Billionaire investor Steve Schwarzman said he sees fewer buying opportunities because markets and assets have become so expensive.

“All markets have gone up pretty dramatically,” the Blackstone chairman and CEO told CNBC from the World Economic Forum in Davos, Switzerland.

“You have much fewer things that are worth your time to analyze, but that doesn’t mean those things won’t happen,” he added. “But your opportunity set is significantly reduced.”

“Everything is up,” he told CNBC. “You have to see something reasonably remarkable,” he said.

Schwarzman said finding value in 2020 may be more difficult.

“I wouldn’t say stepping back,” he said. “This is like a hockey game where you used to have 35 shots on goal, of things you could buy. Now, it’s like five.”

The billionaire co-founder of New York-based private equity firm Blackstone has previously advised Trump and was present in the White House when he announced the first part of the China-U.S. trade deal. Trump’s impeachment trial formally opens in the Senate on Tuesday.

Schwarzman, 72, spoke on the sidelines of Davos where he was one of at least 119 billionaires in attendance at the annual conference in the Swiss mountains.

Blackstone has more than $550 billion in assets under management and is expanding into almost all areas of finance. The firm’s growth in recent years, along with other major PE firms, has been dramatic as the industry pushed into areas that banks pulled back from in the wake of the global financial crisis, Bloomberg explained.

Asked if a decade-long bull market was nearing an end, Schwarzman was optimistic: “This has been an amazing run. Usually you expect some kind of adjustment,” he said. As long as U.S. politics is stable and “we avoid the kinds of major international geopolitical risks, I think we will go on with variability up and down over today’s levels.”