This is a rather long piece from Bridgewater, which was done for internal consumption but has now gone public, so I am going to post it. I read it some time ago and found it one of the single best pieces of analysis on deleveraging I have seen ... perhaps because it agrees with much of my own thinking; but it is just remarkably well-done. For sure, read the first 20 pages. Perhaps this is why BW is the world’s largest hedge fund. They truly get it. Dalio is a genius. This will be your long weekend reading, he said with a smile.