Marc Faber says most financial markets are in the "final stages of a bubble" in this interview with Bloomberg TV.
He points out that in previous periods, the bubble or bubbles tended to be limited to one or two sectors or asset groups .This was the case, for example, with gold and silver during their late 70's-early 80's runup, or for internet and technology stocks in the late 90's to early 2000.
However, the most recent period is characterized by a bubble-like atmosphere across the spectrum of financial markets and collectible assets. As Faber points out, everyone is bullish on something, whether it be stocks, bonds, commodities, art, wine or even worthless collectibles.
The fact that these bubbles are so numerous and widespread will greatly affect the global economy when they are finally reversed.
What we don't know is how or when this bubble period will end; Faber feels some event or set of circumstances will bring about an end to the bubbles in the not too distant future, but he can not guess the date.
In the meantime, he says he is focusing on depressed and reasonably valued markets/assets in the Middle East and Asia, and assets outside the financial markets, such as farmland.