In the "Against the Rules†podcast that was released, Michael Burry explained why he deregistered his hedge fund last month. ...

Core Viewpoint - Elon Musk critiques the policies proposed by New York City's new mayor, Zohran Mamdani, suggesting they could lead to a decline in living standards similar to historical socialist systems [1][2][3]. Group 1: Critique of Policies - Musk argues that Mamdani's proposal for city-owned grocery stores, aimed at keeping prices low, could result in inefficiencies and shortages, reminiscent of past socialist economies [2]. - He emphasizes that the government’s involvement in the economy, likening it to the inefficiencies of the DMV, would not yield positive outcomes for consumers [1][2]. - Musk warns that implementing Mamdani's policies at scale could lead to a catastrophic decline in living standards for all socioeconomic classes [2]. Group 2: Political Context - Mamdani, a democratic socialist, recently won the New York mayoral race, becoming the first Muslim and South Asian mayor of the city [3]. - Musk's comments reflect a broader concern among some wealthy individuals regarding the potential impact of Mamdani's governance on New York City [5]. Group 3: Public Reactions - Ken Griffin, a hedge fund CEO, expressed hope that Mamdani's governing policies would differ from his campaign rhetoric, indicating a lack of confidence in the proposed agenda [5]. - Conversely, Alex Soros publicly supported Mamdani, highlighting a divide in opinions among influential figures regarding the new mayor's potential impact [5].

Core Insights - The hedge-fund industry reached a record $4.98 trillion in assets under management during the third quarter, marking the largest inflow since before the global financial crisis [1] Industry Summary - The hedge-fund sector experienced significant growth, with assets under management hitting an all-time high of $4.98 trillion [1] - This growth represents the biggest inflow of capital into hedge funds since the global financial crisis, indicating a strong recovery and renewed investor confidence in the industry [1]

Core Insights - Ray Dalio warns of a significant shift in the global monetary order, highlighting gold's rise as the second largest reserve currency after the US dollar [2][4] - Dalio draws historical parallels to the 1930s and 1970s, indicating that current fiat currency devaluations resemble those periods [3][5] - He emphasizes the potential for "very, very dark times" for major Western economies due to mounting financial liabilities and high national debts [5][7] Group 1: Currency and Economic Outlook - Dalio states that all fiat currencies are likely to decline together, suggesting a systemic risk in the current monetary framework [2][3] - He points out that the current situation mirrors past economic crises, particularly the Nixon shock and the Great Depression, where currencies fell against hard assets like gold [3][4] - The appeal of hard currencies, particularly gold, is reaffirmed as a safe asset in the face of potential economic turmoil [4] Group 2: Debt Concerns - Dalio highlights the alarming $37.5 trillion debt of the United States, warning that it could lead to a financial crisis [7] - He mentions the issue of declining demand for U.S. debt due to massive annual interest payments, which creates imbalances in the market [7] - Earlier, he referred to a "debt-induced heart attack" for the U.S. economy, attributing it to years of significant deficits [6]