👉 This Is Not a Recession. It’s an Ice Age. - Marc Faber
Channel: Ameer Rosic
Date: 22/03/2020

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Guest 

https://www.gloomboomdoom.com/

Dr Marc Faber was born in Zurich, Switzerland. He went to school in Geneva and Zurich and finished high school with the Matura. He studied Economics at the University of Zurich and, at the age of 24, obtained a PhD in Economics magna cum laude.


Between 1970 and 1978, Dr Faber worked for White Weld & Company Limited in New York, Zurich and Hong Kong. Since 1973, he has lived in Hong Kong. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK) Ltd.



In June 1990, he set up his own business, publishing a widely read monthly investment newsletter “THE GLOOM BOOM & DOOM” report which highlights unusual investment opportunities.

He is also the author of several books including “TOMORROW’S GOLD – Asia’s Age of Discovery” which was first published in 2002 and highlights future investment opportunities around the world. “TOMORROW’S GOLD” was for several weeks on Amazon’s best seller list and has been translated into Japanese, Korean, Thai and German.

Dr. Faber is also a regular contributor to several leading financial publications around the world.

A book on Dr Faber, “RIDING THE MILLENNIAL STORM”, by Nury Vittachi, was published in 1998.

A regular speaker at various investment seminars, Dr Faber is well known for his “contrarian” investment approach.


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Financial markets are facing their worst crisis since 1929, a veteran analyst told CNBC on Friday, as top economists downgraded their forecasts to point to an impending global recession.

Even though stocks across Europe, the U.S. and Asia looked to be heading for some welcome reprieve on Friday, analyst Stephen Isaacs said the coronavirus crisis is “unprecedented” since there were already record levels of leverage and overbought stocks.

“We came into this with all sorts of problems hiding within the momentum of a massive bull market, which again leads me to feel extremely concerned that the selling is only abating temporarily, and that we are still looking, unfortunately at a very, very difficult situation,” the chairman of Alvine Capital Management’s investment committee told CNBC’s “Squawk Box Europe.”

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according to an analyst, “12 months from now, no one will regret buying stocks,” which are “now at the lowest levels since 2016.” I agree that stocks are extremely oversold despite their sharp rebound in the last few days.

However, I am not so sure that stocks will be higher in twelve months. Nobody regretted not buying the Nikkei Average after the initial 30% decline in 1990 because the Japanese market continued the downtrend for much longer – admittedly with intermediate powerful bear market rallies. It finally bottomed out in 2008.

Similarly, from the March 2000 top the NASDAQ 100 dropped 40% to an intermediate low in May 2000 (two months after the top). From this intermediate low, a 3-month 41% rally followed, which led to renewed severe weakness and brought the NASDAQ 100 Index down to the ultimate low at 795 in October 2002 (down 83% from the March 2000 high). I am sure that nobody really missed anything for not buying the NASDAQ 100 after the first initial decline.

I need to warn my readers that this report is not exactly moral boosting and spirit lifting.

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