Ray Dalio, founder of Bridgewater Associates, has highlighted potential political shifts in the U.S. following the 2026 midterm elections. In his 2025 year-end summary, Dalio noted that if the Republican Party loses control of both the Senate and the House, current favorable policies could be reversed. Dalio also emphasized that the decline of the U.S. dollar is not merely a short-term fluctuation but a long-term structural trend. He expects real returns on the dollar to remain below those of gold, the renminbi, and other non-dollar assets, suggesting a shift in investment focus away from the dollar.