Billionaire investor Ray Dalio said Donald Trump's "America First" approach, combined with a major "government renovation," is an approach tried before by hard-right nations in the 1930s.Chris Unger/Zuffa LLCRay Dalio said Trump's approach to governance was tried by hard-right states in the 1930s.The billionaire said he isn't labeling Trump or his government as fascist.But he said a "government renovation" and an "America First" policy were similar to the operational styles of those regimes.Billionaire investor Ray Dalio said studying hard-right countries from the 1930s can shed light on how President-Elect Donald Trump would reshape the US government under the banner of efficiency.Dalio, who often publishes personal remarks on the global economy, wrote a LinkedIn commentary on Wednesday with his predictions for a second Trump administration."It is now clear that Donald Trump and those he is choosing will reform government and the country like a corporate raider engaging in a hostile takeover of an inefficient company," wrote Dalio, who founded the world's largest hedge fund, Bridgewater Associates.The billionaire said Trump's push for a remade government includes "huge reforms" that would replace key staff, slash costs, and introduce new technologies.Among those recent efforts, Trump has announced Elon Musk and Vivek Ramaswamy as the heads of a new Department of Government Efficiency.