Everyone was laughing on Ray Diallo when he said his famous phrase "cash is trash" on 2019 and they even laughed more when his hedge fund tanked 30% under water on early 2020. guess what, US stock markets are bullish again and on a stunning V-shaped recovery and Gold recently hit all time high and bitcoin of course in its way to break new price record. So, who's laughing now!. he was damn right.
Ray Dalio is one of the top hedge fund managers, he has predicted many crisis. So being wrong a few times is just normal. No one can be right a 100% of the times. Stocks are still up MTD and only slightly down YTD. The maginitute of the corona crisis was very hard to be predicted and the reactions so far are very mild, compared to 2008. Holding some cash is fine at the moment but you still need to be aware you are losing money due to inflation. On top of that many banks are having 0 intrest rates with high fees for their accounts.