Emerging Asia's shares may have plunged recently, but with the bull market getting long in the tooth, it's not the time to buy, said Marc Faber, the publisher of the Gloom, Boom & Doom report.
"I don't think there's a lot of money to be made in equities for the next 12 to 24 months," Faber, also known as Dr. Doom, told CNBC.
"We are in a bull market that is more than four years old," with the rally beginning in March 2009, he noted. "Four years into the economic expansion, I don't think that stocks are the greatest bargain anymore."
(Read more: Marc Faber: Three reasons a plunge is coming)
While he owns shares in Malaysia, Thailand, Hong Kong and Singapore, he isn't interested in increasing his positions. "We have in most economies that publish honest statistics a meaningful slowdown," he said.
He noted all the major technology companies, including IBM and HP, have lowered their forward revenue guidance. "The outlook for technology and capital spending is even worse than it was six months ago. That tells you something about the global economy."
Faber is also negative on China's markets. "Even if you're a believer (in the China story), you still have to sell the stocks you want to buy. Because the good companies are very expensive and the lousy companies are so questionable that you shouldn't touch them to start with."
(Read more: Here's what Marc Faber likes more than gold)
Conversely, Faber is more positive on the Treasury market, calling it oversold. While many market watchers expect the Federal Reserve's anticipated moves to taper its bond purchases will result in higher rates, Faber expects rates to fall and bonds to rebound.
(Read more: Why tapering doesn't mean QE is going away)
"The bond market would actually like a very high level of tapering," he said. "The bond market in the longer term has to be concerned about these continuous asset purchases. That basically means monetization and that means some symptoms of inflation will appear somewhere."
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter