I've seen chollida1 comments in other finance-related threads and I think he knows his stuff. On this one though I agree with you, that portfolio has some serious issues and I would not feel comfortable recommending it to the average person as is.
Here is an article talking about Ray Dalio recognizing this "all weather" portfolio was bad and they needed to make corrections: https://www.bloomberg.com/news/articles/2013-08-14/dalio-pat...
Honestly, I think that this is probably the only thing that makes me think there could be something worthwhile.
All portfolios are broken in some way. It's refreshing to hear a proponent of one admit it and try to fix it.
(Also, I highly recommend Lewis' "The Undoing Project" if you think this is a problem)
I should have said more clearly, it is hard to recommend that portfolio at this time because the creator of the portfolio, Ray Dalio, has subsequently said there are problems with it and he is still working on fixing those problems.
Especially considering the portfolio is described to regular non-professional investors as a type of "set it and forget it" longer term investment portfolio. One that doesn't need active monitoring and works all market conditions. It is dangerous to recommend as is.
For sure there are merits to the all weather portfolio! Its risk parity structures were a ground-breaking, genius move by Ray Dalio that made him rich and famous (famous in the investing world at least). I have a ton of respect for Dalio, I've read his principles more than once. He is quite private, his achievements and contributions are not as well-known as some other old billionaires of the investing world but he is just as skilled.
Basically, the Tony Robbins/Ray Dalio portfolio has potential. In its current form it offers many lessons to a lay investor just by reading about it and the theories behind it. But before one invests their hard earned money in the portfolio, consider that some major changes have happened to the portfolio recently and other major changes may be in the works. It could turn out great or it could be scrapped and turn out not to work as thought. So a potential investor might want to hold off following that outdated portfolio strategy and re-evaluate once more info about an updated version is available.