How did we miss this? The interview with Foreign Affairs took place in September.

Good stuff. Ray Dalio is one smart dude.

Here is what jumped out at us,

The age of big returns is over. Of asset classes, in general. That’s true of bonds, that’s true of stocks, for structural reasons. And that has to do that when interest rates go down, it causes stocks and bonds to go up. And when interest rates come down to zero there is not much more room for those assets to benefit from declining interest rates…. That is all over for a relatively long time.

Tell us it ain’t so, Ray Dalio!

The Fed has shot its wad. Better get your stock picker and trader hats on.

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