Investors have been pushing stocks into dangerous territory, according to Mike Wilson, chief investment officer of Morgan Stanley.

Wilson warned that the stock market is in the “death zone,” meaning that stocks are overvalued and could be headed for a crash. He cited the high price-to-earnings ratios of many stocks, as well as the fact that the S&P 500 is up more than 20% this year, as signs of a market bubble.

Wilson cautioned investors to be cautious and not to get too caught up in the stock market’s current rally. He said that investors should look for stocks that are trading at more reasonable valuations and be prepared for a potential correction in the near future.

Wilson’s warning comes as the stock market continues to reach new highs. The Dow Jones Industrial Average is up more than 30% this year, while the tech-heavy Nasdaq Composite Index has gained more than 40%.

Wilson’s warning is a reminder that investors should always be aware of potential risks in the stock market. While stocks may continue to rally in the short term, it’s important to be prepared for a potential correction in the near future.