As someone who makes a living through investment and financial management, I need to carefully study the annual insights from the founder of Bridgewater Associates every year. These past couple of days, this investment guru has posted his summary for 2025 and predictions for 2026 on social media.

After reading, I have a clear impression: the risk in the US stock market is increasing next year, while opportunities in China and other emerging markets are greater. To live comfortably, diversification is key, and it's wise to keep some cash on hand.

Using the logic of an ordinary retail investor, I break down this report into key points:

**Numbers in your account are deceiving you.** Are you happy when your stock account rises? Don’t be fooled. The truth is that the "money" itself is shrinking. In 2025, the US dollar, euro, and yen will all depreciate collectively. The gains you see are often just the result of currency dilution.

**Gold is the true barometer of hard assets.** Gold rose 65% last year, which is no coincidence. In an era of widespread fiat currency devaluation, only hard assets like gold can preserve value. It’s the real "truth detector," revealing the true worth of assets.

**Bonds are no longer a safe haven.** The old investment logic was "stocks are risky, bonds are safe," but that’s outdated now. Long-term US Treasury bonds are actually quite risky at this point.

**Smart money is fleeing abroad.** Capital is withdrawing from the US market. Emerging markets, Europe, and even China’s stock markets outperformed US stocks in 2025. This indicates a global reallocation of capital.

**US stock valuations have lost their appeal.** The current valuation of US stocks is too poor; it’s no longer a good entry point. Prices are high, and expected returns are low.