Byron Wien still sees a 20 percent return in the S&P 500 for 2014, but the Blackstone Advisory vice chairman admits there are things that keep him up at night.
Specifically, he's concerned about geopolitical events—including the fighting in Gaza, Iraq and Ukraine, the situation with Iran and the tensions in the South China Sea. Wien told CNBC's "Closing Bell" he believes these issues will decrease in intensity over the next year and therefore the market can move forward. However, he said he's "not right all the time."
"Right now the market is saying that all of these things are going to work out favorably," Wien said.
"Well, maybe most of them will. But if one of them flares up, if the price of oil shoots up, that could create a calamity in the market. So that's what keeps me up at night."
Looking at the current market action, Wien thinks the correction can still go further because "sentiment is too positive." However, he thinks shares will end higher by year-end, with the S&P likely hitting 2,300.