The U.S. stock market has been enjoying recent highs, but Wells Capital Management's Jim Paulsen thinks there will be rocky times ahead.
"While I'm still a longer-term bull ... I just think that nearer term we are headed for a little more turbulence again," Paulsen told CNBC's "Street Signs."
In fact, he said the S&P 500 dropping to 1,800 is "a very likely prospect as we head into 2015" before it heads higher again.
Paulsen pointed to three things that bother him.
First, there has been a 50 percent increase in the stock market's price-earnings multiple.