"Regarding Thai stocks, we bottomed out in November 2008 and peaked with the SET Index at over 1,600 in May this year. The bull is over four years old. In Thai baht, stocks were up over 300 per cent and in dollar terms, they're up over 400 per cent.
"Thai stocks are now not cheap, but the economic cycle has seen expansion topping four years. I own a lot of Thai shares but I don't think Thai stocks will go up much [from the current SET Index of around 1,400]. Good stocks like Kiatnakin Bank and CP Food have fallen by more than 50 per cent.
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.