Jeremy Grantham has been sounding bearish lately, but at least one type of investment is piquing his interest: timber.

Crain’s New York Business reports that Grantham, speaking at the CFA Institute’s recent annual conference, told onlookers that timber is currently his favorite investment choice. Grantham sees timber rising about 6% per year over the next several years, Crain’s reports, a much higher figure than he’s expecting from most types of equities.

“Emerging markets are heading into a bubble,” Grantham said. “Commodities, too.” And his outlook for bonds is “horrible”, Crain’s reports. But Grantham likes timber, saying that it has been an “enormous holder of value” during such tough times as the Great Depression and the high-inflation years of the 1970s.

Grantham also says he doesn’t think gold is a good play, as it pays no dividend, has no intrinsic value, and moves up and down based on unpredictable investor fears. He has, however, been high on “high-quality” U.S. large-caps, which his firm projects will produce returns similar to that of timber over the next seven years.