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<p>In his 2025 review, Ray Dalio stated that the 18% increase in U.S. stocks is actually a "pricing illusion" due to the depreciation of fiat currency, and when priced in gold, it has actually fallen by 28%. Gold, with a 39% increase, has established its position as a value anchor and reserve asset. He warned that current U.S. stock valuations are extremely stretched, and a social crisis caused by imbalanced profit distribution is quietly accumulating, with foreign capital shifting towards non-U.S. markets and physical assets due to geopolitical issues and unilateralism</p>

- In his annual review, Ray Dalio emphasizes that the significant investment narrative for 2025 revolves around drastic currency value shifts rather than strong U.S. stock performance, largely attributed to nominal currency depreciation creating a "pricing illusion."  
- He highlights that gold emerged as a true value anchor, outperforming U.S. equities dramatically, with the S&P 500 actually declining by 28% when priced in gold.  
- Dalio warns of structural imbalances in profit distribution, rising liquidity pressures in illiquid markets, and potential political turmoil ahead, fueled by growing dissatisfaction over economic disparities.

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Ray Dalio's Annual Review: The depreciation of the US dollar and other fiat currencies, and the high returns of US stocks are merely "valuation illusions," while gold outperforms everything