Paul Tudor Jones is calling the current environment “worse than ever” for investors, as the Fed raises interest rates and conditions tighten. The billionaire hedge fund manager was interviewed on CNBC’s Squawk Box, where he said, “Clearly you don’t want to own bonds and stocks.”

As inflation rages at its highest level in 4 decades, the Fed just raised rates a half a percentage point, putting investors in “uncharted territory,” according to Jones in the interview. He advised that investors preserve their cash reserves for later use, adding that this could be a period where investors would be better off not trying to make money.

There is growing concern on Wall Street that by being too aggressive in trying to combat inflation, the Fed could push the economy into a recession. With “inflation on the one hand, slowing growth on the other…they’re going to be clashing all the time,” Jones told CNBC. But if there was one approach that he’d employ, Jones recommended simple trend-following strategies. Though currently not favored, the longtime trader said they would likely do well in the next 5 to 10 years.

Jones is the founder and CIO of Tudor Investments as well as the chairman of the nonprofit Just Capital, which rates public U.S. businesses using social and environmental metrics. He became well-known after his predictions before the 1987 stock market crash came to pass, making him one of the select few who profited in that era.