The founders of Bridgewater and GMO discuss the big risks they’re watching, including inflationary pressures, political conflict, asset bubbles, and climate change — and what investors can do to protect themselves. The conversation is moderated by Jim Haskel, editor of the Daily Observations, and Alex Shahidi, co-CIO of Evoke Advisors, and is separated into two broad sections. In Part 1, Ray and Jeremy cover the major risks they are tracking — including strong inflationary pressures, rising political conflict, and asset bubbles. In Part 2, they talk through how investors can adjust their portfolios to prepare for these risks. Jeremy concludes the discussion by describing the threat that climate change and the overuse of natural resources poses to humanity, and the most promising solutions he sees to these problems.