be generous and be around people who are generous because it's a system that works. Okay. When you're generous with others, they're going to be generous with you if you have the right side of people. If they're not going to be generous with you, then move on.But that generosity means that you'll get more as well as that you'll give more. Not only is it functional because of that, but it's spiritually enriching. The relationships that you have are the most important things in your life.So having great relati ...

and you have a lot of young people here that would all like to be you. Um, what advice would you give them from your, you know, looking back at your 20-year-old self. >> I think the important thing is that you you have the life that you want to have.How you define success uh is important. I I I I don't think that there's a right path for success. I think that I was lucky in that I fell in love with the game that if I played the game, I ended up making a lot of money. I don't recommend just going after life ...

Investment Strategy - Real estate is not considered a good investment idea due to its sensitivity to interest rates, even more so than to inflation [1] - Real estate's fixed nature makes it an easily taxable asset, reducing its effectiveness as a diversifier [2] - Real estate lacks the portability of other assets, limiting its diversification benefits [2]

The most important thing is uh um the basics. Educate your children well so that they can be productive and they're civil so that they work well together. Come out to a civil society in which there's productivity and that there's a good capital markets and a good environment so that there's good income and get the basics, the fundamentals right, meaning earn more than you spend, have more assets than liability, a good income statement, a good balance sheet.If you do those basic things, most people productiv ...

Global Trade & Currency Dynamics - A country's currency becomes the preferred global medium of exchange when it leads international trade [1] - This currency then becomes the preferred storehold of wealth and the world's leading reserve currency [1] - Historically, the Gilder, pound, and dollar have served as reserve currencies when the Dutch, British, and US led world trade, respectively [1] Reserve Currency Advantages - China's currency is increasingly being used as a reserve currency [2] - Having a reserve currency allows a country to borrow more than others, providing a significant advantage [2] - Countries without a reserve currency do not have the same borrowing power [2] Risks & Historical Parallels - A country with a reserve currency can print more money when it runs out [3] - The privilege of a reserve currency can lead to increased borrowing and the beginning of a financial bubble [3] - This pattern of financial, political, and military power bolstered by reserve currency borrowing has been observed throughout history [3][4]

Monetary Policy & Gold - The US dollar was once backed by gold, but that system ended [1] - Devaluation and lack of confidence in fiat systems historically lead to a return to linking money to gold [1] - Printing money to pay debt leads to a lack of confidence, potentially triggering a relinking to gold [1] - A relinking of gold to money is conceivable, but far in the future [2]

Is China uninvestable until this tariff war or these tariff tensions are fixed. I think for many countries there are be very big risks and the important thing is to pick your size of your exposure. In other words, I my mantra is 15 good uncorrelated return streams.I think you have to have diversification and that China as a small piece should be part of that diversification. All things considered, if it's not a geopolitical and you're not instructed to do otherwise, by and large, I think that some element o ...

Credit and Debt Dynamics - The US economy's total credit is approximately $50 trillion, significantly exceeding the total money supply of about $3 trillion [1] - Credit's impact is contingent on its use; it is detrimental when it fuels unsustainable overconsumption but beneficial when it efficiently allocates resources and generates income for debt repayment [3] - Borrowing facilitates increased spending, enabling incomes to temporarily outpace productivity, though this is unsustainable in the long term [2] Economic Cycles - Credit creation fosters self-reinforcing economic patterns, but borrowing inherently generates cycles, necessitating eventual corrections [5] - The economy demonstrates how credit amplifies spending and income, illustrated by examples of individuals leveraging credit cards to spend beyond their immediate earnings [4][5]

Now, I'll take you through the big cycle in more detail. Give me 20 minutes and I'll give you the last 500 years of history and show you the similar patterns across the Dutch, British, US, and Chinese empires. 500 years of big cycles.I'm going to describe the typical cycle by dividing it into three phases. The rise, the top, and the decline. The rise.Successful new waters that rise, both internal and external, are typically started by powerful revolutionary leaders doing four things. First, they win power b ...

Three months ago, Ray, you said that we were about three years away from the US going broke. A lot has changed since then. The tariffs, liberation day, the markets, no spasms from that.And Moody's downgraded the US debt. They were the third of the ratings agencies to do so. How close are we now, if not 3 years away.>> Well, it really depends on how we're going to deal with this. We are at a juncture right now. If we can soon, very soon, while the economy is still good, cut the deficit to 3% of GDP, which is ...