For years, Ray Dalio has made his disdain for cash abundantly clear. No longer.
The founder and co-chief investment officer of Bridgewater Associates, the world’s largest hedge fund, told everyone who would listen that cash was trash, a point he repeated to the MarketWatch “Best New Ideas In Money” festival just two weeks ago. Dalio said cash was still a “trash investment,” though perhaps he showed signs of tweaking his long-held worldview, as he said the true utility of cash depends on how it compares to others.
Granted, if the market turns higher, cash will be left behind. That’s the risk/return tradeoff. Stocks rallied on Monday and stock futures were stronger early Tuesday. Dalio typically has a defter toucher than, say, Jim Cramer, but perhaps his throwing in the towel on cash is the sign that now is the time to get out of it and put money to work.
Is that a pivot? The Reserve Bank of Australia made a smaller-than-expected 25 basis point hike, hurting the Aussie dollar AUDUSD , with financial markets now forecasting the terminal rate to slip to 3.6% from 4.3% on Monday.
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