Billionaire Ray Dalio Shuns Bonds, Embraces Cash: What's Behind His Strategy?
Billionaire Ray Dalio Shuns Bonds, Embraces Cash: What's Behind His Strategy?
Ray Dalio, the billionaire hedge fund investor and founder of Bridgewater Associates LP, has taken a bold stance against the conventional wisdom of owning bonds.
雷·達利奧億萬富翁對沖基金投資者兼Bridgewater Associates LP的創始人，他採取了大膽的立場，反對擁有債券的傳統觀點。
In an interview with Bloomberg during the 10th Milken Institute Asia Summit in Singapore, he declared his aversion to debt, bonds, and their ilk.
在新加坡舉行的第十屆米爾肯研究所亞洲峯會期間，他在接受彭博社採訪時宣佈厭惡債務、債券等債務。
Instead, he's betting big on something that might raise more than a few eyebrows in the current financial landscape: cold, hard cash.
相反，他把賭注押在當前金融格局中可能引起不止幾個人關注的東西上：冷酷的硬現金。
Cash Is King
現金爲王
Dalio's reluctance to embrace bonds underscores the growing complexity that investors face as global central banks grapple with the specter of inflation. He admitted that, for now, cash appears to be a prudent choice.
達利奧不願接受債券，這凸顯了隨着全球央行努力應對通貨膨脹的幽靈，投資者所面臨的日益複雜性。他承認，就目前而言，現金似乎是一個謹慎的選擇。
Cash-like instruments, particularly exchange-traded funds (ETFs) linked to Treasury bills or short-dated Treasury bonds, are experiencing a remarkable surge in demand. The SPDR Bloomberg 1-3 Month T-Bill ETF (NYSE:BIL) witnessed a staggering $2 billion inflow this month, while the iShares Trust 0-3 Month Treasury Bond ETF (NYSE:SGOV) attracted $1.7 billion.
類似現金的工具，尤其是與國庫券或短期國債掛鉤的交易所交易基金（ETF），需求激增。的 SPDR 彭博社 1-3 個月國庫券ETF 紐約證券交易所代碼：BIL）本月出現了驚人的20億美元資金流入，而 iShares Trust 0-3 個月期國債交易所買賣基金 紐約證券交易所代碼：SGOV）吸引了17億美元。
Chart: Treasury Bills Maturing Within 6 Months Break the 5% Yield Barrier
圖表：6個月內到期的國庫券突破5％的收益率大關
The Turning Point
轉折點
Dalio's concerns run deeper than a mere preference for cash. When probed about addressing the world's mounting borrowings, he issued a stark warning.
達利奧的擔憂不僅僅是偏愛現金。當被調查如何解決世界不斷增加的借款問題時，他發出了嚴厲的警告。
According to him, when debt becomes a significant portion of the economy, a troubling trend emerges where the situation tends to compound and accelerate. This ominous scenario is further exacerbated as interest payments burgeon.
據他介紹，當債務成爲經濟的重要組成部分時，就會出現一種令人不安的趨勢，即情況往往會複雜化和加速。隨着利息支付的激增，這種不祥的情況進一步惡化。
The billionaire investor asserted that the world is at a turning point of acceleration. As the U.S. grapples with a burgeoning deficit that necessitates selling bonds to global investors, a precarious balancing act ensues. Keeping interest rates at an attractive level for creditors while not burdening the issuer with excessive rates becomes an intricate dance.
這位億萬富翁投資者斷言，世界正處於加速的轉折點。隨着美國努力應對不斷增長的赤字，需要向全球投資者出售債券，隨之而來的是一種不穩定的平衡行動。將利率保持在對債權人有吸引力的水平，同時又不給發行人帶來過高的利率負擔，這已成爲一種錯綜複雜的舞蹈。
Dalio noted that when investors choose to sell, driving up yields, central banks face a critical decision—whether to print money and buy bonds, a move that can stoke inflation pressures, Bloomberg reported.
彭博社報道，達利奧指出，當投資者選擇賣出，推高收益率時，各國央行將面臨一個關鍵的決定——是否印鈔和購買債券，此舉可能會加劇通貨膨脹壓力。
He concluded that, in his view, bonds are not a good investment in the longer term.
他得出結論，在他看來，從長遠來看，債券並不是一項好的投資。
Read now: Cash Is King: 5 Bond ETFs Unlocking Attractive Returns In A 5% Rate World
立即閱讀： 現金爲王：5只債券交易所買賣基金在5％的利率世界中釋放誘人的回報
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
該內容部分是在人工智能工具的幫助下製作的，並由Benzinga編輯審查和發佈。
Photo: Web Summit on Flickr
照片：Flickr 上的網絡峯會
譯文內容由第三人軟體翻譯。