Bridgewater Associates founder Ray Dalio is bullish on Donald Trump and bearish on bonds, saying it’s likely that they’ve reached a three-decade peak.

“We think that there’s a significant likelihood that we have made the 30-year top in bond prices,” Dalio wrote on his LinkedIn page Tuesday. “We probably have made both the secular low in inflation and the secular low in bond yields relative to inflation.”

Trump’s presidency will mark a move to the right akin to the Ronald Reagan era, he said. The new period will likely be characterized by decreasing globalization, increased U.S. growth as well as higher inflation, he wrote.

“We believe that we will have a profound president-led ideological shift that is of a magnitude, and in more ways than one, analogous to Ronald Reagan’s shift to the right,” Dalio wrote.

“Donald Trump is moving forcefully to policies that put the stimulation of traditional domestic manufacturing above all else, that are far more pro-business, that are much more protectionist."

Dalio said his preliminary assessment of Trump is “broadly positive.” The people under consideration for appointments “have a sufficient understanding of how the economic machine works to run reasonable calculations on the implications of their shifts so that they probably won’t recklessly and stupidly drive the economy into a ditch.”

Dalio offered one caveat. “We should expect big bumps resulting from big shifts,” he said.