These high levels should be weighed against the value of other assets and the activities of the Central Banks that have flooded the financial system.
"Although the S & P 500 rose more than ten percent this year, the euro strengthened more strongly against the dollar, i.e. About twelve percent, so all those who bought American companies for euros have not earned any money so far, unless they have made acquisitions of high-tech companies, "said Marc Faber.
He is also seeing changes in market leadership, as stocks of technology companies are beginning to weaken, and shares of the "old" economy, such as those that make up the Dow Jones Industrial Average, are coming back.
"There are changes in leadership. We saw something like that in 1999-2000, when technology spokespeople were the leaders, "said a specialist, referring to the dot-com bubble.
"The old stock is now coming back - and stock-related stocks," he added.
Marc Faber stressed that markets remain dependent on low-money monetary policy by the Central Banks, which buys shares and bonds to drive higher inflation. The American Federal Reserve has stopped acquiring assets several years ago, but the European Central Bank and the Bank of Japan are still buying.
"Central banks were risk averse in acquiring assets. It's a very artificial environment "
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.Dr. Doom also trades currencies and commodity futures like Gold and Oil.