Bridgewater Associates’ Ray Dalio, founder of the world’s largest hedge fund, said investors would be “crazy” to hold government bonds now because of money printing by central banks to rescue the global economy.

“This period, like the 1930-45 period, is a period in which I think you’d be pretty crazy to hold bonds,” Dalio said Wednesday on the Bloomberg Invest Talks webcast.

“If you’re holding a bond that gives you no interest rate, or a negative interest rate, and they’re producing a lot of currency and you’re going to receive that, why would you hold that bond?”

Dalio may not like bonds as an investment, but he said he believes central bankers have to employ every bit of monetary ammunition they can muster to compensate for the collapse in income and spending resulting from the coronavirus pandemic. While economists are divided on how long and deep the recession will be, Dalio thinks about it differently: as a $20 trillion “hole” that needs to be filled.

Gold, along with some stocks and corporate bonds of companies with strong balance sheets are the assets that will rise in the current environment, he said.

Dalio’s flagship Pure Alpha II hedge fund ended the first quarter down about 20%, after getting caught on the wrong side of the market sell-off that began in late February as a result of the rapidly spreading coronavirus.

Dalio, who earlier this year urged investors not to miss out on an opportunity to benefit from strong markets, wrote in mid-March that the pandemic hit the firm at the “worst possible moment” because Bridgewater’s portfolios were tilted to benefit from a rise in the market. Bridgewater manages the world’s biggest hedge fund.

Among his other comments:

• Bridgewater will be conservative in deciding when to return to their offices in Westport, Connecticut. The firm has had no issues operating digitally during this period