Ray Dalio's thinking has shaped our investment philosophy at a foundational level. And the core thesis for today is to explain why Petrobras (NYSE:PBR) and Suncor Energy Inc. (NYSE:SU) are two excellent fits for Dalio's approach, particularly from the perspective of the macro commodity cycle and also geographic diversification. In the Dalio approach, selecting specific stocks and diversifying sub-sectors should be the final detail in the investment process, not the first step. The first step for any sound investment approach should start at a macroscopic level: risk isolation, asset class allocation, geographical diversification, and macroscopic cycle considerations.