"Money will shift from some of the relatively high-valued markets into markets that had a horrible performance," he said. "So as an investor, if you need to own stocks, then I'd be in Vietnam, in China and in Japan."
In his commentary, Faber wrote that he's leaning toward the bearish camp but with this caveat:
"I am also mindful that corporations and wealthy individuals are cash rich and since there are very few promising investment opportunities aside from equities, they might one day shift their considerable liquid assets into stocks."
Faber, living up to his "Dr. Doom" nickname, told CNBC that he doesn't like any particular asset class, though he said he has a diversified portfolio. "I'm not liquidating everything, but I have a lot of cash."
—By CNBC's Matthew J. Belvedere; Follow him on Twitter