Ray Dalio/ Global Market slow down

Ray Dalio suggested that the current debt cycle mirrors that of the debt cycle and political climate of the mid 1930s (protectionist policies, tariff wars, and etc) and that the global market is slowing down. So i'm wondering can good investment still be found despite the current slow down ?

Thank you for your forum post, Rodeler!

A lot of people have suggested similar theories.

But what Graham himself wrote was to always stay invested, even during times of war or periods of extreme uncertainty.

"When the young author entered Wall Street in June 1914 no one had any inkling of what the next half-century had in store. (The stock market did not even suspect that a World War was to break out in two months, and close down the New York Stock Exchange.) Now, in 1972, we find ourselves the richest and most powerful country on earth, but beset by all sorts of major problems and more apprehensive than confident of the future. Yet if we confine our attention to American investment experience, there is some comfort to be gleaned from the last 57 years. Through all their vicissitudes and casualties, as earth-shaking as they were unforeseen, it remained true that sound investment principles produced generally sound results. We must act on the assumption that they will continue to do so."
Benjamin Graham, Introduction, The Intelligent Investor.
"As it happens, the World War II period and the postwar boom were more beneficial to the smaller concerns than to the larger ones, because then the normal competition for sales was suspended and the former could expand sales and profit margins more spectacularly. "
Benjamin Graham, Chapter 15: Stock Selection for the Enterprising Investor, The Intelligent Investor.

Graham does suggest investing more of one’s portfolio in bonds in a high interest-rate bull-market environment.

"Just because of the uncertainties of the future the investor cannot afford to put all his funds into one basket—neither in the bond basket, despite the unprecedentedly high returns that bonds have recently offered; nor in the stock basket, despite the prospect of continuing inflation."
Benjamin Graham, Chapter 2: The Investor and Inflation, The Intelligent Investor.

Warren Buffett has mentioned this too — that the American market has grown through two world wars and a depression.

"Since 1942, there have been 14 Presidents – 7 Republicans and 7 Democrats. One was assassinated, and one resigned under pressure. We had recessions, panics, wars and crises, and through it all America moved ahead. In less than three of my lifetimes, back when Jefferson was 12, there was nothing here. This country really works. We will have people saying the world is ending after every election. This country has seen a six-fold increase in GDP per capita in my lifetime."
Warren Buffett, Berkshire Hathaway Annual Meeting (May 5, 2018).

Next