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Billionaire investor Ray Dalio slams cash and bonds, warns Bitcoin could be banned, and warns of the timing of the market in a new interview. Here are the 8 best quotes.

Ray Dalio.

Ray Dalio cautioned against holding cash or bonds, bragging about the value of a balanced and diversified portfolio, and cautioning investors against timing the market during a recent episode of the We Study Billionaires podcast.

The billionaire investor and founder of Bridgewater Associates also underscored Bitcoin’s dominance and longevity, suggested governments could ban cryptocurrencies, and recommended investing in assets for rainy days.

Here are the 8 most important quotes from Dalio from the interview, which have been slightly edited and condensed for clarity:

1. “Investors make the mistake of measuring their wealth in dollars or pounds or whatever currency they are looking at. You should judge it in relation to the purchasing power of cash. “

2. “When you buy a bond, you get a negative real return. Cash is worse. Please don’t look at your nominal returns and think that it is safe to do so when it is not safe. ”- Dalio noted that government incentives have increased people’s wealth on paper but have also led to inflation, the undermines the real value of currencies.

3. “The most common mistake investors make is believing that the markets that have gone up are more likely to be good investments than more expensive. Don’t make that mistake.”

4. “When things go up a lot and then go down a lot, realign your portfolio to stay diversified. Sell more when things get expensive and buy more when things go down.”

5. “Don’t try to time the market yourself, you will likely lose. Competing in the markets is more difficult than in the Olympics – there are more people trying to do it and more resources are being devoted to it. “

6. “In history they banned gold and they banned silver. They could ban Bitcoin. ”- Dalio said he was impressed that Bitcoin was not hacked and had only modest competition for the past decade.

7. “Inflation hedging investments are likely to perform better over time.” – Dalio warned that gold, bitcoin and other cryptos will compete for market share.

8. “It is better to think of two portfolios than one. People tend to focus on their best portfolio, but there is a portfolio of assets that, in the worst case, are better to hold. Fed up with these assets. ”- Dalio cited gold, bitcoin, inflation-linked bonds and foreign assets as examples.

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