Recall that during Davos 2018, Ray Dalio infamously told his CNBC interviewers on Jan 23 that "if you're holding cash you're going to feel pretty stupid." Well, not only did the cash holder not feel stupid when just two weeks later the S&P suffered its first correction since the crisis, but by the end of 2018, cash ended up being the best performing asset of the year with stocks plunging in the 4th quarter.

Then, in a surreal repeat, exactly two years later Ray bizarrely double down, and once again speaking in Davos, told CNBC on Jan 21 of 2020 that "cash is trash." Almost exactly one month later the market started a plunge that would quickly turn into the biggest and fastest market crash since the financial crisis.