Blackstone's Byron Wien: 2016 Will End Up Being 'A Down Year For The Market'

Speaking to CNBC Wednesday afternoon, Wien said that 2016 will prove to be a "down year for the market," despite many major indices trading near historical all-time highs. As such, he is predicting a decline in the market in the months ahead.

Related Link: Investing Guru Byron Wien Says Diversification Is "For The Weak-Minded"

Wien cited the markets high valuation levels that are above its historical averages. However, he doesn't necessarily believe the market will revert to a "bear" territory; rather, the market is "very fully priced" at current levels.

Nevertheless, Wien is positive on stocks over the longer term. He noted that many companies are sitting on hoards of cash on their balance sheet and will eventually invest the cash in their businesses. At that point, companies will "find a way to make money" even if the U.S. economy is growing at 2 percent.

For the time being, though, equities are "a little ahead of themselves now," and "we could have a pullback from current levels." Over the long term, he is "positive about equities."

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