After Dalio first expressed his view that cash is trash in early 2019, it became a joke that he had to mention in all subsequent public appearances.

This week, in an interview with the media, Dalio once again responded to the question of whether cash is still garbage. He believes that cash is no longer garbage.

The prominent hedge fund manager told CNBC on Thursday that cash has become "quite attractive" relative to both stocks and bonds over the past year.

However, in the past month, global markets have rebounded, and the performance of stocks and bonds is significantly different from last year.

Since 2023.

Global stock markets rebounded, with the Nasdaq recording a 16.57% increase and the MSCI China Index recording a 13.32% increase. Compared with last year, they were completely different.

Dalio started by explaining why cash is more attractive than bonds.

He said that while bonds may bring higher returns to investors, the expansion of public sector debt in the United States, Europe and Japan and negative real yields make debt securities less attractive.

That's a significant shift from last May, when Dalio said cash was still "junk" but that stocks were "even more junk" as a 2022 market crash loomed.

In October 2022, Dalio tweeted that he had changed his view on cash and now viewed it as "neutral."

In 2018, the scale and profitability of Bridgewater Associates made Dalio “popular”.

Dalio subsequently expressed the view that cash is garbage several times in public, and the lowest interest rates at the time were indeed boosting the valuations of stocks and bonds.

And now, the Fed is raising interest rates, which will be detrimental to stock market performance.

Interestingly, while Munger criticized cryptocurrencies, Dalio also made some criticisms of cryptocurrencies in this interview.

Bitcoin, like stocks, has rebounded since the start of the year.

He said: "I think you will see fiat currencies become more attractive than ever, but I don't think Bitcoin will become more attractive." As the founder of Bridgewater Associates, Dalio has currently exited

The day-to-day management of the fund.

On Thursday, Bridgewater Associates announced that the firm has promoted Karen Karniol Tambour to serve as co-chief investment officer alongside Bob Prince and Greg Jensen.