Let me start by saying that I love Ray Dalio. I dedicated an entire chapter in my forthcoming book to his work on portfolio construction. But like all macro investing strategists he’s going to get things wrong on occasion. And I think this one is a biggie so let me explain, respectfully, why I think Ray Dalio is wrong about a potential debt-induced heart attack in the USA. This was all sparked by recent comments Mr. Dalio made in the FT about how a “debt inducted heart attack” was coming to the USA within 3 years.1 He said: “The great excesses that are now projected as a result of the new budget will likely cause a ... (full story)