Ray Dalio: Stocks, Bonds Have Further To Fall, & Sees U.S. Recession Arriving As Soon as 2023: MW

When asked if “cash is still trash,” a signature quip that Dalio has repeated on several occasions, he said holding cash is still “a trash investment” because interest rates aren’t yet high enough to fully offset the impact of inflation. However, the true utility of cash depends on “how it compares to others.”