Blackstone Vice Chairman Byron Wien.

Despite a market well off its record highs, one investing legend still thinks some rough roads lay ahead.

The market hasn't had its needed purge yet says Byron Wien, who is Vice Chairman in the Private Wealth Solutions of Blackstone Group (BX - Get Report) . "We will retest the February lows [in the markets]," Wien, 86, said on a call Thursday with media. Wien continues to believe the S&P 500 will rally back after testing the lows, charting a path to 3,000 by year end.

Here is what Wien told TheStreet about markets in February, when things were really hitting the fan.

Wien added that if inflation picks up even more, spurring the Federal Reserve to act quicker on rate hikes, the U.S. could see a recession in 2019.

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