Noted investor Mark Mobius said Monday the stock market, already at record highs, is going higher. While he specializes in emerging markets at Franklin Templeton Investments he does believe the U.S. markets will continue moving higher and that's a very bullish sign for emerging markets.
"My guess is that we're going to go higher. I think the bull run is going to continue for quite some time and of course that's great for emerging markets because as the water rises, all the boats will be rising as well," Mobius told "Power Lunch."
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Mobius is especially bullish on Asia, including "not only China, but Korea, Taiwan,Thailand, Malaysia, Singapore, Indonesia, you name it."
Despite his optimism, Mobius' track record hasn't been so stellar in the past year. From the third quarter of 2012 to the third quarter of 2013, his Asian growth fund, including fees is down 2 percent, his BRIC fund and emerging markets balance fund are both down 10 percent with fees.
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Mobius is doing much better with his frontier markets fund. Including fees it is up almost 9 percent in a year, between Q3 2012 and Q3 2013.
Mobius is especially interested in Africa saying there are a lot of opportunities and the continent is "very exciting." He thinks the best way for the individual investor to play Africa is to buy into a diversified frontier fund with exposure to Africa.
Despite Mobius' gains in frontier markets, up 9 percent, it's important to note the Russell 2000 is up 37 percent in a year, the Nasdaq is up 31 percent during that time period, the S&P 500 is up 24 percent, while the Dow is up 18 percent.
Mobius is also very bullish on Japan, but believes if you buy the stocks you have to short the yen.
—By CNBC's Jason Gewirtz. Follow him on Twitter @jasongewirtz.