DARIO TO DISMANTLE THE "PAPER WEALTH" TRAP, WARNING THE AI HEAT OR THE RE-EMERGENCE OF THE 1929 AND 2000 BUBBLES

Ray Dalio, founder of Bridgewater Associates, the world ' s largest hedge fund, issued the toughest market warning to date, stating that the current investment boom around AI was pushing the market towards a bubble phase similar to that of 1929 and 2000. Dario recently stated in the podcast The Diary of a CEO that investors must recognize a key reality: “Share market wealth is not cash”. In his view, the current market created a large amount of book-based wealth, but it did not represent real cash flows. When the moderator, Steven Bartlett, referred to the investor Jeremy Grantham's judgement on “the biggest investment bubble in American history”, Dario responded: “He was right. Grantham had an accurate warning of the Japanese asset bubble, the Internet bubble and the real estate bubble before the 2007 financial crisis. According to Dario, there are several typical characteristics of foams in the current market: SpaceX (SPCX.O) has completed the largest IPO in history, Anthropic and OpenAI valuations have continued to rise, and large amounts of funds are being pursued for AI assets that have not yet fully realized profitability. Acadian Asset Management (Acadian Asset Management) investment expert Owen Lamont's “Famber Four Knights” theory also shows that bubbles tend to be accompanied by four major signals: overvaluation of assets, investors' knowledge of high prices, large-scale distribution of stock financing by businesses, and large new capital inflows to markets. Dario explained that the essence of the bubble was that “paper wealth” was mistaken for real wealth。