It's not clear what you're asserting. For raw return on investment, there is a compelling analysis: https://markets.businessinsider.com/commodities/news/warren

It's not clear what you're asserting. For raw return on investment, there is a compelling analysis: https://markets.businessinsider.com/commodities/news/warren-buffett-bashes-gold-2019-2-1027977003 https://markets.businessinsider.com/commodities/news/warren-... which demonstrates that Dalio has been wrong over time (as long as we have been around, at least). This does not preclude Dalio from being right about specific small periods of time or decidedly in the future. So far, not so much.