He is certainly not wrong there...

President Reagan's Office of Management and Budget director fears an aging stock market rally combined with potential headwinds from President Trump's fiscal policy decisions (as well as questionable earnings expectations) means "it's all risk and very little reward in the path ahead."

I call this a daredevil market...This market is just way, way over-priced for reality."

As Nasdaq and Small Caps surge to new record highs, Stockman warns "the S&P 500 could easily drop to 1,600 because earnings could drop to $75 a share the next time we have a recession."

"We're about eight or nine years into this expansion. Everything is crazily priced. I mean the S&P 500 at 24 times at the end, tippy top of a business cycle."