Dalio's proprietary 'bubble gauge,' tracking markets back to 1900, currently shows conditions about 75% of the way toward the historic extremes of 2000 and 1929, though still below Japan's 1990 peak.

50:40in and they, you know, uh there's a Google and there's a Yahoo. So, so what's the bubble gauge saying right now? >> So, the bubble gauge is saying it's about 75% toward where it was both in 2000 and 1929. So, it's pretty high up there. Okay. in Japan in its bubble in 1990, it got higher even than than those cases. So, it's high. But people pay too much

51:06attention. Let's say if I just do did the bubble gauge, I could tell you probably with good probability um that it won't be good to um for the next I I couldn't tell you whether it's going to be 3 years or 10 years, but it won't be a good investment. Um but it won't tell you timing. Timing you need the prickling the bubble. Okay. So what causes it to prick the bubble? So if you

51:29got a bubble and then you see, okay, here are the things that prick the bubble, then you've got a good combination of things to do your market timing because the timing is going to be on the pricking of the bubble. The pricking of the bubble typically is the creating the need for the cash for the for converting that wealth into cash for one reason or another. Quite often it's

51:51the most typical thing is tightening monetary policy. Okay. So what you have typically is that when stocks go up and bonds go down then what you have is uh the future expected return of equities becomes low relative to interest rates and when interest rates go up let's say a tightening of monetary policy you you know that's that's a classic dynamic. Other things like wealth taxes could do

52:19it. So in other words, for example, if you say you're going to have to pay wealth tax, then whoever has the wealth is going to have someone sell some of the wealth to get the money in order to be able to pay. So looking out for those things in terms of the timing is my machine. Take what that for whatever it's worth. I don't want people to trade

52:38on this and so on. But I'm just trying to answer the question that there are mechanics. Okay? Everything that happens ha h has causes that to make it happen. And if so you understand the mechanics of the cause effect relationships you can see all this and understand it that way. Is Bridgewwater the biggest hedge fund because you were the you had the best performance. Is it the biggest