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Sunday, July 27, 2014
Marc Faber admits to have been wrong since 2012
MarketWatch: What about this 30% stock drop? When is it coming?
Marc Faber: Since 2012, I have been expecting a correction that hasn’t happened, but it has happened in individual stocks, and it has happened in emerging economies. A 30% [drop] would not surprise me, but the financial media doesn’t believe it can happen. When the S&P was at 666 on March 6, 2009, they didn’t believe the S&P would go to 2,000 either.
The market is very overbought. The rise this year has been accompanied by fewer and fewer stocks making new highs. GE GE -0.58% , GM GM -1.87% , IBM IBM -0.43% , Wal-Mart WMT -0.50% are no longer participating in the advance. [but] if stocks went down 30% I’d be interested again. - in MarketWatch July 2014
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.