In a live interview on LinkedIn on Tuesday, the founder of Bridgewater Associates highlighted the devastating human toll of the virus, which has so far infected more than 2.5 million people worldwide, and its far-reaching economic impact.
However, he continued to issue an optimistic note, saying that the financial spinoffs should be seen in a broader historical context.
Comparing the pandemic to other periods of economic hardship, such as the Great Depression, Dalio said the current slowdown – as painful as it may be – would be “relatively brief” and allow for broader global “restructuring”.
The restructuring could take three to five years, he said.
“I know it takes a long time, but it doesn’t last forever,” Dalio told LinkedIn editor Dan Roth. “The human capacity to adapt and to invent and come out of it is much greater. “
Dalio went on to say that people should be “very enthusiastic” about the next phase, pointing to advances in digitalization, data and human thinking. The assessment of the 70-year-old businessman reflects the broader observations of economists and historians that we are in the midst of a technological revolution.
“I think we should be very excited about the new future,” he said.
“We are now in a wonderful revolution in terms of the ability to think and use this in a way. I would say it is absolutely the most precious thing in the future. “
To thrive in this new environment, Dalio said that people should focus on understanding and improving their logical and creative thinking skills.
“I would say that understanding your thinking skills, or using digital thinking supports, would be the most valuable (skills),” said Dalio.
“Everyone’s ability to do it, interact digitally and help that kind of thinking – either as a user, as an efficient user, or as an efficient constructor of it – I think this is going to be important. “
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