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Marc Faber, the editor of The Gloom, Boom & Doom Report, told CNBC on Monday that risk has increased as stocks have moved higher.
"Don't be overly optimistic," the widely followed newsletter analyst also known as "Dr. Doom" said on "Squawk Alley." "If you look at the market, there are lots of stocks that are lower, and significantly lower than they were at the highs. And so, it's not an all-clear signal."
Faber added he believes the market is "very distorted" and said investors are in a very artificial environment. He then explained what he called his "very simple" areas of asset location, which break down to three alternatives to U.S. stocks, including real estate, overseas equities, and commodity investments.
"Twenty-five percent in real estate; my real estate is mostly in Asia. Twenty-five percent in equities; I have mostly Asian equities," he said, adding financials in Europe look reasonably attractive. "Then I have some precious metal and gold shares."
"I don't change that asset location a lot, but I am aware that there is a risk because if equities go down, then obviously all my bonds will likely go down," he said.
Faber spoke as the three major indexes were on track for their best month since February. The Dow Jones industrial average hit a record high Monday as Wall Street cheered on what's been a strong earnings season.
Equities reached record highs last week, but some strategists say the technical backdrop for stocks shows investors should be cautious.
— CNBC's Fred Imbert contributed to this report.