Why Market Crises Keep Changing the Rules for Investors

The first quarter-century of this century has been anything but smooth. Markets have been battered by crisis after crisis — from the dot-com bust and the housing collapse to the Global Financial Crisis, massive quantitative easing, a once-in-a-generation pandemic, surging inflation, and the rise of meme-stock driven retail trading. Each shock tested the system in new ways and left lasting scars.

In this conversation, Romaine Bostick walks through how markets reacted and adapted to each upheaval, while Ray Dalio zooms out to explain the deeper economic and policy forces at work. Together, they show that these events didn’t just create short-term volatility — they fundamentally reshaped how capital flows, how risks are priced, and how investors must think about diversification and cycles.

The takeaway is clear: understanding today’s markets requires understanding the crises that shaped them. Dalio’s insights offer a framework for navigating an investment world where the old rules no longer fully apply — and where the next shock is never as far away as it seems.

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