A Wall Street strategist has doubled down on his warning that the 'biggest bubble in history' will burst. Here are the 12 stocks he says investors should buy to weather the storm.

• BTIG strategist Julian Emanuel is reiterating his call that the bond bull market has become a bubble on the verge of bursting, and he's predicting a decline in prices that will reshape leadership in the stock market.
• He says he's identified underappreciated and attractive stocks in the energy and financial sectors that should climb as the trend continues.
• Emanuel said bond prices are dipping and yields are rising again as investors let go of some of their concerns about a recession - and that's a key part of the bond bubble popping.
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The threat of a market bubble bursting is alarming, but it also creates opportunities in other areas.

Julian Emanuel, chief equity and derivatives strategist for BTIG, is on record saying the bond market has become not just a overinflated, but potentially "the greatest bubble ever." That's driven prices to historic highs and bond yields to all-time lows.

It's hard to predict what will make a bubble burst, but Emanuel writes that a turn in investors' mindset is required. And an important one may have arrived.

"Investors' 'obsession with recession' appears to have topped as the Fed's rates cuts support inflation expectations," he wrote in a recent note to clients.

That means a slide in prices and a rise in yields, Emanuel says, with widespread implications for stocks. That trend might already be playing out.

"We expect further broad market upside to be led by the narrowing of the current valuation divergence - rotation - between cyclicals (Financials and Energy) and defensives/bond proxies (Utilities, Consumer Staples, Software)," he wrote, saying that the first group should outperform and the second will likely underperform.

To find the stocks most likely to climb, Emanuel screened the already-struggling financial and energy sectors. He looked for stocks that did worse than their respective sectors in the market's downturn from July 26 and September 4, and which have appealing valuations based on their estimated price to earnings and price to earnings growth multiples.

"This list ... could be expected to outperform if bond yields rise," he writes.

Here are 12 stocks Emanuel says fit the bill: