# Cycles, Crises, And the Currency of Change with Ray Dalio

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Podcast: [The Outthinking Investor with Daleep Singh](https://stenobird.com/podcast/the-outthinking-investor-with-daleep-singh-4270349)
Published: 2025-12-09T11:00:00+00:00
Episode link: https://blm5757040378.libsyn.com/cycles-crises-and-the-currency-of-change-with-ray-dalio
Audio file: https://traffic.libsyn.com/secure/blm5757040378/PGIM_EP_12_-_FINAL_-_Nov20.mp3?dest-id=3239798
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Duration seconds: 1301

## Resource

Ray Dalio, founder of one of the world's largest hedge funds, Bridgewater Associates, joins us for a special edition of The Outthinking Investor. Dalio sat down with PGIM's George Patterson, Chief Investment Officer of Quantitative Solutions, for a conversation about anticipating the onset of big market cycles and constructing balanced portfolios for new regimes. They discuss the impact of idiosyncratic risks and geopolitical shifts; the evolution of public and private credit markets; AI's transformative influence on the global economy; the five major forces that create big cycles; and the interplay between sovereign debt, the U.S. dollar, gold, and central banks. To understand big cycles, investors must look beyond the headlines and through a historical lens, Dalio explains. Do you have any comments, suggestions, or topics you would like us to cover? Email us at thought.leadership@pgim.com , or fill out our survey at PGIM.com/podcast/outthinking-investor . To hear more from PGIM, tune into Speaking of Alternatives , available on Spotify , Apple , Amazon Music , and other podcast platforms. Explore our entire collection of podcasts at PGIM.com .

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## Transcript

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