WEALTHION with Marc Faber (Dr. Doom): "We Are Destroying Ourselves"
"We Are Destroying Ourselves". Financial, Social & Geopolitical Unrest Ahead" - Premieres in 3 hours. March 14 at 3.00 PM (EDT)
By @Wealthion
Mar 14, 2023
Marc Faber, “Dr. Doom” (guest)
⚡️gloomboomdoom.com: Congenial contrarian
[Transcription] Dr Marc Faber was born in Zurich, Switzerland. He went to school in Geneva and Zurich and finished high school with the Matura. He studied Economics at the University of Zurich and, at the age of 24, obtained a PhD in Economics magna cum laude.
Between 1970 and 1978, Dr Faber worked for White Weld & Company Limited in New York, Zurich and Hong Kong. Since 1973, he has lived in Hong Kong. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK) Ltd.
In June 1990, he set up his own business, publishing a widely read monthly investment newsletter “THE GLOOM BOOM & DOOM” report which highlights unusual investment opportunities.
He is also the author of several books including “TOMORROW’S GOLD – Asia’s Age of Discovery” which was first published in 2002 and highlights future investment opportunities around the world. “TOMORROW’S GOLD” was for several weeks on Amazon’s best seller list and has been translated into Japanese, Korean, Thai and German.
“Dr. Doom”
[Transcription] Marc Faber is a contrarian.
To be a good contrarian, you need to know what you are contrary about. It helps to be a worldclass economist-historian, to have been a trader and Managing Director of Drexel Burnham Lambert when the firm was the junk bond king of Wall Street, to have lived in Hong Kong for a quarter of a century, and to have a contact book crammed with the home numbers of many of the movers and shakers in the financial world.
Famous for his contrarian approach to investing, Marc Faber does not run with the bulls or bait the bears but steers his own course through the maelstrom of international finance markets. In 1987 he warned his clients to cash out before Black Monday in Wall Street; he made them handsome profits by forecasting the burst in the Japanese Bubble in 1990; he correctly predicted the collapse in US gaming stocks in 1993; and he foresaw the AsiaPacific financial crisis of 1997/98 and the resulting global volatility.
Nury Vittachi writes in "Riding the Millennial Storm"(a book on Dr Faber published in 1998): Faber has style. A ski racer in his youth, he remains a flamboyant character. He plays to the press, who call him Dr Doom; his monthy newsletter, always an excellent read, is called 'The Gloom, Boom and Doom Report'. He wears a ponytail, in defiance of the expectation (in Asia, especially) that investment managers should look conventional. His book, The Great Money Illusion, written in a hurry after the 1987 crash, was dedicated "to many beautiful and kind women whose names are better kept confidential".
His office is eclectic. Nineteenth century oil paintings of Hong Kong and Macau, mingle with Korean paintings, an amazing collection of Mao memorabilia (including one white alabaster statue with a red scarf tied round its neck), an ancient horned gramophone with old Chinese records, soft «flufly» yellow toys and a china polar bear, bottles of XO brandy and cases of Grolsch beer.
He has a superb library of first editions of works on economics and stockmarket cycles in a variety of European languages, being a multilingual Swiss and a collection of a quarter of a million Mao badges. What he says is usually impeccably well argued, but it is the delivery which makes him so sought after as a speaker: he is a master of rhetoric, and of vivid everyday examples, and the very dry sense of humour and the heavy Swiss accent provide an irresistible mix. (He describes his own writing as 'SwissGerman pidgin English, but is actually one of the most articulate and grammatical people I know.)
It is amazing how much vitriol the mention of Faber's name can generate mainly from traders with a limited sense of historical perspective. He is well aware of this reaction. Back in 1987, he wrote: 'No one likes a party spoiler, and as long as the stockmarket orgy goes on the pessimists are shunned almost as badly as AIDS carriers.' The more intelligent professionals around town give him considerably more respect even when they don't understand the detail of his operations. Some assume that he says one thing and invests differently.
Other people assume he is a simplistic and publicity seeking contrarian.
A large number think of him as 'Dr Doom', the congenital pessimist. He plays up this image, or is at least amused by it and lets it run.
😉 The Dr. Doom Teammates:
I’m so old that Nouriel is my second Dr. Doom. I remember debating Henry Kaufman in 1981 when the 30 year Treasury was 15%; he was sure that interest rates were going even higher. [Transcription] —Dr. John Rutledge
Adam Taggart (host)
⚡️wealthion.com: Adam has always thought it’s criminal how our education system doesn’t teach us about money — how to earn, manage, save or invest it.
[Transcription] Fresh out of college from Brown University, he developed a boots-on-the-ground understanding of the financial markets working as an investment banker in New York City for Merrill Lynch. Allergic to Wall Street’s «shark-eat-shark culture», Adam headed west to get his MBA from Stanford, graduating at the height of the dot-com revolution.
He joined a Silicon Valley start-up and, after it was acquired, was hired as the Head of Marketing for Yahoo! Finance, then the largest money forum on the entire internet. That’s where Adam really honed his understanding of the needs, vulnerabilities and dreams that conscientious people like you have around their finances.
Wealthion
⚡️wealthion.com Be Financially Resilient
[Transcription] At Wealthion, we show you how to protect and build your wealth by learning from the world’s foremost experts in money, investing, economics, the stock market, real estate and personal finance.
We offer exceptional interviews and explainer videos that dive deep into the trends driving today's markets, the economy, and your own net worth. We give you strategies for financial security, practical answers to questions like “how to grow my investments?”, and solutions for wealth building tailored to 'regular' investors just like you.
It's a very challenging time right now. The new era of record-low interest rates and trillions in annual deficits & stimulus has changed the rules of investing.
How prepared is your portfolio for a bull or bear market, stock market crash, a real estate bubble, inflation, or worse?
How much exposure should you have to stocks, bonds, cash, real estate, gold, silver, bitcoin, and other cryptocurrency?
Schedule a free wealth consultation: wealthion.com