As we reported yesterday, in an interview with the FT, Bridgewater's co-chief investment officer, Bob Prince, echoed Goldman's co-head of equity sales, warning that "there had been a lot of complacency built up in markets over a long time, so we don't think this shakeout will be over in a matter of days" and added that "We'll probably have a much bigger shakeout coming."

Surprisingly, Bridgewater's bearish reversal followed just two weeks after Ray Dalio mocked market skeptics, telling his Davos audience anyone holding cash will "feel pretty stupid".

"We are in this Goldilocks period right now. Inflation isn't a problem. Growth is good, everything is pretty good with a big jolt of stimulation coming from changes in tax laws. If you're holding cash, you're going to feel pretty stupid."