Ray Dalio has done it again.
Back during the 2018 Davos boondoggle, the Bridgewater founder mocked the "stupidity of holding cash", and predicted that "if you're holding cash, you're going to feel pretty stupid." One week later, the market suffered a 10% correction, and on Dec 31 of that year, cash would end up being the best-performing asset of the year.
Fast forward to Davos 2020, when speaking to CNBC last week, the billionaire investor doubled down saying "Cash is trash," and adding "Get out of cash. There's still a lot of money in cash."
"You can't jump into cash. Cash is trash," says @RayDalio. "You have to have a well-diversified portfolio, you have to be global, and you have to have balance...and you have to have a certain amount of gold in your portfolio." pic.twitter.com/lZqCnvsqBh— Squawk Box (@SquawkCNBC) January 21, 2020