"(Two-thousand-and-nine) It can easily be worse than last year… you need money in the bank. And the money better be the right type of money or you lose. And the dollar is the right type of money while the planet is deleveraging," he said.
The Shanghai Composite bottomed in September last year, ahead of most other markets, but has failed to correct appropriately, Griffiths noted.
"In the short-term, China may not be the solution to the problem. It might be the problem," he said.
"I don't see any early recovery," he said. "I think we should be risk averse and hold on to what we've got, which is better than trying to make a whole lot more money."
In addition, agriculture company Syngenta should benefit from the "foul" weather 2009 will experience, he said.
"You're going to find Syngenta and other companies in this space are on a jolly good wicket and if you've got to own some equities, this is the sort of franchise that you need to stick with," he said.
And investors shouldn't buy corporate bonds, since it is a "risky fad" and nobody knows which bond will default, Griffiths said.
"On a relative basis the bond market is) the right place to be. But there's still risks and I'd rather stick with proper money," he said.