Ray Dalio warns the stock market is approaching 1929 and 2000 bubble levels—but another crisis is 'past the point of no return'

rd (Credit: Chris J. Ratcliffe/Bloomberg via Getty Images)

Billionaire investor Ray Dalio delivered a stark dual warning Wednesday, telling Bloomberg Television U.S. equity markets were nearing bubble territory last seen before two of history’s worst financial crashes—even as a separate debt-driven crisis has already crossed a threshold from which there is no escaping.

“We are right now rising close to—not at—the same level in 2000 and the same level in 1929,” Dalio said, citing his proprietary bubble indicators that measure sentiment, concentration, and valuation. He was conjuring up two of the most famous bubble-popping moments in the last century: the onset of the Great Depression and the dot-com crash.