But he was not all doom and gloom. "I'm generally sanguine. We muddle through. I think some of this is an overreaction to the overreaction of assets being so swollen."
"This adjustment, certainly in equity prices, makes sense to me. If this is a slow-growth world and multiples are shrinking ... in a riskier environment, you kind of get to a S&P  that we're approaching now," he added, saying stocks are more fairly valued.