Billionaire investor Ray Dalio warned on Thursday that stocks face mounting pressure from rising bond yields and the prospect of weaker corporate cash flows, even as earnings continue to grow. Speaking at the Milken Institute Asia Summit in Singapore, the Bridgewater Associates founder said the advantage of earnings growth cushioning stocks from bond sell-offs is narrowing, potentially leaving equities more vulnerable as financial conditions tighten. Dalio also cautioned that investors may be overlooking the risk of deteriorating free cash flow and expects the global bond bear market to continue, citing large government deficits, persistent inflation, and increased borrowing for AI investment.