Dr marc faber biography of rory

Swiss investor based in Thailand

Marc Faber (born February 28, ; nicknamed "Dr.

Subscribe Donate. Link Now. He graduated from the Zurich University with a degree in Economics and later, he went on to get a PhD in Economics graduating magna cum laude. Seventeen years later, while he was serving there as the director of administration, the company went bankrupt and was closed down.

Doom")^[2][3][4] is a Swiss investor based in Thailand. He is the publisher of the Gloom Boom & Doom Report newsletter, and the director of Marc Faber Ltd, which acts as an investment advisor and fund manager.^[1][5][6] Faber also serves as director, advisor, and shareholder of a number of investment funds that emphasis on emerging and frontier markets, including Asia Frontier Capital Ltd.'s AFC Asia Frontier Fund.^[7] Faber is credited for advising his clients to get out of the stock market before the October crash, and with in writing extensively about an impending crash of home prices, prior to the – financial crisis.

In he was criticized for racist remarks.

Career

Faber was born in Zurich, Switzerland, and schooled in Zurich and Geneva, where he raced for the Swiss National Ski Team (B-Team).^[1][8] He studied economics at the University of Zurich and, at the age of 24, earned a Ph.D.

degree in Economics, graduating magna cum laude.^[9]

During the s, Faber worked for White Weld & Co. in New York City, Zurich, and Hong Kong. He moved to Hong Kong in He was also a managing director at Drexel Burnham Lambert Hong Kong^[10] from the beginning of until the firm's collapse in In , he set up his own business, Marc Faber Limited.

Gloom, Boom & Doom Report - Investment Strategy & Research: Marc Faber (born February 28, ; nicknamed "Dr. Doom") [2] [3] [4] is a Swiss investor based in Thailand. He is the publisher of the Gloom Boom & Doom Report newsletter, and the director of Marc Faber Ltd, which acts as an investment advisor and fund manager.

Faber now resides in Chiang Mai, Thailand, though he keeps a small office in Hong Kong.^[11]

Investment views

In s

Faber is credited for advising his clients to get out of the stock market before the October crash.^[12]

In s

In , Faber told investors to buy gold; it then more than doubled.^[13] He correctly predicted a decline in the US dollar since ^[14]

In , Faber wrote extensively about an impending crash of home prices.^[15]

In May Faber said he would advise Swiss pension funds to move assets out of the US, because the Fed had “created bubbles all over the place that could lead to one volcanic eruption after the other”.^[16]

Faber in correctly predicted the rise of oil, precious metals, other commodities, emerging markets, and especially China in his guide Tomorrow's Gold: Asia's Age of Discovery.^[14] He stated that there are few value investments obtainable, except for farmland and genuine estate in some emerging markets like Russia, Paraguay, and Uruguay.^[17]

He also expressed temporary bullishness for the U.S.

dollar in mid, before it dramatically recovered and positive expectations for holding the Japanese yen.^[18][19] In December , Faber said, "I think a recovery will not come in the next couple of years, maybe in five, 10 years' time".^[20] His prediction was incorrect.

Subsequently, the S&P index rose by 48% from on January 1, to on January 1, ^[21]

In , Faber predicted with % confidence that the Federal Reserve's policy of keeping interest rates near zero would manage to hyperinflation approaching levels seen in Zimbabwe.

Zimbabwe's inflation rate reached 89 sextillion percent in a previous report.^[22][23] His prediction was incorrect. Subsequently, annual increases in the CPI were % in , % in , % in , % in , % in , % in and % in ^[24]

In s

In , Faber claimed that there was a "% chance" of a global economic recession later that year or in early ^[25][26] His prediction was incorrect.

Subsequently, the average nature product grew steadily by % in each of , and , and % in

In , Faber predicted that the S&P index would fall at least 20% within 6–9 months following the re-election of Barack Obama.^[27] His prediction was incorrect.

Subsequently, the S&P index rose from a low of on November 16, to as of January 1, , on April 1, (up 15% from the November low, 6 months after Faber's prediction), on July 1, (up 22% from the November low) and on November 1, (up 31%).^[28]

On March 27, , Faber said that the U.S.

was creating nowhere-to-hide bubbles in many emerging economies such as Indonesia, Philippines, and Thailand (up four times from lows).^[29]

On January 14, , Faber predicted that gold prices would rise by 30% in ^[30] His prediction was incorrect.

BIO: Dr. Marc Faber, renowned for his unconventional expertise in investment strategies, is a fund manager and creator. However, at the turn ofGreenspan injected liquidity into the system because everyone was talking about the millennium. Marc was heavily short throughout this vertical rise.

Gold prices subsequently fell by 14% from $ on January 14, to $ on December 31, ^[31]

On July 23, , Faber stated that investors must hold cash for better buying opportunities after correction.^[32]

Writings

Faber writes the monthly paper investment newsletter The Gloom Boom & Doom Report, as well as the online subscription letter "Monthly Market Commentary".

He has also authored several books, such as The Superb Money Illusion; The Confusion Of The Confusions (), Riding the Millennial Storm: Marc Faber's Path to Profit in the Financial Markets () and Tomorrow's Gold: Asia's Age of Discovery ().

Faber has been a contributor to Forbes^[33][34] and International Wealth (a sister publication of the Financial Times).^[35] He has contributed regularly to several websites such as Financial Intelligence, Asian Bond Portal, Die Welt, Finanzen, Boerse, AME Info, Swiss Radio, Apple Hong Kong and Taiwan, Quamnet, Winners, Wealth and Oriental Daily.

He has also written occasionally for the International Herald Tribune, Wall Street Journal, and Borsa e Finanza.^[35]

Faber has been long-term bearish about the American economy for a number of years, and continues to be so.

He concluded his June newsletter with the following mock quote:

The federal government is sending each of us a $ rebate. If we use that money at Wal-Mart, the money goes to China. If we spend it on gasoline it goes to the Arabs.

If we buy a pc it will go to India. If we purchase fruit and vegetables it will go to Mexico, Honduras and Guatemala. If we purchase a good wagon it will go to Germany. If we purchase useless crap it will go to Taiwan and none of it will help the American economy.

The only way to keep that money here at home is to spend it on prostitutes and beer, since these are the only products still produced in US. I've been doing my part.

Controversies

Faber drew criticism on October 17, , for racist^[36] remarks made in his investment newsletter.

In the October edition of Faber's Gloom, Doom and Boom Report, he criticized "liberal hypocrites" and ongoing efforts to tear down "monuments of historic personalities." He opined that the U.S. grew successful because ivory people held power.

"Thank God white people populated America, and not the blacks," Faber wrote, according to an excerpt of the newsletter quoted by Business Insider. "Otherwise, the U.S. would look like Zimbabwe, which it might look like one time anyway, but at least America enjoyed years in the economic and political sun under a white majority.

I am not a racist, but the actual world – no matter how politically incorrect – needs to be spelled out as well."^[37] He further defended statues of prominent personalities from Confederate States of America, calling them "honorable people whose only crime was to defend what all societies had done for more than 5, years: keep a part of the population enslaved."^[38] Faber defended his comments in a subsequent statement to Business Insider, adding that he is "naturally standing by this comment since this is an indisputable fact".

Faber also said: "If stating some historical facts makes me a racist, then I suppose that I am a racist. For years, Japanese were condemned because they denied the Nanking massacre".^[39]

Faber was subsequently asked to resign from the boards of several firms, including Ivanhoe Mines, Sprott Inc.

and NovaGold Resources. Faber told Reuters he was dismissed from U.S-based Sunshine Silver Mining Corp, the Vietnam Growth Fund managed by Dragon Capital, and Indochina Capital Corporation. CNBC, Fox Business, and Bloomberg TV said that they did not design to schedule future appearances from Faber.

Faber continued to stay by his remarks.^[40][41]

Books

• Tomorrow's Gold: Asia's Age of Discovery ()
• Riding the Millennial Storm: Marc Faber's Route to Profit in the Financial Markets, with Mani Kiran ()
• The Great Money Illusion; The Confusion Of The Confusions ()

References

External links