Stocks from developed nations will be the "last man standing" in a bear market that's due to arrive by the end of the year, warns Bob Janjuah, Nomura's uber-bearish strategist.
The extra liquidity flooding the world's financial markets from the quantitative easing (QE) programs from central banks including the U.S. Federal Reserve have caused a domino effect of falling asset prices, Janjuah said.
The first asset class to fall, he said, was commodities in 2011. Next was emerging markets. Coming up, Janjuah predicts, will be housing and then stocks in 2014/2015.
(Read More: Stand by…a hefty drop's on the way: Nomura's Janjuah)
"As 2014 unwinds, the data will I think expose policymakers as falling far behind the curve, persisting with a policy tool, whose 'success' is increasingly narrowly based and which is failing to deliver broad-based inflation, growth or any other meaningful positives to the real economy," Janjuah said in his latest client note on Monday.