'They’re selling dreams,' he says.
Ray Dalio, the founder of hedge-fund behemoth Bridgewater Associates, says he believes investors haven’t necessarily been investing on a firm footing and that it’s a condition that will eventually have to be rectified.
His comments come as WeWork parent We Co. canceled a prominent public sale of stock amid a fervor over its business model and valuation. Dalio, whose fund counts some $150 billion in assets under management, painted a particularly gloomy picture of financial markets that have managed to register all-time highs after a fitful past several months.
Dalio also later Tuesday wrote an essay titled “The World Has Gone Mad and the System Is Broken” on LinkedIn, which reiterated many of the points he made on CNBC. “Money is free for those who are creditworthy because the investors who are giving it to them are willing to get back less than they give,” he wrote, referencing government debt around the world that yields less than 0% and trillions of debt in which investors pay borrowers to park their money.
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