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(dramatic music) - [Ray Dalio] The changing world order. The times ahead will be radically different from those that weve experienced in our lifetimes, though similar to many times before. How do I know that? Because they always have been. Over my roughly 50 years of global macroeconomic investing, Ive learned the hard way that the most important events that surprised me, did so because they never happened in my lifetime. These painful surprises led me to study the last 500 years of history for similar situations where I saw that they had indeed happened many times before with the ups and the downs of the Dutch, British, and US empires. And every time they did, it was a sign of the changing world order. This study taught me valuable lessons that Im going to pass along to you here in a distilled form. You can find the comprehensive version in my book, Principles for Dealing with the Changing World Order. Let me begin with a story that brought me to this point, about how I learned to