The former head of a $20 billion portfolio warns stocks will fall at least another 20% as investors become complacent about a recession and the Fed vows to keep rates elevated

• Investors are ignoring inflationary forces in the market, says Alf Peccatiello.
• A hawkish Fed, as a result, will push the economy into recession, he argues. 
• Stocks will likely follow the path they took during the tech bubble in the early 2000s he said.

Alf Peccatiello believes investors are too pollyannaish right now.