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Goldman Sachs: This bull market has longer to run

Despite some investors becoming increasingly wary of asset valuations, Sheila Patel, the CEO of Goldman Sachs Asset Management International, has told CNBC that the current bull market has longer to run and the search for yield will continue.

"I do think that there are places you can find value," she told CNBC Wednesday.

"If you start to believe in the U.S. recovery there is certainly a school of thought that that's the gorilla still in global growth. And if that is coming then emerging markets is a real place to take a second look."

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Adam Jeffery | CNBC

Following the financial crash of 2008, investment companies around the globe were restricted as stock prices plunged to historic lows. Investors fled for safe havens, shunning riskier assets, and central banks made government bond purchases to try to inject liquidity into economies.

The following five years - a typical duration of a bull market, according to some analysts - led to a search for yield across emerging markets, flickering signs of a housing recovery in the U.S. and interest rates on fixed income falling to record lows. Last year this culminated in a stellar rally for equity markets which saw both the Dow Jones and the S&P 500 break into fresh highs. Meanwhile, bond prices have shown signs of peaking and emerging markets have fallen out of favor as investors have returned to the U.S. dollar in the anticipation of rate hikes.

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However, Patel believes that this cycle of expansion will have no ordinary duration and the financial crash will continue to have its lingering effect on investors' decisions. She added that there are some areas of investment she is concerned about, but saw enough value in other places to push this duration of bullishness further.

"I think relative to the usual duration it will be longer because it is taking people longer to take action, to have conviction. Even this cycle of investment, of acquisitions and of interest in private equity, which has picked up quite a bit as well, is slower than normal," she said.

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"I think we have seen an influx of investors trying to get their heads around Asia, trying to get their heads around emerging markets. There are some very heightened valuations and there are some places that have taken quite a beating."

This economic expansion that started around five years ago has caused much debate in recent months with some investors believing that the current run-up in stocks might be running out of steam. Closely-watched investor Marc Faber told CNBC in April that a recent sell-off in the technology sector would spread into a broader correction and has opted to park his money in emerging markets.

Read MoreGoldman Sachs: It's showtime for global growth

Societe Generale's uber-bearish strategist Albert Edwards has also argued that recent weak economic data from China "significantly increases" the risk of global deflation and believes that investors are ignoring the warning signs.

However, some remain optimistic that extra liquidity—provided by central banks around the world—would continue to help bolster equities in particular. Ian Harnett, a European analyst at Absolute Strategy Research, believes global stocks will rally another 20 percent in 2014, highlighting the optimal environment that policymakers have created.

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