UPDATE 1-Stock market 'bubble' could last to end-09 - Odey

* Says quantitative easing has fuelled bubble

* Investors rushing into real assets, avoiding cash

LONDON, Sept 21 (Reuters) - Stock markets are now "entering a bubble phase" which could last until the end of the year, says high-profile hedge fund manager Crispin Odey.

Odey, founding partner at Odey Asset Management and one of the first investors to call a possible bull market early this year, said quantitative easing had fuelled the bubble but said real assets still appeared cheap compared with cash and government bonds, prompting investors to rush in.

"At some point the quantitative easing will have to come to an end but until it does this bull market is sponsored by HMG (Her Majesty's Government) and everyone should enjoy it," the London-based manager said in a note to clients. (To read the Reuters Hedge Fund Blog click on blogs.reuters.com/hedgehub; for the Global Investing Blog click here) (Reporting by Laurence Fletcher; Editing by Greg Mahlich)