In this special solo episode of The Startup Vagabond, Grant breaks down Ray Dalio’s The Changing World Order — a sweeping look at the rise and fall of empires over the last 500+ years — and what it means for entrepreneurs today.

From the Dutch and British empires to the current U.S. and the rising role of China, we dive into the 18-stage “Big Cycle” and how it can help founders think globally about risk, opportunity, and long-term positioning.

Whether you're building in the U.S., Japan, Latin America, or beyond, this episode offers a timely lens on global macroeconomics, venture capital trends, and the challenges of building during uncertain times.