Ray Dalio, head of the $160 billion Bridgewater Associates, said investors would be “crazy” to hold bonds right now.

“This period, like the 1930-45 period, is a period in which I think you’d be pretty crazy to hold bonds,” Dalio said on the Bloomberg InvestTalks webcast with Erik Schatzker.

Dalio said that that gold, along with some stocks and corporate bonds of companies with strong balance sheets are the assets that will rise in the current environment.

Dalio’s flagship Pure Alpha II hedge fund ended the first quarter down about 20%, after getting caught on the wrong side of the market sell-off that began in late February as a result of the rapidly spreading coronavirus.

Dalio, who earlier this year urged investors not to miss out on an opportunity to benefit from strong markets, wrote in mid-March that the pandemic hit the firm at the “worst possible moment” because Bridgewater’s portfolios were tilted to benefit from a rise in the market. Bridgewater manages the world’s biggest hedge fund.

This article was provided by Bloomberg News.