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An American Affidavit

Saturday, April 12, 2014

Man who predicted 1987 stock market crash and the Great Recession claims another crash is months away By John Hall from Lew Rockwell


'This will be the Worst Since '87'

Man who predicted 1987 stock market crash and the Great Recession claims another crash is months away

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The man who predicted the 1987 stock market crash and the recent global economic recession believes the worst crash in decades will take place later in the next 12 months.
Dr Marc Faber, a Swiss investor and the author of the Gloom, Boom & Doom Report, said the cause of the crash would be overvaluing of companies within the internet and biotechnology sectors – thought to include the $400billion valuation of Google, and the $100billion valuation of Facebook.
He also said the market was also beginning to wake up to the idea that the U.S. Federal Reserve is a ‘clueless organisation’ – something he says is starting to affect confidence levels in investors.
Speaking to CNBC last night, Dr Faber said: ‘I think it’s very likely that we’re seeing, in the next 12 months, an ’87-type of crash’… and I suspect It will be even worse.’

His comments came as the Nasdaq suffered its biggest drop in two-and-a-half years after another sharp selloff in biotechnology businesses – including Gilead Sciences and TripAdvisor.
The Nasdaq biotechnology index shed 5.6 per cent of its value – its biggest one-day drop since August 2011 – increasing investor anxiety about a broader pullback in technology businesses.
Speaking of overvaluations in the technology sector, Dr Faber told CNBC’s Futures Now programme: ‘I think there are some groups of stocks that are highly vulnerable because they’re in cuckoo land in terms of valuations.’
They have no earnings. They’re valued at price-to-sales. And this is not a good metric in the long run,’ he added.
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