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Byron Wien on Brexit, negative rates and stocks

Legendary investor Byron Wien believes policymakers are playing with fire and may be running out of options should a recession arise.

"We've already gone as far as we can go on monetary policy," said Wien, pointing to the low and negative rates environment, along with the various quantitative measures launched by central banks around the globe. "We don't have the tools to deal with a recession if we get into one," he warns.

Even though the investor doesn't think a recession is imminent, he says the market remains in a "great period of uncertainty" where the only asset class that seems to be working is gold, a sign of risk aversion.

The vice chairman of Blackstone Advisory Partners also discusses:

  • His investment approach and market outlook.
  • Why he doesn't believe in negative rates.
  • The signs that could foretell a recession may be on the way.
  • Expected returns for the months ahead.
  • Where he finds investment opportunities.

This interview aired on "Squawk on the Street " and is only available to CNBC PRO subscribers in its entirety here.