Wall Street’s top strategist warns investors to brace themselves for stocks to plummet more than 20%

Mike Wilson, chief U.S. equity strategist at Morgan Stanley, speaks during a Bloomberg Television interview in New York. (Credit: Christopher Goodney—Bloomberg/Getty Images)

Stocks could be about to tumble more than 20%, according to one of the most successful strategists on Wall Street—but he warned on Tuesday that investors aren’t prepared for how bad things could get.

Speaking on CNBC’s “Fast Money” show, Mike Wilson, CIO and chief U.S. equity strategist at Morgan Stanley, said the S&P 500 was susceptible to a drop of 23%. That would see the index nosedive from its current 3,900 points all the way down to 3,000.