Click to view a price quote on SPY. : Bridgewater’s Ray Dalio this morning made some stark comments regarding the state of the stock market. Dalio is the founder and co-chief investment officer of Bridgewater Associates, the world’s biggest hedge-fund manager. Among his comments, Dalio said inflation would stay above what people and the Federal Reserve want, saying “my guesstimate is that it will be around 4.5% to 5% long term, barring shocks.” If that pans out and rates go higher — as they are forecast to do — Dalio says equity prices could fall another 20%.