The billionaire told CNBC ‘we’re in the seventh inning’ of the current economic cycle.
Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund, says the U.S. economy is reaching the end of the current boon cycle and is likely facing a correction.
In an interview with CNBC on Tuesday, Dalio said we are currently experiencing a bubble and, “We’re in… the seventh inning of this cycle.” Dalio estimates we have roughly two more years before a correction.
Dalio also notes that, “the issues of this debt crisis than the last debt crisis” and says the current crisis looks more like 1936 than 2008, warning that the next downturn could lead to more sever social and political turmoil than we saw in The Great Recession.
Dalio founded Bridgwater Associates out of his apartment in New York in 1975. The hedge fund now has $150 bullion in assets, and Dalio himself has an estimate net worth of $18.1 billion, according to Forbes.
Watch the full interview at cnbc.com.