Tuesday, July 28, 2015
Marc Faber Only Buys When Markets are Undervalued and Attractive
Last week market guru Marc Faber told CNBC he wouldn't touch Chinese stocks even after their steep decline, and instead preferred Vietnam equities, Hong Kong-listed Macau gaming stocks and gold mining shares. According to Faber, China's growth has slowed down and is unlikely to hit 6-7 percent that many expect. "Maybe that will be published by the government but the reality is that Chinese growth has slowed down to trickle," he told CNBC.
"I am a buyer when markets are undervalued and attractive and then I get out relatively early. So we were buyers a year ago in June/July of 2014," Faber, the author of the "Gloom, Boom and Doom Report", said, referring to Chinese equities. "Now, I don't think that Chinese stocks are attractive and I would just stand aside."
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