What I'm trying to say is that for the average investor, what I would encourage them to do is to understand that there's inflation and growth. It can go higher and lower and to have four different portfolios essentially that make up your entire portfolio that gets you balanced.

Ray Dalio

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When growth is slower-than-expected, stocks go down. When inflation is higher-than-expected, bonds go down. When inflation is lower-than-expected, bonds go up.

It all comes down to interest rates. As an investor, all you're doing is putting up a lump-sump payment for a future cash flow.

Constantly probe the people who report to you, and encourage them to probe you.

ConstantlyEncouragePeople

There are two main drivers of asset class returns - inflation and growth.

AssetClassDrivers

When you cannot make up your mind which of two evenly balanced courses of action you should take - choose the bolder.

— William Slim

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