Billionaire hedge fund founder Ray Dalio isn’t investing in debt assets, according to an interview with the Italian newspaper La Repubblica that is cited in a Bloomberg article. Dalia also said that he is giving a wide berth to countries where there is domestic unrest or foreign war, such as Ukraine and Russia.

Instead, Dalia told the newspaper, he’s buying up assets that offer a level of protection from inflation and looking at foreign markets where the economy and the government are both healthy and stable, Bloomberg reports.

As the Fed raised rates 75 basis points in an effort to rein in inflation, Dalio also commented that  those kinds of moves by central banks will actually hurt the economy, because the money they poured into the economy over the last two years in an attempt to increase consumers’ purchasing power has created more debt without boosting productivity.

Dalio is the co-CIO of Bridgewater Associates and the author of last year’s bestselling book Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail.