Famed contrarian investor David Dreman says inflation concerns have him “terrified” of bonds and seeing good times for stocks and real estate.

“I think we’re going to have some of the worst inflation, with all the printing presses around the world running 24/7,” Dreman told Reuters. “Probably the two worst investments over the past two, three years have been stocks and real estate. They could be the best investments two or three years out.”

Dreman says he’s avoiding all sorts of bonds — corporate debt, Treasuries and and even Treasury Inflation-Protected Securities. “Even TIPS, you have to pay taxes on them,” he says.

Dreman also thinks we’re near the end of the recession, but says the financial system recovery will take time. “I think we come off a bottom, but it’s probably going to take a couple of years before we get out of this, or have the banking problem solved,” he said. “That’s still what we’re working through and what’s being done.”