They don’t call him Dr. Doom for nothing. Marc Faber, publisher of the Gloom, Boom and Doom Report, proclaimed on Thursday’s episode of CNBC’s Futures Now that he expects equity markets to drop dramatically over the next year.
“I think it’s very likely that in the next 12 months we’ll see an ’87 type of crash, and I suspect it will be even worse,” he says.
It should be noted that Faber has had mixed results in the past with such predictions. He correctly predicted the market’s bottom in 2009, but also predicted an ’87-type crash last August and, as CNBC’s Alex Rosenberg points out, the S&P 500 is up 9 percent since then.
“Maybe from a higher diving board, the S&P will drop 20 percent. I think rather, 30 percent,” Faber says. “Who knows? All I’m saying is it’s not a very good time right now to buy stocks.”
Watch Faber’s interview above, and catch the full episode of Futures Now here.