Bloomberg reports that Ray Dalio stressed the importance of diversification and said that a “flood of money and credit” was unlikely to recede.

“Assets will not decline when measured in the depreciating value of money,” the billionaire investor told. 

“I believe that with the enormous amount of debt and money that has been created and will be created in the future, the most important thing to pay attention to is the value of debt and money relative to the value of assets and other currencies.”

Dalio added that he saw no reason that stocks couldn’t trade at 50 times earnings and recommended “smart diversification” among asset classes, currencies and countries.