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I sat down with two economists in China, Matthew Klein, who co-wrote the book on why trade wars are really class wars, and Ning Zhu, the professor who predicted China's housing collapse years before it happened and asked them everything I've never had answers to: what actually happens if trade surpluses and deficits continue for decades, why China consumes so much less of what it produces than India does, why the world keeps parking trillions in American debt, and whether de-dollarization is a real shift or just a story we like telling ourselves. Ning made the case that prolonged imbalances have historically been settled by war, Matthew argued that Korea's most traumatic financial moment not its miracle is what turned it into a surplus nation, and both agreed on the one thing every real estate developer in India refuses to believe: land prices do fall, and the moment everyone's convinced they can't is exactly when they do. Timestamp 00:00 Introduction 06:29 Why trade surpluses and deficits can persist for decades 11:42 What actually signals a healthy economy, and Korea's shift from deficits to surpluses 17:46 Whether tariffs can correct an undervalued currency 23:12 Why the world keeps funding American debt so cheaply 29:49 Where American long-term yields go from here 35:36 Whether dedollarisation is actually happening 41:35 Why unsustainable arrangements outlast the arguments against them 46:37 How China's state guaranteed its housing bubble 52:25 Building an economy from scratch: efficiency against fairness Zhu Ning- Deputy Dean and Professor of Finance, Shanghai Advanced Institute of Finance Matthew C. Klein-Founder, The Overshoot | Co-author, Trade Wars Are Class Wars LinkedIn: https://www.linkedin.com/in/matthewcklein/Footage Courtesy: World Economic Forum (WEF) CC BY-NC-ND 4.0Source: https://www.weforum.org/videos/amnc26_summer_davos_highlights/ #Nikhilkamath-Co-founder of Zerodha and Gruhas Host of 'WTF is' & 'People By WTF' Podcast Twitter: https://x.com/nikhilkamathcio/Instagram: https://www.instagram.com/nikhilkamathcio/LinkedIn: https://www.linkedin.com/in/nikhilkamathcio?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=ios_appFacebook: https://www.facebook.com/nikhilkamathcio/ Watch 'WTF is' Podcast on Spotify https://tinyurl.com/4nsm4ezn Watch 'People by WTF' Podcast on Spotify https://tinyurl.com/yme92c59 Watch 'WTF Online' on Spotify https://tinyurl.com/4tjua4th #WTFiswithnikhilkamath #PeopleByWTF #WTFOnline

I went to China and sat down with two economists — Matthew Klein, who co-wrote the book on why trade wars happen, and Ning Zhu, the professor who predicted China's housing crash before it happened — and asked them the questions everyone's asking right now: how is China's economy actually doing, is there an unsaid understanding that China keeps buying American treasuries, and are tariffs ever really an answer? Full episode drops soon. Zhu Ning — Deputy Dean and Professor of Finance, Shanghai Advanced Institute of Finance Matthew C. Klein — Founder, The Overshoot | Co-author, Trade Wars Are Class Wars LinkedIn: Matthew C. Klein on LinkedIn Footage Courtesy: World Economic Forum (WEF) — CC BY-NC-ND 4.0 Source: World Economic Forum — Summer Davos Highlights #nikhilkamath — Co-founder of Zerodha and Gruhas Host of WTF is & People By WTF Podcast Twitter/X: Nikhil Kamath on XInstagram: Nikhil Kamath on InstagramLinkedIn: Nikhil Kamath on LinkedInFacebook: Nikhil Kamath on Facebook Watch ‘WTF is’ Podcast on Spotify: Listen on Spotify Watch ‘People by WTF’ Podcast on Spotify: Listen on Spotify Watch ‘WTF Online’ on Spotify: Listen on Spotify #WTFiswithnikhilkamath #PeopleByWTF #WTFOnline

I sat down with Howard Marks, the co-founder of Oaktree and the man who has been writing the memos every serious investor on earth opens first for over thirty years, and what was supposed to be a conversation about debt and cycles became a conversation about how anyone gets above-average at anything in a world where everyone smart is already trying. We covered why he picked bonds over stocks for an entire career and got rich doing the opposite of what everyone wanted to do, why the S&P returns 10% a year but almost never between 8 and 12, why he changed his mind on AI after a single conversation with Claude, what AI can't do that great investors still can, why he thinks India's biggest export business sits in the crosshairs of AI, and where the $10 bill nobody has picked up is hiding right now. 00:00 Introduction 02:05 From Queens to Wharton beginnings 08:10 Mujo and independence of events 15:17 Why cycles exist in markets 22:09 Pandemic, recessions, and recovery age 28:38 Where we are today 36:08 Drifting versus seeing the river 42:57 Oak Tree and accidental entrepreneurship 49:45 Why bonds over equities 57:14 Distressed bonds and excess returns 1:05:36 Beginning a new career today 1:12:42 Active management versus indexation 1:20:08 Learning from Andrew, second level thinking 1:27:25 How to become contrarian and better 1:34:28 Learning from history, final advice #Nikhil Kamath Co-founder of Zerodha and Gruhas Host of 'WTF is' & 'People By WTF' Podcast Twitter: https://x.com/nikhilkamathcio/Instagram: https://www.instagram.com/nikhilkamathcio/LinkedIn: https://www.linkedin.com/in/nikhilkamathcio/Facebook: https://www.facebook.com/nikhilkamathcio/ #HowardMarks Co-founder and co-chairman of Oaktree Capital Management LinkedIn: https://www.linkedin.com/in/howardmarksbook/Twitter: https://x.com/HowardMarksBook Watch 'WTF is' Podcast on Spotify https://tinyurl.com/4nsm4ezn Watch 'People by WTF' Podcast on Spotify https://tinyurl.com/yme92c59 Watch 'WTF Online' on Spotify https://tinyurl.com/4tjua4th #WTFiswithnikhilkamath #PeopleByWTF #WTFOnline

Howard Marks runs the largest distressed debt firm in the world, has been writing the memos that Warren Buffett opens first for over thirty years, and just changed his mind on AI after a single conversation with Claude — we got into who's going to make the most money in investing over the next ten years, why he picked debt over equity for an entire career, why the S&P returns 10% on average but almost never between 8 and 12, and where the $10 bill nobody's picked up is sitting right now. #nikhilkamath Co-founder of Zerodha and Gruhas Host of 'WTF is' & 'People By WTF' Podcast Twitter: https://x.com/nikhilkamathcio/ Instagram: https://www.instagram.com/nikhilkamathcio/ LinkedIn: https://www.linkedin.com/in/nikhilkamathcio?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=ios_app Facebook: https://www.facebook.com/nikhilkamathcio/ #HowardMarks Co-founder and co-chairman of Oaktree Capital Management LinkedIN- https://www.linkedin.com/in/howardmarksbook/ Twitter - https://x.com/HowardMarksBook Watch 'WTF is' Podcast on Spotify https://tinyurl.com/4nsm4ezn Watch 'People by WTF' Podcast on Spotify https://tinyurl.com/yme92c59 Watch 'WTF Online' on Spotify https://tinyurl.com/4tjua4th #WTFiswithnikhilkamath #PeopleByWTF #WTFOnline

Wealth can be created easily — but that doesn’t mean it’s real. In WTF is Finance, Ray Dalio explains how money actually works, why asset bubbles form, and how investors should build portfolios that survive cycles, debt, and political change.  00:00 – Ray Dalio’s early life & first exposure to markets 04:55 – Why early wins hook people into trading 07:20 – Leverage, futures & learning risk the hard way 08:45 – Nixon ending the gold standard & why it mattered 11:25 – What money really is (store value vs medium of exchange) 15:00 – The interest-rate trap: promises vs real money 18:00 – How Ray compares assets, liquidity & leverage 21:48 – Portfolio construction if you can’t beat the market 24:21 – Bitcoin, stablecoins & why Ray remains cautious 26:40 – What actually counts as a store of wealth (beyond gold & crypto) 28:41 – Real estate, taxation & why immovable assets are easy to tax 30:44 – Learning by proximity: the modern version of “being a caddy” 34:22 – Prediction markets: speculation vs hedging 36:02 – Wealth vs money: how bubbles are created 41:32 – The 5 big forces that drive economies & markets 45:39 – How young Indians should actually “play the money game” 50:00 – What makes a successful trader or investor psychologically 52:43 – Curiosity, cause–effect thinking & building an edge 55:00 – Ray Dalio on legacy, Community & passing knowledge forward 59:50 – Leadership lessons from China, UAE & global powers 1:05:02 – China vs US vs India: understanding the new world order #NikhilKamath Entrepreneur & Investor Host of 'WTF is' & 'People By WTF' Podcast X: https://x.com/nikhilkamathcio/ Instagram: https://www.instagram.com/nikhilkamathcio/ LinkedIn: https://www.linkedin.com/in/nikhilkamathcio?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=ios_app Facebook: https://www.facebook.com/nikhilkamathcio/  #RayDalio American Hedge Fund Manager X: https://x.com/raydalio Instagram: https://www.instagram.com/raydalio/ Linkedin: https://www.linkedin.com/in/raydalio Facebook: https://www.facebook.com/raydalio/  Watch 'WTF is' Podcast on Spotify https://open.spotify.com/show/5T1uhRS... Watch 'People by WTF' Podcast on Spotify https://open.spotify.com/show/435Ybgm... Watch 'WTF Online' on Spotify https://open.spotify.com/show/3BQFvdH...  #PeopleByWTF #WTFOnline

Wealth can be created easily. But is it actually real? A conversation on money, investing, and the mechanics that quietly shape global markets with Ray Dalio. Coming Soon! #NikhilKamath Entrepreneur & Investor Host of 'WTF is' & 'People By WTF' Podcast X: https://x.com/nikhilkamathcio/  Instagram:   / nikhilkamathcio   LinkedIn: https://www.linkedin.com/in/nikhilkam... Facebook:   / nikhilkamathcio   #RayDalio  American Hedge Fund Manager X: https://x.com/raydalio Instagram:  / raydalio   Linkedin:   / raydalio   Facebook:   / raydalio    Watch 'WTF is' Podcast on Spotify https://open.spotify.com/show/5T1uhRS... Watch 'People by WTF' Podcast on Spotify https://open.spotify.com/show/435Ybgm... Watch 'WTF Online' on Spotify https://open.spotify.com/show/3BQFvdH... #PeopleByWTF #WTFOnline

Ruchir Sharma thinks America’s peak is over. In this episode, I sat down with the author, investor and economist to discuss the forces shaping the world’s economy, where India fits in the new world order, and all things geopolitics. Timestamps: 00:00 - Intro 2:45 - Early life & formative years 6:50 - What India can learn from Singapore & China’s models 11:33 - Premature welfare state: growth or mistake? 17:47 - Social mobility, elections & incumbency 27:06 - Does meritocracy create inequality? 31:29 - Why govt. bailouts hurt the private sector 33:50 - Regulation, crypto & blockchain 44:06 - Tariffs & free trade 49:12 - Affordable housing & property taxes 56:55 - Does India need a dogecoin? 1:02:00 - State vs. central govt. in India 1:09:07 - Putting corruption into perspective 1:15:03 - UBI & AI’s potential 1:25:37 - Interaction with Putin 1:32:35 - Journalism, free speech & media ethics 1:41:43 - Short selling: risks & rewards 1:43:47 - How Ruchir found his passion 1:53:26 - Validation & defining happiness 1:57:28 - FDI & how India can boost growth 2:06:44 - US: Superpower no more? 2:11:31 - Geopolitics: India, China & US 2:18:28 - American tech & patriotism 2:21:55 - Small cap boom & retail investors 2:30:56 - China today: politics & economics 2:37:26 - The thesis of American exceptionalism 2:40:28 - India’s 10 year playbook: wages vs. assets 2:48:35 - Private, public & emerging markets 2:52:48 - Tomorrow’s big trends #NikhilKamath - Investor & Entrepreneur Twitter: [https://x.com/nikhilkamathcio](https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbm9WZVh3cHVTX3JEeGptVjlOZ1R3cW5rVkZJUXxBQ3Jtc0tuekFjWnRXME9XUUVLcDNCTk9YcHd5OU1MV1NMamE0cWE1T25meGJ4VWRMa21OY3VYLWM2T05iOUJtYTNWbWRSLW5YUXNzTTRHUUpjOGdZSGJzNEYxMkt2Y2hmWVNUeU51Nk5MRFVieVNtSTJwMkFXZw&q=https%3A%2F%2Fx.com%2Fnikhilkamathcio&v=wHQiewz8k9g) LinkedIN: [](https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbGNsNjlxS2NyU3VxOUNIQU1VUmczaWNobmtJd3xBQ3Jtc0tsVmczaDdwdkpMZWlNaVdISk1mQUFfbmhZNVB2al9OU1hwbF9rYTFoMFJGN2FKRnFreXFEaXZhRGttd2xLRHBpQVhIS19XaW5wQTZ3UjB6bm5vazVmdUkwSEdsU0MxS1lXYmJvVnhlekVRczc0RmdTRQ&q=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fnikhilkamathcio&v=wHQiewz8k9g)https://www.linkedin.com/in/nikhilkamathcio/ Instagram: https://www.instagram.com/nikhilkamathcio/ Facebook: https://www.facebook.com/nikhilkamathcio/ #RuchirSharma - Chairman of Rockefeller International and Founder and Chief Investment Officer of Breakout Capital Website: https://ruchirsharma.com/