While the Standard & Poor's 500 Index hit yet another record high Wednesday, Anthony Mirhaydari, CEO of Mirhaydari Capital Management, is not a believer.

"Growing evidence suggests that stocks are in the final throes of a five-year-old bull market," he writes on CBS MoneyWatch.

"Like all such bull markets, this one is starting to show signs of bubble-like behavior that have a tendency to suck in the least informed investors before splattering them in losses."

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One worrying sign is expensive valuations, Mirhaydari says. He cites Yale economist Robert Shiller's cyclically adjusted price-earnings ratio, which uses 10-year average earnings.

That ratio now stands at 25.3, up from the average of 16.5 going back to 1880. The only times the ratio stood higher was in the market run-ups of the late 1920s, the late 1990s and the mid-2000s.

Meanwhile, "measures of investor sentiment and position remain at extremes, with the relationship between bulls and bears at levels not seen since 1987, while margin debt remains at record highs as cash holdings dry up," Mirhaydari writes.

So what should investors do? Precious metals mining stocks, such as Tower Hill, offer value and safety, he says.

Marc Faber, publisher of the Gloom, Boom & Doom Report, also views stocks as overvalued.

"We are in a gigantic financial asset bubble," he tells Bloomberg TV. "It can burst any day. We're very stretched. Sentiment figures are very, very bullish."

The bullishness stems from expectations of stronger economic growth, Faber notes. But he doesn't think those expectations will be met. "The global economy's slowing down."

Editor’s Note: Pastor Explains His Biblical Money Code for Investing

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