"It was amateur hour," Mark Spitznagel, founder and CIO of the private hedge fund Universa Investments, said of the market drama. "I have never seen anything like that in my career."
Spitznagel warns the recent market volatility is simply another sign we're nearing the peak of the biggest stock market bubble in history - and most investors aren't prepared for the pain that will come when it pops.
"These whips are the market process. This is the market zigging in order to zag," he told Fortune. "This is a stark red flag, it's a stark warning sign."
Spitznagel said prior to past market crashes-including in 2007 before the Global Financial Crisis, stocks have seen periods of increased volatility. Euphoric stock market runs often end with increasingly extreme swings in investor sentiment.
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