Inflation or deflation — and gold or bitcoin?

Dalio and Cathie Wood are exact opposites. Dalio (21 Aug) wants 10–15% in gold, a small bitcoin allocation and reduced fixed income. Wood forecast 5% GDP growth with deflation, argued gold repeats its 1980 fate — "over the next five years it dropped 67%" — and expects the bitcoin-to-gold ratio to resume its uptrend.

Scoreboard as of today: PCE 3.7%, gold +35% year-on-year, bitcoin around $78K and falling. Wood's call is losing on both legs. Einhorn, meanwhile, lost money on gold and rates in Q2 — so the crowded trade has hurt believers too.