Equities and bonds are overpriced and emerging markets could be the next big bubble, investors were warned at a Société Générale presentation of its 2011 Outlook in London on January 17.

Albert Edwards, London-based global strategist at SG, estimated that the US stock market is 50-60% overvalued. But other asset classes are also looking unfavourable, he said.

"Bond prices are at a historic low," says Edwards. "That doesn't mean they can't go lower, but they are overvalued. Emerging markets are

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