Burbank predicted a continued slide in equities, calling the recent recovery a "reflexive bounce."
Like others have, the hedge manager labeled the strengthening dollar as a great risk. With emerging market currencies continuing to break down Burbank compared the situation to a repeat of what happened in 1998.
"I'd say what we're learning in the last year is what happens when credit conditions tighten and the dollar rises," Burbank said, naming those factors among the top reasons why commodities and emerging markets have endured higher pressure.
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Pointing to QE, Burbank claimed loose policy allowed emerging market companies and countries to get cheap credit they never should have received. That would only be made more toxic with a continued dollar rally, China slowing and oil prices crashing, he said.
"Liquidity is not very good," Burbank added. "All we're seeing now is price validating and showing you the way things really are. I don't see any reason why this is going to stop."
Burbank admitted there was a chance the Fed could still hike rates, though it would be "irresponsible" if they did, he said.
"I think we're very late cycle in the U.S., the dollar has anticipated this, but if they do hike the dollar is gonna rise. [If] the dollar rises, I think it's risk off."