The long-running bull market in U.S. stocks runs the risk of ending badly, and that's why perennial contrarian Marc Faber warned investors Tuesday to stay away.
"In the U.S., it's probably too late to buy," the publisher of "The Gloom, Boom & Doom Report" told CNBC.
Faber said that stocks have been going strong for five years. "And by the end of March, we will be in the second-longest bull market for the last eight years," he added in a "Squawk Box" interview.
"Usually these long bull markets, they end badly," he said, pointing to the 1987 crash and the significant declines in 2000 and 2007.
"So I don't think it's a very opportune time to buy [U.S.] equities," Faber added.
While it might be too early to buy some of the beaten-down emerging markets at these levels, investors can make money in the longer-term, he said.
"I think I can make the case that over the next five to 10 years, I will make more money by buying now in the emerging economies then in the U.S.," Faber said.