Byron Wien, whose career in finance has spanned about 50 years, told CNBC he's undeterred by Wednesday's stock market tumble.
"I'm still optimistic about the performance of the market for the full year. I don't think there's any recession in sight," said Wien, vice chairman of Blackstone Private Wealth Solutions.
Wien acknowledges the severity of the currency crisis in Turkey, which was pressuring Wall Street to the tune of about 1 percent on the Dow Jones Industrial Average and . Around midday, the Nasdaq was faring a bit worse.
"The situation in Turkey is serious for the moment, but I don't think it represents systemic risk," Wien said on "Squawk Alley." "I don't think it's going to extend to anything other than the marginal emerging markets. I don't think China will be affected."
"I think the market was overbought and overdue for a correction. We're having a correction. Turkey is the trigger. I think it's going to represent a buying opportunity," Wien predicted. (He was using the term correction to indicate a sharp decline, not because any of the major stock measures were even close to 10 percent declines from recent highs.)
As of Tuesday's close, the Dow was off nearly 5 percent from its Jan. 26 all-time closing high; the S&P was down 1.15 percent from its Jan. 26 record close; and the Nasdaq was lower by 0.77 percent from its July 25 closing record.