對沖基金奇才雷·達利奧 (Ray Dalio) 深入探討貨幣世界

Bridgewater Associates 創辦人兼資訊長 Ray Dalio 在本文中提出了他對「好錢」概念的見解。達裡奧強調歷史經濟週期分析的重要性，並強調了債務支持貨幣和黃金和加密貨幣等非債務支持貨幣形式。他解釋了金融體系的穩定性如何影響債務和非債務資產的需求，並強調了黃金在債務和通膨危機期間作為多元化工具的價值。在分享他的投資觀點時，達利奧澄清他不提供財務建議，並鼓勵讀者根據自己的研究做出明智的決定。

Ray Dalio's Insightful Exploration of Money and Its Evolution

雷·達裡奧 (Ray Dalio) 對貨幣及其演變的深刻探索

Ray Dalio, the visionary founder and CIO of Bridgewater Associates, an investment management behemoth, has shared his profound insights into the nature and evolution of money, providing a comprehensive framework to navigate the complexities of modern finance. His principle-based approach to investing, rooted in a deep understanding of historical economic cycles, has guided Bridgewater's remarkable track record of success.

投資管理巨頭橋水基金 (Bridgewater Associates) 富有遠見的創始人兼首席資訊長 Ray Dalio 分享了他對貨幣本質和演變的深刻見解，為駕馭現代金融的複雜性提供了一個全面的框架。他基於原則的投資方法植根於對歷史經濟週期的深刻理解，引導橋水取得了非凡的成功記錄。

Dalio posits a comprehensive definition of good money: a medium of exchange that is widely accepted and a reliable store of value. The dollar, euro, yen, and Chinese renminbi emerge as the most widely recognized and accepted currencies globally, albeit all being debt-backed monies. Dalio cautions that while these fiat currencies represent debt liabilities—promises to deliver future value—they can become less attractive when the risk of non-payment or devaluation increases. Excessive government debt can trigger central bank money printing, leading to inflation and currency erosion.

達裡奧對優質貨幣做出了全面的定義：一種被廣泛接受的交換媒介和可靠的價值儲存手段。美元、歐元、日圓和人民幣成為全球最廣泛認可和接受的貨幣，儘管它們都是債務支持貨幣。達裡奧警告說，雖然這些法定貨幣代表債務負債（承諾提供未來價值），但當不付款或貶值的風險增加時，它們的吸引力可能會降低。政府債務過多可能引發央行印鈔，導致通貨膨脹和貨幣侵蝕。

In contrast to debt-backed currencies, Dalio highlights the unique properties of gold as a non-debt-backed form of money, akin to cash but without the risks of default or inflation. Gold's value stems from its intrinsic properties, supported by the risks of debt defaults and inflation. Central banks hold gold as the third-largest reserve currency, surpassing both the yen and the renminbi.

與債務支持貨幣相比，達裡奧強調了黃金作為非債務支持貨幣形式的獨特屬性，類似於現金，但沒有違約或通膨風險。黃金的價值源自於其內在屬性，並受到債務違約和通膨風險的支撐。各國央行將黃金作為第三大儲備貨幣，超過日圓和人民幣。

Dalio acknowledges cryptocurrencies as another form of non-debt money, while suggesting that some may consider gems and art as similar assets due to their non-debt nature, portability, and wide acceptance as storeholds of wealth.

達裡奧承認加密貨幣是另一種形式的非債務貨幣，同時建議一些人可能將寶石和藝術品視為類似的資產，因為它們的非債務性質、可移植性以及作為財富儲存手段的廣泛接受性。

Dalio emphasizes the importance of context in evaluating the desirability of different forms of money. During periods of financial stability, when governments fulfill their debt obligations without excessive money printing, debt assets and other financial instruments can be viable investments. However, in times of debt and inflation crises, gold emerges as a valuable asset due to its inherent properties. This explains why Dalio includes gold in his portfolio as a prudent diversification strategy.

達利奧強調背景在評估不同形式貨幣的可取性時的重要性。在金融穩定時期，當政府在不過度印鈔票的情況下履行債務義務時，債務資產和其他金融工具可以成為可行的投資。然而，在債務和通膨危機時期，黃金因其固有的屬性而成為有價值的資產。這解釋了為什麼達裡奧將黃金納入其投資組合，作為審慎的多元化策略。

Dalio clarifies that his insights are intended to educate and inform, not to provide investment advice. He encourages individuals to conduct their own research and make informed decisions based on their specific circumstances.

達利奧澄清說，他的見解旨在提供教育和訊息，而不是提供投資建議。他鼓勵個人進行自己的研究，並根據自己的具體情況做出明智的決定。

As of the time of writing, gold traded at $2,303.21 an ounce, experiencing a 1.3% decline on the day.

截至發稿，黃金交易價格為每盎司2,303.21美元，當日下跌1.3%。

This insightful analysis from Ray Dalio highlights the importance of understanding the nature and evolution of money in making sound financial decisions. By considering the risks and rewards associated with different forms of money, investors can navigate the complexities of modern finance and position themselves for long-term success.

雷·達裡奧 (Ray Dalio) 的這一富有洞察力的分析強調了了解貨幣的本質和演變對於做出明智的財務決策的重要性。透過考慮與不同形式的貨幣相關的風險和回報，投資者可以應對現代金融的複雜性，並為自己的長期成功做好準備。