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Marc "Dr. Doom" Faber said Friday the U.S. is no longer leading the pack and Asian and European stocks have relatively good value.
Faber, the editor and publisher of The Gloom, Boom & Doom Report, said European stocks, with the exception of the FTSE 100, have outperformed the U.S. and most Asian markets this year.
"So, we have had a shift in market leadership away from the U.S. to other markets," he said on CNBC's "Squawk on the Street. " "And I think there is better value in Europe and still better value in Asia than in the U.S."
Prior to 2013 and 2014, Faber said he was bullish on U.S. stocks. But after that, he didn't see many opportunities in the United States and turned his eyes to Europe and Asia emerging markets.
Faber said he finds Japanese stocks particularly interesting because its corporate sector has been deleveraging. "Some Japanese companies are actually quite good value," he said.
"I personally prefer investments in Indochina, in Vietnam, Cambodia, Thailand, Myanmar and also Laos," he said. "That is the region I think has enormous economic potential and there will be plenty of opportunities. But for institutional investors, the Japanese market offers in some sectors very good value."
European stocks declined Friday after North Korea sent another missile over Japan into the Pacific. Still, European stocks hit their best week since July.
In the U.S., stocks rose to record levels Friday.