The stock market is still an unsafe place for investors as quantitative easing, by which central banks boost the supply of money attempting to kick-start economies, is unlikely to work, Hugh Hendry, Chief Investment Officer at Eclectica, told CNBC.
Hendry also disagreed with Warren Buffett's view, recently expressed to CNBC, that inflation is likely to be as bad if not worse than in the 1970s.
"I've honestly never known a time of near-universal conviction that we have to worry about inflation today," Hendry told "Squawk Box Europe."
"For quantitative easing there's no successful precedent. It has never, ever succeeded," he added.
He is buying government bonds, shorting stocks and "can't buy enough dollars." Taking the contrarian view to the majority of speculators creates opportunities, Hendry added. "Gold, silver, I'm shorting them right now."