Ray Dalio on navigating a new financial order: debt crises, AI hype, and global realities

In a recent interview, Ray Dalio argues that the global economy is approaching a major turning point, with rising government debt, higher interest costs and growing geopolitical tensions putting pressure on markets. He is also cautious about the AI boom, drawing parallels with past bubbles and suggesting that the bigger long-term winners may be companies that use AI well, rather than those simply selling the technology. His advice: look beyond the latest market excitement, stay diversified and prepare for a more fragmented global economy. His main ideas:

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London’s tax suicide: the flight of its biggest taxpayers and a $160 billion loss

The mass exodus of ultra-wealthy people from Britain has put around $160 billion of wealth on the move, as wealthy residents and foreign elites increasingly shift their fortunes and financial ties overseas. The main reasons are the new fiscal reforms introduced by the Labour government and the abolition of long-standing tax privileges, combined with persistent fears of further tax increases and tighter financial rules. As a result, London is gradually losing some of its appeal as a leading global financial centre, dealing a significant blow not only to tax revenues but also to the luxury property, hospitality and consumer economy that depends so heavily on wealthy residents.

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Bill Ackman’s simple rules for money and investing

Bill Ackman is a famous American billionaire investor and founder of the hedge fund Pershing Square. He is known on Wall Street for making big, bold bets on major companies, helping turn around struggling businesses, and using his financial success to fund cutting-edge medical research and charitable causes. Investing money can feel confusing and risky, but Bill Ackman keeps his strategy straightforward. He believes in buying solid, reliable companies that make real cash, holding them for many years, and staying away from dangerous bets like short selling where you can lose unlimited money. He warns that artificial intelligence will quickly wipe out weak businesses, and he advises regular people to avoid picking individual stocks and just buy low cost index funds instead. These core ideas show how Ackman protects his capital, avoids common Wall Street traps, and builds lasting wealth.

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What do people who made their money actually do with it?

The conventional narrative around wealth management assumes a predictable arc: an entrepreneur builds a company, exits or extracts liquidity, and then quietly transitions into passive preservation mode. The capital is handed to wealth managers to be sliced into traditional asset allocation models (a percentage in public equities, a percentage in fixed income) while the founder steps back from active risk-taking. However, findings from the HSBC Global Entrepreneurial Wealth Report 2026 (surveying 3,288 current and former business owners across 17 global markets) paint a fundamentally different picture. Wealthy entrepreneurs do not stop being capital allocators when they cross high-net-worth thresholds; instead, they evolve into more selective, disciplined allocators of conviction. Crossing the wealth finish line is not an invitation to leave the arena. It is a transition to a game played with greater strategic optionality and higher selectivity.

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Gold Is Having a Very Strange Year

Gold is having one of those years when almost every explanation seems to be true at the same time. It has been one of the great trades of 2026, then suddenly looked horribly expensive, then fell sharply, while some of the biggest buyers in the world simply carried on buying it. The usual gold story — lower rates, weaker dollar, inflation fears, geopolitical anxiety — is still there, but it no longer seems big enough to explain what is actually happening.

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The Storm on Wall Street and the Great Restructuring: How Artificial Intelligence is Changing Wealth Management and Where We Are All Heading

The AI wealth-management boom didn’t start in September. It had been building quietly for most of the year. The numbers show just how quickly the market was expanding. The Wealth Mosaic’s AI WealthTech Market Map counted 497 companies working on AI-driven or AI-enhanced wealth-management solutions in December 2025. By January 2026 there were 517. February brought 536, March 554, May 581 and July 588. In other words, the tracked market added more than 90 companies in seven months. The change was not simply in the number of companies. The Wealth Mosaic reported a shift from experimentation toward practical deployment, with AI moving into adviser support, portfolio management, reporting, compliance, data management and operational workflows.

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