On April 12, Dalio delivered a speech at Tsinghua University. The key points from the on-site notes have been compiled, and they’re all practical takeaways:

1. Diversified investing is the way to go: allocate to 10–15 unrelated assets to reduce 80% of risk, and achieve an annual win rate of 90% or more—there’s no need to put all your eggs in one basket.
2. Ordinary people shouldn’t mess around blindly: just focus on capturing beta (the overall market return); don’t obsess over chasing difficult alpha (excess returns), which isn’t worth it.
3.