Macro-Informed Portfolio Positioning System

A portfolio without a macro framework is a collection of individual bets made in isolation. A portfolio with a macro framework is a coherent expression of a view about the economic environment — one that can be systematically reviewed, updated, and improved.

Why This Matters

Dalio's most important operational principle is that investment decisions should be driven by a clearly documented "economic template" — a structured view of where the economy is in the cycle, which risks are most relevant, and which portfolio positioning is appropriate. This five-step quarterly process operationalises that principle, ensuring every allocation decision is traceable to a specific macro assessment.