Billionaire investor Ray Dalio believes that fiat currency devaluation is the most overlooked trend in 2025, rather than the US stock market or artificial intelligence. He pointed out that last year, gold's return in USD was as high as 65%, far surpassing the 18% return of the S&P 500, and major stock markets outside the US also outperformed the US stock market by double digits. Dalio attributes this capital rotation to fiscal and monetary policies and expects that as currencies weaken, investors will continue to diversify and reduce their allocations to US assets.