Blackstone's Private Wealth Solutions Vice Chairman Byron Wien is expecting the S&P 500 to rise 10% in 2020, but there will be volatility in the markets.
Wien and Blackstone's chief investment strategist Joseph Zidle joined CNBC's "Squawk Box" on Tuesday to discuss their annual "Ten Surprises" list.
Watch the full video below.
Wien's surprises list has been a must-read on Wall Street since the 50-year investing veteran began publishing it in the mid-1980s when he was chief investment strategist at Morgan Stanley.
"I think we'll see multiple 5% drops. We'll see volatility," said Zidle. But ultimately the 500 stock index will top 3,500 this year, he said.