Guggenheim co-chair warns investors to brace for 'significant volatility' in markets as election nears and virus goes unchecked

• Guggenheim Securities' Jim Millstein told Bloomberg on Tuesday that investors should brace for a period of significant volatility ahead.
• The co-chairman cited uncertainty around the election and the lingering covid crisis as sources of volatility.
• He also said it's "obvious" there has been a bubble around technology stocks.

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Guggenheim Securities' Jim Millstein said on Bloomberg on Tuesday that a "period of significant volatility" is ahead, and told investors: "Fasten your seatbelt, it's going to be a bumpy ride."

The co-chairman of the investment banking and capital markets businesses cited uncertainty around the election and the nation's "continuing inability to get the pandemic under control," as sources of the volatility. Both the election and the period leading up to it will stir choppiness in markets, he said.

Read more: 4 experts break down the drivers behind the sudden plunge in tech stocks that is dragging the entire market lower — and share their best recommendations for what investors should be doing as the election nears

"Given the mail-in balloting, we probably won't know the results of the election for at least a week and it seems sure that it will be litigated thereafter," he added.

Millstein also said that as the coronavirus lingers and individual states re-open and close at different rates, weak retail sales and high unemployment will continue. Landlords will see a serious decline in cash flows and commercial real estate markets will continue to see difficulty, said Millstein.

He also told Bloomberg that he generally doesn't give investment advice, but it's obvious there's been a bubble in technology stocks, and there will be a "reset" in this sector.