Wu Shuo learned that Ray Dalio, founder of Bridgewater Associates, stated in his 2025 annual summary that the 2026 U.S. midterm elections could trigger significant political shifts, with Republicans potentially losing seats in both the Senate and House of Representatives. Current favorable policies are likely to be reversed. Taxation, regulation, and policy could all begin to exert pressure on corporate profits.

He pointed out that U.S. dollar depreciation is not merely short-term fluctuation, but a long-term structural trend, with real returns likely to remain below non-dollar assets such as gold and the Chinese yuan over the long term. Regarding the rise in U.S. stocks, Dalio believes this upward movement is basically supported by a few major companies in the AI sector. Although these companies are indeed profitable and not part of a false internet bubble, the issue is that current valuations have already priced in future expectations.