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let's invite Marc Faber editor and publisher of the boom boom and doom report and of course the well known market guru mark good morning you have been bullish on India for a really long time does GST reinforce your thesis or are you worried about the near-term disruption in the stock market in u.s. dollars has been one of the best performers this year we're up over 22% so I think that in the world where we have these artificially low interest rates I think the market is maybe now kind of a little bit ahead of itself and may have a correction but I think the long term still looks promising mark our mornings so the Indian markets hit an all-time high and then they entered into a period of consolidation we've been in this 200 point band for a while now do you see this continuing or do you see fresh highs again we look at markets around the world equity markets around the world in 2017 we had very strong performance in Asia and as I said in India and we had very strong performance in Europe where many markets are up between say 17 and 22 percent so I think even the economic outlook in the world the second half of the year will not bring about similar type of returns you have to understand we're living in a in Europe and the US in essentially almost zero interest rates environment and to have this kind of performance we had in the first half from equity markets is an incredible performance so my you would be that the second half will be more difficult and I wouldn't be surprised to see say the US market going down or the leadership changing the leadership in America has been found stocks Facebook Amazon Netflix Apple Google and support and similar type of stocks semiconductor stocks and I wouldn't be surprised if these stocks were lagging in the second half of the year and that the leadership will change the same I think it will occur in India where maybe the index is not moving much but within the market some stops will perform well and others not so well so in other words I think it will be in the world in the second half and going forward a stock pickers market not an index market ok a stock because market and not an index market and we may not see the kind of returns that we've seen in the first half of the year in US market slightly correction as well you speak about the possibility of leadership change in the index level so far it's been all the tech stocks like Amazon etc but what could take up the mantle from here on well that is precisely at the point I wished to know what leadership will emerge around the world and replace the Fung stocks of the tech stocks and support that I'm simply not yet sure and I need to watch the market for another like two three months before I could come to a conclusion so schmuck you have been in general bullish on emerging markets as well but this India right now in the pecking order well as I explained India has had the best performance this year or one of the best performances Venezuela had a better performance that I should point out from a very depressed level so as I mentioned I think that the Indian market could correct here given the favorable fundamentals for the Indian economy longer-term I wouldn't be overly bearish and what we also have today in India is a relatively stable currency the currency has actually appreciated this year and now I think the rupee may weaken somewhat but in general as I said on your program many times over the last six months if I had to invest for 10 years and I had to choose between the u.s.
and India I would choose India because I think that India will outperform the US so I hope this answers your question more than that I cannot explain to you okay my god that so you are calling for a connection but only perhaps a near-term small issue nothing material nothing long-term let me then talk to you about a different sector banking because that's where the big fight is the whole approach to resolving bad loans that has changed now we have you know a time bound process and place 12 accounts have been chosen by the RBI how do you read this and do you like Indian banks well I mean basically I'm positive about financial stop banks and especially insurance companies and I think eventually they'll clean up their balance sheets and banking in India in a country of the size of India and where banking is not yet hasn't proliferated very much I believe the long term potential is huge but equally we have to understand they are huge technological changes underway in the world to think of the retailing industry in America when I started to work in 1972 blue chip companies were Sears and JCPenney both of them are about to die and so these technological changes will also change the way banking is carried out and financial institutions that understand these changes and will implement the technologies to accommodate these changes will do well and others in my opinion will not do particularly well okay any other sectors that you're bullish on right now mark well I still think that the financial stocks will be okay they have underperformed for years and now they started to outperform so that's a sector secondly in my asset allocation I have always 25 percent in real estate and I think that some real estate in India may not be particularly attractive because it is fully priced on the other hand there is still plenty of real estate that is in my view going to move up substantially in value and so I would essentially focus on real estate investments in it finally mark are you still a commodity book well obviously commodities haven't performed very well but I'd like to say this the price of gold went up 8% last year against the US dollar so it was a very strong it was essentially one of the strongest performing currencies this year gold is up 7% against the US dollar by the US dollar has lost 7% against the euro so in Euro terms were even but it hasn't been a poorly performing commodity and some agricultural commodities in my opinion are very low at the present time and could easily rebound in the second half of the year but overall I think that given the slowdown in gross around the world which is very different from India where there is kind of an acceleration of growth that is possible around the world there is a slowdown certainly in the US and so given that scenario I would be a little bit cautious about industrial commodities at the present time all right mark good talking to us always thank you so much for joining us on the show this morning those are the views from
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