One reason Ray Dalio is a billionaire is that he's good at looking at the long-term perspective while others in the finance world are focused on this quarter's performance.

If you want to grasp how debt cycles that last for 30-100 years, then you must read this book.

It's also highly practical for understanding how the 2020s will probably play out.

This is one of the best financial books published. Howard Marks is a financial genius. This is essential reading for anyone in the financial industry or just interested in the subject.

This book's ideal for the reader who has a knack for finance and investing. Ray Dalio provides an in-depth look at three major debt crises starting from the Great depression to the 2008 financial crisis and as I was reading this, I felt like this would make a great reference for research or just an ideal book to read before investing in a huge scale. Thank you Netgalley for the eARC.

This book is an excellent book for a specific audience.
This book needs to be read slowly and deliberately.
It is a work of great intelligence and research with a corresponding level of reading difficulty.
Much of the information was above my head and could only be understood if I were to devote months to read this. As a background, I have an intermediate level of finance/investing knowledge which is far better than average. That being said, my knowledge of bubbles (which seems to be the main focus of the book) is relatively limited and there are people with orders of magnitude more knowledge. My guess is that in order to benefit from this book you have to have a decent level of financial knowledge, above average knowledge of debt and cycles and ample free time. If this sounds like you read on and you will most likely be amply rewarded.

Great book about three debt crises that world experienced. Book goes through basics of debt crises and all the phases involved. The three debt crises analyzed were the Great Depression, the German Crises , Post WWI and the 2008 debt crises. Book had plenty of examples supporting positions. Book gives one a good understanding of how and why debt crises happen. I enjoyed book.