According to CNBC, Bridgewater Associates founder Ray Dalio said rising bond yields and weaker corporate cash flows are increasing pressure on stocks, even as earnings continue to grow. He said equities have so far held up during the global bond sell-off because earnings growth has kept expected stock returns attractive relative to bonds, but that advantage is narrowing as financial conditions tighten. Dalio said investors should watch free cash flow, not just earnings, and warned that while profits should keep improving, free cash flows are likely to deteriorate. He also said the global bond sell-off has further to run, calling it a bond bear market and saying there is more downside ahead as governments and companies compete for capital.