Saturday, July 12, 2014
Marc Faber : Market will Crash soon
"The problem with crashes, you never know beforehand precisely what is the catalyst," the publisher of the Gloom, Boom & Doom report told CNBC's "Closing Bell." "I think it's a colossal bubble in all asset prices, and eventually it will burst, and maybe it has begun to burst already," Faber said Tuesday."I think that the global economy does not support the current valuations," he said Wednesday. Corporations "have had record profits, largely because they are buying back their own shares and so the number of shares is diminishing where revenue growth is basically flat." "Since 2012, I said it would be healthy for the markets to have a meaningful correction, but it could be that we are in a year like '87 when we go straight up and then we don't have a correction but a more significant crash," he said.
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.
Posted by Nicole Bourbaki