For at least two years, Marc Faber, publisher of the Gloom, Boom & Doom Report, has argued that the stock market is ripe for a 20 percent correction.

Now that the S&P 500 index has more than tripled from its March 2009 low, Faber holds to that view more tightly than ever.

"Two years ago, I was of the view that it would be healthy for the market to have a 20 percent correction, and that's what I expected," Faber told CNBC.

"Many stocks have actually had 20 percent corrections over the last two years. But a limited number of stocks have driven up the indices."

Faber says stocks have nearly doubled in the last three years alone. The S&P 500 index has returned 73 percent during that period. "If you really believe that every three years the market will double, then go and buy shares. I don't believe that," he noted.

The Federal Reserve's easing program has boosted stocks, Faber said. But "market forces will one day crush the Federal Reserve."

"A lot of stocks are down significantly from their recent highs. Many fund managers have underperformed the indices because so many stocks have been going down," he explained. "We have to look at everything in the context. And I also have to point out that I've always advocated, in absence of knowing the future, to have roughly 25 percent in stocks, 25 percent in bonds."

While few experts see stocks falling as far as Faber does, plenty think the market is set for a pause after repeatedly hitting record highs in recent days.

"We had a pretty big run-up within the month of November and late October, and we've seen a slowing of the momentum recently," Joe Bell, a senior equity analyst at Schaeffer's Investment Research, told Bloomberg. "From the context of a price standpoint, we're due for a breather."

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