Investing guru Marc Faber once again is warning savvy investors not to be lulled into a false sense of security just because the U.S. stock market seemingly sets record highs on a daily basis.
"You don't see, and I don't see. And, nobody sees. That's why people keep buying stocks,” Faber, often hailed as the original "Dr. Doom" for his dire market predictions, told CNBC.
“And yet, something will happen one day," said the publisher of "The Gloom, Boom & Doom Report," without offering specifics.
Faber warned that many different factors could spark another financial crisis like 2008.
"I think it may very well come from a credit event. Or, it may come from the disclosure of a major fraud. Or, it may come because interest rates start to go up," Faber said.
"In 2009 when stocks bottomed out, I can tell you that not many people saw why stocks would go up," Faber said. "Now it's the opposite. The sky is clear. Corporate profits have been expanding — they're good. Interest rates are low, but valuations are very high."
Despite his reputation, Faber did actually offer optimistic advice to eager investors.
"One market that has lagged behind just about everything is the Japanese stock market. It's just broken out on the upside recently. I think in the last few months of this year, we could get a big move in Japanese stocks on the upside," he said.
Faber also likes emerging markets such as Mexico, Turkey and Poland, and sees value in some “unloved” areas of the global market.
"I think precious metals are not terribly expensive. I think agricultural commodities are inexpensive," Faber said.
Meanwhile, others are much more optimistic about the future for years — and even decades — to come.
Meanwhile, uncertainty about how the United States will cope with growing tumult in the world has not dampened Warren Buffett's optimism for the country's prospects over the long term — even 100 years into the future.
"Whenever I hear people talk pessimistically about this country, I think they're out of their mind," Buffett, the chairman of Berkshire Hathaway Inc, said Tuesday night.
Buffett said he expects the Dow Jones Industrial Average to be "over 1 million" in 100 years, up from Tuesday's close of 22,370.80. He said that's not unreasonable, given how the index was roughly 81 a century ago, Reuters reported.
Buffett said long-term investing remains the way to go.
He noted that since Forbes created its first list of the 400 richest Americans in 1982 — Buffett was worth just $250 million then — some 1,500 different people have been included.
All with one thing in common.
"You don't see any short sellers," he said, referring to people who bet stock prices will fall.
"It has been 241 years since Thomas Jefferson wrote the Declaration of Independence," he said. "Being short America has been a loser's game. I predict to you it will continue to be a loser's game."
(Newsmax wires services contributed to this report).
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