Principles for Navigating Big Debt Crises

Ray Dalio shares the unique template his firm used to navigate the 2008 financial crisis. By analyzing 48 historical cases—from the Great Depression to Weimar Germany—Dalio reveals the repeatable cause-effect patterns behind big debt cycles. This guide provides a systematic framework for investors and policymakers to understand markets and manage future economic crises. Master the "economic machine" and turn volatility into an advantage.