Greg Jensen, co-chief investment officer of Bridgewater Associates, said he sees a more negative outlook for growth than the markets and policy makers.

“While people have certainly diminished their growth expectations and you’re hearing all about that at Davos, we don’t think they’ve done it enough,” he said in an interview on Bloomberg TV Wednesday from the World Economic Forum. “Earnings expectations particularly in the U.S. are too high, and generally the Fed and other policy makers are still expecting stronger growth than we see.”

In December, he said growth in 2019 would be near recession levels at about 1 percent in the U.S., and slightly lower for the rest of the developed world. Jensen said cash continues as a viable alternative to U.S. stocks and bonds.

As the annual summit got underway on Tuesday, Bridgewater founder Ray Dalio chastised monetary policy makers for an “inappropriate desire” to tighten monetary policy faster than the capital markets could handle, but expressed hope that they were now looking to shift more slowly.

Westport, Connecticut-based Bridgewater is the world’s biggest hedge fund with about $160 billion in assets.

This article was provided by Bloomberg News.