Ray Dalio just laid out five hard truths about how markets really work. For crypto-only investors, one of them reads like a warning.

The billionaire built one of the world’s largest hedge funds. He posted the lessons in a note after decades of global macro investing.

The Five Hard Truths

Dalio argues that most people fall into a style of investing by accident. He recommends one approach above all, global macro long-short, and gives five reasons.

First, macro forces move every market. Your split across stocks, bonds, gold, and commodities matters more than any single stock pick.

Second, the biggest gains come from rotating between asset classes. Fine-tuning inside one class delivers far less.

Third, going both long…