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💡 Editorial: The Age of Extremes — Navigating Bubbles, Bitcoin & Beijing in 2025

Welcome to INVESTMENT THE ORIGINAL – Issue Nr. 022, a landmark edition crafted for investors who recognize that we have entered a financial epoch defined not by gradual change, but by violent contradictions.

We live in the Age of Extremes.
A time when markets can be simultaneously euphoric and fragile, when bubbles form while global demand slows, and when technology promises exponential returns even as sovereign debt reaches dangerous new heights.

This issue delivers the most comprehensive macro synthesis to date — combining the insights of three global heavyweights:

• Ray Dalio on bubbles, low returns, and All-Weather resilience
• Alex Krüger on Bitcoin’s coming domination
• Einar Tangen on China’s policy-driven world-building
• Plus: the Federal Reserve, the Digital Yuan, and the AI Capex supercycle

Let’s dive into the world as it truly is — and as it is rapidly becoming.

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⚠️ Dalio’s Warning: We Are 80% Into a Bubble

According to Ray Dalio, the U.S. is now deep into bubble territory, driven by AI mania and sky-high megacap valuations.
But Dalio’s message comes with a paradox:

“Don’t sell because there’s a bubble — but understand what comes next.”

We are riding the final, exponential leg of a classic speculative surge.
And history tells us the last 20% of any bubble is where the largest and fastest gains often arise — right before the air comes out.

Dalio also warns of what follows:

• A low-return decade
• Structural stagflation
• High debt, political fragmentation, and geopolitical realignment

Investors must build All-Weather portfolios that hedge not against a single risk, but against all possible futures.

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₿ Krüger’s Macro-Crypto Thesis: Bitcoin Will Outperform Gold in 2026

Crypto is no longer a niche experiment — it is a macro asset.
Alex Krüger argues that Bitcoin is poised to vastly outperform gold next year due to one dominant force:

Global liquidity.

The Federal Reserve’s next move — tightening, pausing, or pivoting — will determine the trajectory of:

• Bitcoin
• Tech equities
• Risk assets
• Emerging markets

Crypto has become the high-beta expression of macro liquidity.
Any dovish signal or geopolitical de-escalation could unleash the next full bull cycle.

Krüger’s playbook focuses on:

• Liquidity metrics
• Volatility signals
• Technical structure
• Bitcoin/Gold relative value

This is not gambling — it is macro trading at its most advanced.

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🇨🇳 Tangen on China: Stability First, Collapse Not Even Close

Forget the Western doom narrative.
Einar Tangen reveals a China that is not collapsing — but recalibrating.

Beijing’s new economic doctrine:

• Domestic consumption > exports
• Innovation > real estate
• Stability > growth at any cost

China’s Five-Year Plan creates clear subsector winners: Policy Goal Investment Focus Domestic demand E-commerce, travel, services Technological self-reliance Semiconductors, EVs, AI, green energy Managed stability SOEs aligned with central planning

China is mapping out a 20-year strategy.
The West is reacting quarter by quarter.

Investors who understand this asymmetry unlock vast opportunities.

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🧠 The AI Bubble & The Low-Return Decade

The AI boom is real — but so is the bubble around it.

Tech giants are pouring historic levels of capex into chips, models, and infrastructure.
This drives massive revenue for semiconductors and cloud computing —
until it doesn’t.

The bubble pops when:

• ROI declines
• AI productivity stalls
• Capex slows

And combined with high debt, political division, and structural inflation, Dalio warns of a decade of low real returns for most traditional assets.

This edition provides a full strategic roadmap for navigating a world where:

• Cash is punished
• Bonds are dangerous
• Tech is oversaturated
• Real assets lead

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🌐 The New World Order: Fragmentation, Digital Currencies & Supply Chain Warfare

This issue also exposes the real macro battlefield:

🔹 US–China Decoupling

A forced restructuring of global supply chains creating:

• Winners: Mexico, India, Vietnam
• Winners: robotics, automation, energy security
• Losers: companies dependent on cheap Chinese manufacturing

🔹 The Digital Yuan

China’s CBDC is not a short-term threat to the dollar —
but it is a long-term architecture for a multipolar payments system.

🔹 Geopolitical Risk Premiums

Volatility indices are now political indicators.
Markets move on central bank signals, election narratives, and military posturing as much as on earnings.

Welcome to global macro in 2025.

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🏁 Conclusion: The End of Easy Money

This is not the world of 2010–2020.
This is the Age of Extremes — and it rewards only those who understand its contradictions.

To thrive, the modern investor must:

• Use Dalio’s historical framework to avoid ruin
• Apply Krüger’s macro-crypto insights to capture exponential upside
• Follow Tangen’s geopolitical lens to identify the next global winners

There is no single strategy.
No autopilot portfolio.
No passive approach.

The future belongs to the investor who can synthesize these three worlds into a dynamic, multi-perspective strategy.

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