### Comment:
Even Ray Dalio went full retard on EM ETFs and lost a few billion in Q1 and Q2  
  
  [https://whalewisdom.com/filer/bridgewater-associates-inc#tabholdings\_tab\_link](https://whalewisdom.com/filer/bridgewater-associates-inc#tabholdings_tab_link)

### REPLY:
It's not full retard if that few billion is a few % of your portfolio. 
  
 But principally I agree, not sure why is anyone looking for any growth outside of emerging markets. Europe and Japan are flat and potentially deflationary in the future, the US is on course to join the club.

### END.