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Full interview with Bridgewater's Ray Dalio on the Trump rally, populism

Bridgewater Associates founder Ray Dalio shared his views on the markets, global politics and Donald Trump in an exclusive interview Wednesday on "CNBC's "Squawk Box."

On the Trump rally: "I think the market has discounted the obvious. Meaning if you take the corporate tax rate and you change it by that amount ... the market has adjusted now to that level," Dalio said. "Now we're at a point where we have to wait and actually see. I think the real question is what is a Trump administration? Is it going to be wise and thoughtful? ... So we're at the stage that we made the initial reaction to that, but now [we'll see] how these people work together and actually operate."

On populism: "Right now as an influence [populism] is more important than central banking. This is the first year I would say politics is more important," he said. "If you look at Europe as a whole and you're going to say what is the greatest threat to the European Union? It is not the debt crisis. It is not central bank policy. It is the movement of populism."

Bridgewater is the world's largest hedge fund with $160 billion of assets under management.

In the interview at the World Economic Forum at Davos, Switzerland, he also discussed:

  • Deregulation
  • China
  • Tax policy
  • 1930s historical parallel

To watch the broadcast interview in its entirety, you must be a CNBC PRO subscriber.