Marc Faber, publisher of the Gloom, Boom & Doom Report, may be highly bearish on U.S. stocks, but that doesn't mean he's negative on all asset markets.

Faber favors agriculture, Chinese and Hong Kong stocks and precious metals.

"In general I like plantation companies. I like everything to do with agriculture," he told CNBC.

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"Agriculture prices have tumbled—corn, wheat, soy beans and so forth. But in the long run we have a global population that has more than doubled since 1960, and we will still grow. Resources are very stretched, and food will become very important."

As for Chinese and Hong Kong stocks, they are "very inexpensive relative to the rest of the world and are in a colossal bubble," Faber said.

The Shanghai Composite Index has returned 1 percent so far this year.

And when it comes to precious metals, "I have argued again and again that investors should hold some assets in precious metals as an alternative to cash," he said. With interest rates near zero and inflation rising, paper money isn't worth much, Faber argued.

Legendary investor Jim Rogers, chairman of Rogers Holdings, also is bullish on agriculture.

"Inventories of agriculture products are near historic lows," he told HardAssetsInvestor.com in May. "The world has consumed more than it has produced for a decade now, and we’re running out of farmers worldwide."

So what's going to happen? "We’re expecting a crisis in agriculture sometime in the next few years, and prices are going to go much, much higher," Rogers said.
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