CNBC reports that former Prudent Bear Fund manager David Tice warns it’s a “very dangerous period” for investors right now - from the S&P 500 to Big Tech to bitcoin.

“The market is very overpriced in terms of future earnings. We are adding debt like we’ve never seen,” Tice said. “We have the Treasury market acting very strange with rates falling dramatically.”

He acknowledges it’s tough to time the next major pullback, and he’s often early. However, Tice is convinced a market meltdown is unavoidable.

“We’re not out of the woods yet, and this is a dangerous market,” Tice reiterated.

He’s encouraging investors to weigh the risks: Try to earn 3% to 5% near-term gains while contending with the threat of a 40% pullback? Tice thinks it’s a bet not worth taking.

Tice is particularly worried about Big Tech and the FAANG stocks, which include Facebook, Apple, Amazon, Netflix and Alphabet, formerly known as Google.

“A lot of money has been thrown at Alphabet and Microsoft, Apple and Facebook, Twitter, etc.,” noted Tice. “Costs are going up in that sector.”