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He predicted more downside several weeks ago while he was actually buying equities.
Gurus and experts are all self-serving. It's called talking their book to push positions they're in or to try to get a cheap price for something they're legging in positions.
I don't think he's saying anything no one doesn't know. The 2% upside prediction targets the gap in the S&P chart from 2021-2040. Everyone who follows charts knows that prices tend to return to where there were gaps. 20% downside risk targets 1600 where the market tests previous tops in 2000 and 2007. It also results in a cumulative 25% decline where the Fed is likely to seriously consider printing money again.
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