(CNBC) -- The long bull run for stock markets could be due a correction, according to one prominent emerging markets investor.
"There could be a substantial correction in the markets," Mark Mobius, founding partner at Mobius Capital Partners, told CNBC's Joumanna Bercetche Wednesday.
A 30 to 40 percent adjustment is "not unreasonable," he said, speaking on developed as well as emerging markets. "I'm not predicting that, I'm just saying we've got to be ready for that," he added. Mobius cited the long U.S. bull market, since 2009, as the reason for the correction.
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