Tough times are right around the corner, according to the prolific investor.

Since the beginning of April, the stock market, despite taking a brutal beating due to the ongoing COVID-19 pandemic, has managed a few minor gains. If that trend could be maintained, an equilibrium of sorts could possibly be reached in the next month or two. Unfortunately, that’s a best case scenario, and according to Mark Mobius, a much more unfortunate outcome could be more likely.

Mobius, a founding partner of Mobius Capital Partners and a well-known emerging market investor, said that the markets could slide even further than before in the coming weeks. In an interview with CNBC, Mobius explained that when banks post their current earnings, which will no doubt fall well short of any expectations, it could cause a major loss in investor confidence.

“I don’t think we’re at the absolute bottom yet because the implications of this shutdown are incredible,” Mobius said, adding that “things are pretty bad” from a corporate earning perspective.

“Although there are some opportunities to buy, I would say it’s probably a good idea to keep some powder dry for another downturn. We might see a double bottom,” Mobius warned. To clarify, “dry powder” is an investor term meaning securities that are highly liquid and nearly as good as cash.

Mobius stated his belief that the economy needs to be reopened sooner rather than later, or the market could suffer immense damage. “I think we have to open up again in some way, because otherwise the collateral damage is going to be incredible. You think about the people who live day to day … you got to get the economy going again.”

Many investors and politicians, including US President Donald Trump have echoed this sentiment. However, the U.S. Department of Health and Human Service has stressed that reopening the economy and lifting stay-at-home and social distancing orders would result in a massive spike in COVID-19 infections in a few months’ time.