Investment guru Ray Dalio urges all investors to dump cash for a diversified portfolio, explaining that they shouldn’t miss out on the strength of the seemingly endless bull market.

“Cash is trash,” Dalio told CNBC. “Get out of cash. There’s still a lot of money in cash,” he said.

“Everybody is missing out, so everybody wants to get in,” the founder of investment firm Bridgewater Associates said.

Dalio advised having a global and well-diversified portfolio in this market and said the thing people can’t “jump into” is cash.

Dalio’s firm Bridgewater manages about $160 billion. His declaration that investors should not stay on the sidelines is one he’s made before, as in 2018 he declared that those holding cash were “going to feel pretty stupid” for missing the market’s run up.

“You have to have balance ... and I think you have to have certain amount of gold in your portfolio,” Dalio said, reiterating his call last year that gold will be a top investment in the years to come.

While he endorsed buying a bit of gold, he warned against more speculative investments like bitcoin. “There’s two purposes of money, a medium of exchange and a store hold of wealth, and bitcoin is not effective in either of those cases now,” Dalio said.

Dalio doesn’t think there will be an economic downturn this year and he said investors should look beyond the 2020 U.S. presidential election.

“If you get a downturn – and there’s a good probability in the next [presidential] term you’ll get a downturn – and you don’t have effective monetary policy and you have people at each others throats, I’m worried about that,” Dalio said. “I would say there’s a 20% chance every year [of a downturn],” Dalio added.

Meanwhile, Barron’s annual roundtable of 10 veteran investors and economists agree that there’s almost no chance of a recession this year.

The roundtable’s view of stocks is decidedly, albeit cautiously, optimistic, Barron’s reported.

The 10 experts “all spoke of high valuations and noted a lack of catalysts to drive stocks higher. That led to some bemoaning that it’s becoming increasingly hard to find good value in today’s market,” Barron’s said.

The Barron’s panelists agreed on the need for increased immigration, and see an almost certain win by Donald Trump. Dissent centered on what the Federal Reserve’s next move would be.

“The markets will be up in the first half of 2020 and turn down in the last 90 days of 2020, because there will be a lot more uncertainty for 2021,” predicted legendary guru Mario Gabelli.

“A major agreement between the Democrats and Republicans on an infrastructure bill could change that outcome. That is a missing ingredient in the U.S. economic outlook for 2021,” he said.

Elsewhere, Reuters explained that investors enter the new decade with a spring in their step, after watching world stocks add over $25 trillion in value in the past 10 years and a bond rally put $13 trillion worth of bond yields below zero.

There's unease, along with all the euphoria. The current economic cycle is already the longest in U.S. history and a recession looks inevitable in the new decade -- which also will mark 100 years since the Wall Street crash of 1929.

• Recession Won't Hit Despite Mixed Economic Data
• WSJ: World Recession Is Pulling US Economy Down