"We have a bubble in everything," Marc Faber, editor of The Gloom, Boom & Doom Report, told CNBC on Wednesday.
Faber said even if the dropped 20 percent, it still would not make him bullish on the US stock market.
"We have global debts as a percent of global GDP that is 30 to 40 percent higher than it was in 2007," he said. "All of us and I also own lots of assets, we're going to lose 50 percent. Either the government
On CNBC's "Fast Money Halftime Report," the man known as "Dr. Doom" recommended U.S. Treasury bonds, corporate bonds in Europe and emerging markets.
"I would rather invest in Europe, ... where valuations are lower and where the economy seemingly is improving," he added.
Faber noted that foreign markets have "way outperformed the U.S." this year, and he believes it will continue.