Ray Dalio warned that just because people's financial portfolios are going up, it doesn't mean they're really getting richer. : Billionaire hedge fund manager Ray Dalio has said the US is "on the wrong path" after inflation hit a 31-year high in October. Dalio posted a newsletter on LinkedIn warning that strong inflation is eroding people's wealth. He said people shouldn't be fooled into thinking they're getting richer just because their financial portfolios are going up. He had a stark warning for the US, saying it must focus spending on investment to boost productivity, rather than to fuel consumption.