The investor who predicts oil may plummet to $10 per barrel within a decade is now warning of a possible "sizable sell-off in markets" this summer.
Francesco Filia, CEO and CIO of investment firm Fasanara Capital, told CNBC equity markets looked expensive and many risks existed.
"We remain defensive and very wary of stock market(s). There will be better times to bite. June is going to be a very heavy month," he said on Tuesday.
Filia said in a note this month that the U.S. dollar was likely to continue to strengthen and that this might halt bullish sentiment on global assets including the . A stronger dollar could potentially impact the oil market and emerging market assets, Filia said.
Major U.S. Indexes
The dollar index tracking the greenback against a basket of currencies traded just off a two-month peak on Tuesday as investors mulled the increased likelihood of a summer interest rate hike from the U.S. Federal Reserve.
"The dollar may be set for another leg up in the months ahead, helped by a contracting (U.S.) current account deficit and renewed attempts by the Bank of Japan/European Central Bank to reflate their economies," Filia said.
His negative outlook on stock markets was disputed by Tom Lee, founder of Fundstrat Global Advisors, who also said the dollar rally had ended.
"We've got [U.S.] inflation picking up; which is good, we've got commodities bottoming. The dollar isn't gaining anymore," Lee told CNBC on Tuesday.
"High yield (debt) probably is the most important thing to focus on; it's telling us that the stock market should have double-digit gains this year," he added.
Lee also said the stock market was ready for a Fed rate rise. "The market has priced in a lot more tightening already," he said.
Earlier this month, Filia told CNBC he would unsurprised if crude oil fell below $10 per barrel within the next 10 years. He backed the call by saying global oil demand would stay anemic, while technological innovation would increase supply.
Filia also warned that China's borrowing was unsustainable at recent levels and noted that the yuan has moved to its weakest fix against the U.S. dollar since 2011.
And to put the cherry on the cocktail of risks, Filia's note highlighted ongoing headwinds to the European banking sector.