“If you think what we've seen is the crash you have no idea what's coming” Is fairly specifically indicating a dramatic change in market level. More specifical

“If you think what we've seen is the crash you have no idea what's coming” Is fairly specifically indicating a dramatic change in market level. More specifically it’s calling out that the person expressing an opposite opinion is definitively wrong about the magnitude of a future market move. I think it’s fair to ask at that point how the person can be so definitive “without a crystal ball”. Macro hedge funds wouldn’t invest that way (at least not in my experience). They’d risk weight their positions based on a variety of outcomes, even if all of them are directionally the same, and then hedge their downside risk if they are directionally wrong.