Fw: to my fund managers from kazakhstan - latest Dalio drop.

1) If global equities or commodities rose in 2025, that wasn’t leadership — it was catch-up. The move occurred after U.S. price discovery had already taken place.

2) The USD is the final stand. For most global equity exposure over the years, the trade quietly embeds a losing FX position alongside the asset. Even when the local market rises, the currency …