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let's get into it with our next guest uh because talking about this Market rally our next guest actually says that stocks are actually due for a giant pullback Mark Faber of the Gloom boom and doom report also known as Dr Doom when he comes on this show and others joins us by phone uh great to have you mark listen you've been calling for a 40 to uh 20 to 40% correction yet the gentleman just laid out all the reasons that the markets are moving higher from here when does this Market crack well we don't know when it cracks and to be fair to me uh just around the election I said that the market would first go up because that the Trump Victory would be positive for stocks and not negative and now but we're past the victory now we're past the victory we're we're close to the end of the first 100 days yes uh the point I want to make is that we are in the euphoric stage you your previous commentator that people are piling into stocks I want to buy stocks when people are piling out of stocks right when the Panic selling and right now uh and this I maintained for a while European stocks and uh emerging market stocks are far more attractive than US Stocks keep in mind the S&P is up 6% here today Spain is up 20 Italy 12% India 18% Singapore 14% Korea 16% and Mexico who has been attacked by Mr Trump so badly is up 19% all in US dollar terms well understood so I don't think that the rally in US Stocks is such a great deal in addition to that it's driven by a few very expensive stocks from Netflix to Tesla and so Force Mark let me ask you this what's the biggest risk to this market right now you mentioned Trump Euphoria which is certainly a piece of the puzzle um but as the gentleman mentioned he hasn't actually gotten anything through so maybe this tax reform uh tomorrow coming is sort of a last ditch effort if he doesn't do that is that the biggest risk well the point is no tax reform deficits will go up with tax reform deficits will go even up more so both scenarios are not particularly Bond friendly I'm still of the view that we are8 years into an economic expansion 8 years into an uh stock market bull market and I think that uh recession over Mark I I don't disagree with you there but some bull markets can last 14 or 15 years correct that's what I'm saying Trump has no principles he has now gone back before he wanted to audit the fed and basically attacked Mrs Yellen now he will go and kneel in front of Mrs Yellen and say please don't increase interest rates please keep on printing money let's it over I think I'm sorry Mark one of our our Traders wants to jump in here let's toss it over to Scott yeah Mark it's Scott in Chicago and I have a question you've been saying essentially the same thing since by my Reckoning uh 2012 and been consistently wrong since then and on today today we have uh Russell 2000 and the NASDAQ Composite hitting all-time highs NASDAQ composite above 6,000 S&P is up nearly 1% today uh so if somebody piled in in 2012 or 13 or 14 or 15 they've done pretty well why were you so wrong then and why should we think you're right now well actually to correct you I warned of a correction in 2012 and we had one and uh we didn't have a correction correction is a specific term meaning down 20% look I yes correct I tell you when all it's over people will love me for having warned them to have all their money into in stocks and I'm used to people like you who always attack me but in 2009 who was there and said by STS well that's great but in 2012 and 13 and 14 and 15 and 16 you said sell because it's going to crash and so people have missed more of the recovery than they would have caught if they' bought in 2009 and sold in 2012 and I'm asking just a simple question what about your analysis was wrong in 2012 134 15 16 that that leads you to believe that you're you're you're you're more informed now well the market is far higher and the bull market has locked at a very long long time and uh I have to also correct one point you're making in 2007 2012 I was relatively positive about bonds and I argued that Emerging Markets would go up strongly and some Emerging Markets have actually gone up vertically and bonds have actually performed quite well there was recently a study done about how well individuals do in this market and as you can yourself see many institutions in fact 80% of them have underperformed the market what about the hedge fund index and you're accusing me of being wrong I laugh at this okay Mark I got a question for you too we're talking and and I'm not I am just changing the channel a tiny bit here you we talked about the price of the stock market am I to assume that you believe the under uh the underpinning economic fundamentals are awful in this country right now and is there something president Trump can do to push us more in the right direction of course I'm leaning toward are these tax cuts going to help would capital gains tax cuts help would things like that help in your opinion I don't think so I think the US economy and Western economies in general are terminally thick and we have since 2007 before the crisis essentially almost double Global debts as a percent of GDP we have a huge debt load the US has run a deficit for as long as the eye can see uh the conditions today are more fragile than they were ever before and unless somebody comes and introduces minus 5% interest rates which is a tax on the wealthy people I think the economy is really not in such a great shape I'm actually amazed that people are so optimistic if you look at consumer sentiment service Mark let me ask you this if you're not optimistic about the United States as a market fine um what are you buying right now you mentioned some of the emerging market that have you know gone straight up I'm assuming you want to avoid those where's the growth opportunity what should investors be looking at right now well basically as I mentioned to you India this year is up 18% in US dollar terms I think India is still relatively I have to say relatively attractive I would rather than buy stocks like uh tomorrow I would rather build up cash positions and essentially invest in Euros I think the euro is attractive very depressed I think European stocks are relatively attractive and among the stock markets the sectors I think interest rate sensitive stocks infrastructure play will do reasonably well reats REITs will do relatively well and consumer stable and I I think all these hot stocks don't forget I mean people in fund management they never remember anything Blackberry was the leader in smartphones Nokia was the leader for many years in phones where are they today well things definitely change Technologies are very uncertain and uh the prices you pay for these new technologies are extremely high sure one will survive like IBM survived but IBM hasn't done anything for Years Mark always great to have you on the show thank you for your views we do you know respect them even though we push back um you know we're just trying to get more clarity on on what is going to happen with this Market that's what our viewers need so thank you nobody has any Clarity uh Trump changes his mind as I change my I wouldn't I was about to say dieters with my tissue paper okay all right take care thank you yes uh the point I want to make is that we are in the euphoric stage your previous commentators said people are piling into stocks I want to buy stocks when people are piling out of stocks right when the Panic selling and right now uh and this I maintained for a while European stocks and emerging market stocks are far more attractive than US Stocks keep in mind the S&P is up 6% here today Spain is up 20 Italy 12% India 18% Singapore 14% Korea 16% and Mexico who has been attacked by Mr Trump so badly is up 19 % all in US dollar term well understood so I don't think that the rally in US Stocks is such a great deal in addition to that it's driven by a few very expensive stocks from Netflix to Tesla and so Force Mark let me ask you this what's the biggest risk to this market right now you mentioned Trump Euphoria which is certainly a piece of the puzzle um but as the gentleman mentioned he hasn't actually gotten anything through so maybe this tax reform uh tomorrow coming is sort of a last ditch effort if he doesn't do that is that the biggest risk well the point is no tax reform deficit will go up with tax reform def let's get into it with our next guest uh because talking about this Market rally our next guest actually says that stocks are actually due for a giant pullback Mark fber of the Gloom boom and Doom report also known as Dr Doom when he comes on this show and others joins us by phone uh great to have you mark listen you've been calling for a 40 to uh 20 to 40% correction yet the gentleman just laid out all the reasons that the markets are moving higher from here when does this Market crack well we don't know when it cracks and to be fair to me uh just around the election I said that the market would first go up because that the Trump Victory would be positive for stocks and not negative and now we're past the victory now we're past the victory we're we're close to the end of the first 100 days it will go even up more so both scenarios are not particularly Bond friendly I'm still of the view that we are 8 years into an economic expansion 8 years into an uh stock Market bull market and I think that uh recession is over agree with you there but some bull markets can last 14 or 15 years correct that's what I'm saying Trump has no principles he has now gone back before he wanted to audit the fed and basically attacked Mrs Yellen now he will go and kneel in front of Mrs Yellen and say please don't increase interest rates please keep on printing money let's toss it over I'm sorry Mark one of our our Traders wants to jump in here let's toss it over to Scott yeah Mark it's Scott in Chicago and I have a question you've been saying essentially the same thing since by my Reckoning uh 2012 and been consistently wrong since then and on today today we have uh Russell 2000 and the NASDAQ Composite hitting all-time highs NASDAQ Composite above 6,000 S&P is up nearly 1% today uh so if somebody piled in in 2012 or 13 or 14 or 15 they've done pretty well why were you so wrong then and why should we think you're right now well actually to correct you I warned of a correction in
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