“ ‘This period, like the 1930-45 period, is a period in which I think you’d be pretty crazy to hold bonds.’ ” — Ray Dalio

Ray Dalio, the billionaire founder of Bridgewater Associates, the world’s largest hedge fund, offered that warning in a Bloomberg webcast on Wednesday, arguing it made no sense to hold bonds when the Federal Reserve and other major central banks are effectively printing money at a rapid clip as part of their effort to backstop a global economy racked by the COVID-19 pandemic.

“If you’re holding a bond that gives you no interest rate, or a negative interest rate, and they’re producing a lot of currency and you’re going to receive that, why would you hold that bond?” Dalio asked.