Swiss-born investment advisor and fund manager Marc Faber is widely-known for shocking the Pollyannas on Wall Street. However, the publisher of the monthly investment newsletter The Gloom Boom & Doom Report has toned it down lately and has instead been discussing U.S. and foreign equities in various media outlets. Dr. Faber was on the phone with the Yahoo! Finance show Breakout this past Wednesday and told viewers:
What is happening with all central banks is that they have been essentially printing money. In other words, they’ve been increasing the quantity of money through asset purchases and expanding the balance sheet. And I suppose it won’t be that easy to find an exit strategy… they will continue to essentially print money in the years to come. Now could it be for a while they reduce the asset purchases or stop altogether? Yes, that’s a possibility…. But if the stock market went up very strongly as occurred in ’87, and the real economy does not participate- and as you know this recovery since June 2009 has bypassed, say, the majority of America- and if this happens, it would be a major embarrassment for the Federal Reserve.
The head of Marc Faber Limited shared this little nugget on the show:
I think there are some opportunities in European telecom stocks at the present time.
On Monday, Dr. Faber was also on India’s CNBC-TV18. Here is what he had to say about global equities on the show Bazaar:
My scenario for 2013 is this. Either the markets will make a peak relatively soon which will not be exceeded, or we have a correction of a month or two and then another strong rally into August such as we had in ’87 when the Dow Jones between January ’87 and August ’87 increased by 41 percent and then lost 40 percent in two months…
The more likely scenario is in my view actually a strong rally into the summer, but first a correction, and then this rally and then more significant tops in 2013 which will not be exceeded for a while.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)
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