(Bloomberg) — Scott Minerd, chief investment officer at Guggenheim, tells CNBC that if he was given $10,000 with a five year investment horizon he would not invest in stocks but would probably put the money into art or real estate. Furthermore, he added that he would like to see stocks lower before he would invest.

Minerd continued by saying he believes the Fed will continue on “auto-pilot” unless there is a panic sell off in the markets. If the decline in the markets continues to be orderly, the Fed will keep going. However, if the markets were to fall 20% in a week or two, the Fed would pivot.

The tech sector is fairly valued but in for further pain according to him because markets don’t typically stop when fairly valued, they “tend to overshoot.” He notes that the VIX needs to be above 40 and closer to 50 “to get a real bottom.”

Speaking on crypto, he says that Bitcoin and Ethereum will be survivors but that the “majority of crypto is garbage.” He doesn’t believe we have had the correct prototype yet for crypto if it is going to be a currency.