Ray Dalio's claim that you can have 16 uncorrelated return streams is categorically untrue; there are really only three correlation types: correlated to stocks, uncorrelated, and negatively correlated to stocks.

factualpending

Speaker

Jason Buck

Evidence Quote

doio tends to say like you can have 16 uncorrelated return streams I that's just categorically untrue

Source

Why Defense Wins in Investing | Practical Lessons from Jason BuckExcess Returns
Created: 8/11/2026, 7:37:59 AM

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