A respected money manager predicts that a hefty tumble awaits the market despite stocks charging deeper into record territory.

Cresset Capital’s Jack Ablin warns that stocks could plunge at least 15% in early 2020. “Valuations are pretty stretched,” the firm’s chief investment officer told CNBC. “We had [a] 30% move this year on 3% earnings growth,” he said.

Albin spoke as Wall Street opened at another record high, as optimism over U.S.-China trade relations and an improving global economy brightened investor sentiment going into the new year.

Robust U.S. economic data, relatively loose monetary policy and hopes of an imminent trade truce between Beijing and Washington have fueled a Wall Street rally this month, Reuters explained.

The S&P 500, which has hit record highs in two of three sessions in a holiday-shortened week, is now about half a percentage point away from logging its best year since 1997.

However, Ablin couldn’t identify exact causes that will trigger the market plunge.

“I can’t see a specific catalyst unless it’s higher interest rates that would precipitate a decline,” he said.

Ablin, who has $6.7 billion in assets under management, shifted 30% of the firm’s assets to private equity and cash last August because he believed equities were getting too expensive, CNBC explained.

“From a valuation perspective, it’s hard to see that we’re going to see more P/E expansion without interest rates coming down,” he said.

Despite his market warning, Ablin isn’t completely abandoning his bullish views. He plans to use the next pullback as a reset that’ll help him capitalize on future returns.

“I hold equities for seven years as a minimum. So, that would be my entry point,” added Ablin.

His most bullish 2020 scenario is the market recovering from an early setback with some modest gains.

“2020 is probably a payback. We go back to fair value,” Ablin said. “Best case for 2020, mid-single digits as the market tends to follow earnings without much valuation expansion.”