At the Greenwich Economic Forum last November, Bridgewater Associates founder Ray Dalio expressed concern that most stock investors are ill-prepared to handle the next bear market. This according to an article in Chief Investment Officer.

Dalio, who said that the current bull market was driven by the Fed’s low interest rates, said “everybody’s sort of leveraged long,” adding that, “if you have a downturn, there’s not much ability for that downturn to be dealt with effectively with monetary policy.” He advised contrarians to prepare for the next bear market by having a strategic asset mix in their portfolios, maintaining a neutral balance in a downturn, and staying in good shape for the rebound.

“That will distinguish the winners and losers,” Dalio said.