Billionaire Tudor Investment Corp. founder Paul Tudor Jones said Wednesday the stock market will give up all of its record gains if any Democrat, regardless of how far left or centrist their policies are, wins the White House in 2020.

“I think the stock market will definitely decline because that will assume that it’s going to be accompanied by a raise in taxes,” Jones said on CNBC’s “Squawk Box.”

The severity of the decline, he said, will then depend on which candidate wins, such as the more business-friendly former Vice President Joe Biden, or someone like Sen. Elizabeth Warren, who has made taking on Wall Street and big corporations a big part of her platform.

“Yes, it will decline somewhat,” he continued. “I don’t know necessarily if the economy’s going to contract. We’ll have to see what happens.”

Additionally, Jones said the stock market is currently getting a bump from an explosive combination of Federal Reserve policies.

“We’ve got a 5% deficit coupled with the lowest real rates that you can imagine with the economy at full employment,” Jones said. “That’s the most unorthodox, and potentially explosive, combination that you can imagine.”

The S&P 500, Dow Jones Industrial Average and Nasdaq have all reached record highs this week, and the S&P 500 broke above 3,100 for the first time before falling back down a bit.

Positive news on the trade war front along with Fed rate cuts have sent markets higher. The Fed has cut rates three times since July, the first three cuts in more than a decade, following four rate hikes in 2018.

“It’s like the photo negative of 1930, when we had the last trade war, but you had tight fiscal and tight monetary policy,” Jones said Wednesday. “Now we have the exact opposite.”

Jones first made a name for himself in the 1980s after correctly predicting the 1987 market crash. He also launched the JUST U.S. Large Cap Equity ETF (JUST) last year and it has gained 23.4% in 2019.