"Of course, you're going to have bubbles, but the efficiency in the system is there," he said. "I think this is a five-year, upward-only adjustment. We're going to have some unforeseen intervening events, but it's the best game in town."
UBS Wealth Management Managing Director Robert Sechan agreed.
"In terms of quality, consistency and transparency of growth in the U.S., it's still one of the best places to invest," he said. "Europe has gotten certainly more exciting, and you know we've been overweight Japan all year. I think it's a developed-market story, with selective pockets of opportunity within each one of the developed markets, supported by this accelerating global growth story and supportive global policy."
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Sechan also noted that the run-up in stocks this year has elicited some fear.
"When I look at this concept of asset bubble, it relates to fear, greed and excessive optimism. I see the first. I don't really see the latter two," he said. "Investors are still holding enormous amounts of cash on their balance sheets. They haven't really been willing to embrace this market. So, there's isolated pockets of bubbles, I would say, but broadly speaking, I don't see it."
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Sechan said that markets moving as far and as quickly as they have was "tough for investors to digest," adding that he expected the market to pause before grinding higher, albeit with more volatility.
"Longer term, it's still very fundamentally supported," he said.
—By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.