Anthony Bolton, manager of the Fidelity Special Situations Fund, believes recent declines in stock markets around the world, including the U.S., will continue for months, Bloomberg reports. And Bolton has accurately predicted declines in the past, most notably the beginning of the bear market in March 2000.

Bolton says he's become concerned that too many investors are taking on risk, pouring money, in particular, into emerging market stocks and funds. This has pushed valuations to unsustainable levels, he says. "We see people being very prepared to take on risk. That worries me," Bolton said.

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