by crystal ball is destined to a ground glass.

Okay. What I mean is.

What you don't know is very important relative to what you do now.

And for that reason, understanding how to properly balance and diversify your

portfolio. And that diversification should be

countries, currencies and asset classes is something that's important for most

investors. To make tactical decisions is not going

to be the best thing they can do. They're going to do that badly.

And and when you come to conferences like this, you will get different points

of view. But unless you actually have a system

and you maxing out and we put hundreds of millions of dollars, lots of money,

maybe $1,000,000,000, I don't know, into doing a technology, and so what to try

to get an edge. So number one is respect what you don't

know and know how to diversify. Well, because diversifying allows you to

reduce your risk by up to 80% without reducing your income, without your

reducing expected return. If you know how to do that, well, okay,

then I think then what you have to do is you have to look at the relative appeal

of the asset classes. So when I go through that calculation,

the relative cash now has a relatively attractive

appeal. You know, I was sort of people when I

said cash is trash and that got a lot of attention, but that's when cash was

nil. Okay.

Now, when you look at the expected returns for this moment, cash is a

relatively attractive asset class at this moment.

It's not just attractive because it has a relatively decent, decent night rate,

but decent expect. In other words, it has something like a

one and a half percent real return. Okay, not bad and not bad in comparison

to the other things. And it doesn't have price risk, so it

looks relatively attractive. But let me follow let me complete the

answer before you guess. I say you're pulling at the bit.

And but then also, I think in this environment and given the whole picture

of all the things at work, there are three things that I look at as to where

where to invest. I want

sound finances. So I look at income statements and

balance sheets of countries. I want to invest in countries that where

they earn more than they spend and they have good, well, more assets and

liabilities. Okay.

Second, I don't want to have where there's a lot of internal conflict,

because the internal conflict is very dangerous.

Last question, Ray, What comes next for radio?

There was speculation about going back to to Bridgewater, Would you?

That is not going to happen. But wrong.

But by the way, don't trust the media. I mean, I do attest to that.

I mean, I've read a lot of people get along with that.

But I would just note on my own fund. Other than that.

No, no, no. I'm not creating.

Okay. I am I have

a family office that manages family and foundation funds.

Okay. And I'm doing that.

And what is what comes next? I'm at a phase in my life where it's

very natural. I'm 74 years old and I'm not.

The most important thing for me is to pass along everything okay, To pass

along some of the knowledge and principles that I've learned over a

period of time, which is why I'm doing this, why I'm writing the books and so

on, and to pass along the wealth and to pass along other things and pass along

Bridgewater. What a joy it's been to start it now in

this two bedroom apartment and 47 years later, to build this extended family and

these wonderful people who are very, very capable, you know them and, and to

have them, this next generation flourish and be a bit of a mentor to them.

What a joy that is. And so my objective is to do that.

My son gave me a book by Joseph Campbell called Hero of Thousand Pieces and says,

There's a lie part and there's a part in your life journey when you're.

There are three phases in life. The first phase where you're learning

and you're dependent on others kids, they go to school and so on.

Second phase of one's life is your working and others depend on you and

you're trying to be successful. And then there's a transition to your

third phase. And in that third transition, he

described it, and I instinctually feel it.

There's there's what he called the passing of the moon.

Now, what is the moon? I didn't know what the moon was To the

moon is what you've acquired that are the gifts that you've acquired over that

period of time. So I'm now in that phase and I'm going

to put out one more book, Economic Investment Principles, and then I'm

going to be done with that phase. And so that's where I am.

I'm savoring life with, you know, my family, the things I like to do, and

that's where I am.