe what’s happening and how we need to fix it. Loved the solution he gave as a combination of 3 things: 1. Decrease spending, 2. Increase taxes, 3. Interest rates

Great interview

Great interview!

Polite to relate each question to the answer the interviewee just spoke about. Someone like ray is generous to be interviewed in this read off a list question manner.

R. Dalio is the best . 🎉❤

SCIENCE EPISODE!!! SWEET

@david and @Ray Dalio Great work Great recap on last year I have seen/heard everything Ray has written and YouTubed Very helpful additional perspective on Gold and the asset class shift/drivers from a big cycle asset class shift From an Aussie betting on our U.S. cousins - you guys, please, please get the 3 x 3 solved !

Thanks

Such insightful and deep conversation, thank you!

nice

Friedberg finally gets a solo mic and uses it to let Dalio drop cold, non-partisan macro truth without the usual All-In noise. No politics, no circle-jerk, just 49 minutes of signal on the exact forces that make the Anthropic/Pentagon breakup matter long-term.

Energy/ water and gold are the most important things.

Let’s go!

I can’t believe David Freeberg just didn’t add…. Why? “ no ads ever” jeez

Still waiting for the war report!!

What I found most worth listening to here wasn’t the big macro slogans, but the places where he tried to explain the mechanism instead of just giving conclusions. The more solid part, to me, is his explanation of how the US debt problem works mechanically. It’s not just “the deficit is high.” The bigger issue is that the government has to keep issuing new debt while also rolling over a huge amount of existing debt, and that creates pressure in a way people often gloss over. His point about interest rates being a balancing act also feels pretty sound: too low and you encourage more borrowing and bigger bubbles; too high and you crush debtors. I also think his distinction between “believing in the technology” and “buying the right companies” is an important one. A technology can spread everywhere while many of the companies tied to it still fail. That part applies well beyond AI. His explanation for why Bitcoin hasn’t played the same safe-haven role as gold was also more thoughtful than the usual one-liners, because he actually gave reasons: privacy, central bank demand, market size, and correlation with tech stocks. And on tariffs, the more interesting part wasn’t the political stance itself, but the logic behind it: in his view, tariffs are not just a tax tool, but part of a broader attempt to reduce dependence and rebuild strategic capacity. That said, there are also several places where I’d clearly keep some distance. Putting the US into a dangerous “stage five” phase sounds neat, but it still feels much more like his own macro framework than something you can treat as a clean conclusion. Same with the “five big forces” framework overall — it’s useful as a lens, but also broad enough that almost anything can be made to fit inside it. His “a successful country only needs three things” line — educate children well, maintain order, avoid war — is another example. It sounds persuasive, but it also simplifies reality a lot. I’d also be cautious with the gold-and-money section. You can see the logic behind “gold is money, not just a precious metal,” but once he moves into “money is debt” and then builds outward from there, it starts to feel much more like a personal theoretical lens than something everyone would grant up front. Tariffs are similar: you can absolutely argue for them as a revenue source and a strategic tool, but that is still far from a consensus view once you start asking about real-world tradeoffs, distributional effects, and execution. The AI section was probably the most interesting part to me, but also the part I’d be most careful not to take too literally. His idea that AI may “eat everything and then fail to produce enough profit,” and that the US and China may diverge because one system is more profit-driven while the other may push toward broader low-cost or open usage, is a very interesting argument. But it still feels much more like a forward-looking interpretation than something already proven. It’s the kind of claim that’s worth debating, not the kind you should just accept at face value.

Do you think gold will pull back

How partner with good companies here?

Ad roll?

use some of monetary and fiscal stimulus from lower interest rates to purchase government bonds of other nations for stronger currencies around world greater purchasing power makes prices more affordable including increase exports lowering trade and budget deficits, also helps other nations with government spending and reduce debt as well as stronger currencies purchasing power

🙌🏼

Its time to let Friedberg break out, from here on I am only watching his content as opposed to The All In Sycophants show

What is the paper gold to physical gold ratio?

Hell yeah ❤

Wordcels and those whom held assymetrical information are toast. Jamie Dimon also knows.

Maybe we are in monetary bubble not a stock market bubble. But are tied for sure. If we have wealth but not enough money in circulation then money bubble

Interesting

Quiero la opción de voz al español

i have 10% that is in stock selling industrial shovels for digging gold.😅

Right on

When one of the most successful people tells you that you make a great contribution 💪

“I’m not trying to tout people to buy gold but…” Proceeds to tout people to buy gold

When I see uncle Dalio that day is.. My Champions League Final. My World Cup Final.

There is this and there is Nikhil kamat. 😂

Q: “Ray, is gold going to continue up or not?” [25 minutes later…] A: Still not sure what his answer is…

Secretary Bessent made a great point that tariffs can't cause inflation because they don't increase the supply of money. If you take money from companies via tariffs, yes the price of the tariffed product goes up, but the prices of all other products that those companies were going to spend that money on goes down, because now they won't be spending the money on it. So, tariffs actually raise prices on tariffed goods and lower prices by a roughly equal amount on other goods, ultimately balancing out to basically 0 effect on general inflation.

The questions you asked him are all amazing. One of the best interviews ever, thank you all-in podcast!!!!

Legendary. Can’t wait for this to hit 1M+ views!!!

Excellent Interview. Let's keep checking back with Dalio every once in a while and see how we're progressing. I'd love some type of dashboard showing the progress or lack of progress

First time I've seen an ad on All In

Structurally it is a little difficult…. What an understatement!

Great interview, thank you David!

Super insightful!

such a great interview holy crap

yes!!! ray is back!!!

when it was mentioned in last week's episode that this was coming out, i hoped they would do an addendum to include the developments in middle east

Airwallex. Love it. 💧💧💧🚀

Fantastic final question

All In: The only podcast where you'll hear a billionaire do an ad read.

Always enjoy hearing Dalio. If I had much money on the sidelines I would have been buying uranium and copper producing equities today with the steep draw down, but I'm already fully allocated until next pay day xD