Why in the world would you own bonds?
One thing I've learned about professional investors is that no matter what, at the end of the day they're talking their book.So whether you buy these arguments or not, Ray Dalio is simply promoting a position that Bridgewater no doubt has taken.  So when he says:"I believe a well-diversified portfolio of non-debt and non-dollar assets along with a short cash position is preferable to a traditional stock/bond mix that is heavily skewed to US dollars. I also believe that assets in the mature developed reserve currency countries will underperform the Asian (including Chinese) emerging countries’ markets."It's not his avuncular advice.  He has millions (billions?) of dollars committed to this bet and he wants to convince others that it's correct so it pays off.