The announcements promised a volatile conversation. That very afternoon, an Internet portal was already reporting the controversial meeting. Blick Editor-in-Chief, Christian Dorer, praised him as one of the best-known but also the most notorious stock market experts. Furthermore, Helvetia CEO. Philipp Gmür ranked him between the Oracle of Delphi and card readers at the annual market.
However, in conversation with Christine Maier, Marc Faber, aka. Mr Doom, described himself as typically Swiss: disciplined, dependable and honest. Not at all pessimistic in fact. “In my youth, I went skiing, and you cannot do that as a pessimist”, said the well-known crash prophet, who has lived in Chiang Mai in Thailand for many years with his wife. It was his precise prediction of the stock market crashes in 1987, 1990 in Japan, and 1999 in the technology stock markets that gave the 72 year old this reputation. Certainly he also anticipated the upswing of the stock markets in South America and Asia as well as raw materials, specifically gold, both early and correctly.
To the question about his mistakes, Faber concedes openly that he bet on the technology values crash too early in 1998 and thereby lost a lot of money. While he did look over his books afterwards, following his own personal crash of last autumn he sees no point in that. Faber admitted that he stands by his comments about Africa that were denounced as being racist, and would formulate them even more extremely. After all, he received approval from numerous Africans.
Much less controversial are his assessments of the current situation in the financial markets. According to Faber, many indicators point to massive imbalances. The central banks would do anything in order to prevent a crash, because with it, the economy would also be dragged down. Therefore, it is also not clear to him how long it can continue as it is. Anyway, the market boom has been carried by only a few securities since 2009. The insurance stocks in Switzerland are all below the level of 1998, for example. With one exception: That of Helvetia.
“It depends less on what you invest in, but rather when you do it”, explained the star economist. That is also true for crypto currencies such as Bitcoin. Ultimately, there’s more to life than the stock exchange. “Most people have other concerns”, said Faber in closing.