​​​​​Shilling maintained his cautious strategy while tweaking language from previous commentaries, recommending that investors "hold extra cash as a bear market in equities unfolds," the newsletter, released Wednesday, says.

Shilling again suggested investors go long the U.S. dollar and Treasury bonds, "the other safe haven, which also should rise in price as the Fed eases credit and the recession unfolds."

He continued to recommend investors "avoid vastly-overpriced stocks," like the Magnificent Seven, artificial intelligence stocks and cryptocurrency securities.