Marc Faber (born February 28, 1946) is a Swiss investor. Faber is publisher of the Gloom Boom & Doom Report newsletter and is the director of Marc Faber Ltd which acts as an investment advisor and fund manager.[1][2][3] Faber also serves as director or advisor of a number of investment funds that focus on emerging and frontier markets, including Leopard Capital’s Leopard Cambodia Fund and Leopard Sri Lanka Fund.[4]
Faber has a reputation for being a contrarian investor and has been called "Doctor Doom" for a number of years. He was the subject of a book written by Nury Vittachi in 1998 entitled Doctor Doom - Riding the Millennial Storm - Marc Faber's Path to Profit in the Financial Crisis.[5][6] Faber has become a frequent speaker in various forums and makes numerous appearances on television around the world including various CNBC and Bloomberg outlets, as well as on internet venues like Jim Puplava's internet radio show.[7] Faber has also engaged the Barron's Roundtable[8] and the Manhattan Mises Circle
Faber was born in Zürich and schooled in Geneva, Switzerland, where he raced for the Swiss National Ski Team.[1] He studied Economics at the University of Zurich and, at the age of 24, obtained a Ph.D. degree in Economics magna cum laude.[10]
During the 1970s Faber worked for White Weld & Company Limited in New York City, Zürich, and Hong Kong. He moved to Hong Kong in 1973. He was a managing director at Drexel Burnham Lambert Ltd Hong Kong[11] from the beginning of 1978 until the firm's collapse in 1990. In 1990, he set up his own business, Marc Faber Limited. Faber now resides in Chiangmai, Thailand, though he keeps a small office in Hong Kong.[12]
Faber's company, Marc Faber Limited, acts as an investment advisor concentrating on value investments with tremendous upside often based on contrarian investment philosophies. Faber also invests and acts as a fund manager to private wealthy clients. Faber is a regular speaker on the investment circuit, often quoted in the financial press for his non-conformist viewpoint and alternative investment philosophies.
Investment views
Faber is credited for advising his clients to get out of the stock market before the October 1987 crash.[13]
Faber predicted the rise of oil, precious metals, other commodities, emerging markets, and especially China in his book Tomorrow's Gold: Asia's Age of Discovery. He also correctly predicted the slide of the U.S. dollar since 2002[14] He stated that there are few value investments available, except for farmland and real estate in some emerging markets like Russia, Paraguay, and Uruguay.[8] He believed in early 2007 that a major market correction was "imminent." (Fox News, 2-2007); however, by 5/2007 he was saying that U.S. equities were moderately overvalued — less so than those of emerging markets.
In a June 2008 interview with Bloomberg, he goes over his bearish views on a wide spectrum of investments: stocks, real estate and commodities. He is extremely critical of the Fed's inflationary actions. However, his views for the short-run were almost entirely deflationary except for holding precious metals; Faber still views hyperinflation as a certainty within the next 10 years. He also correctly expressed temporary bullishness for the U.S. dollar in the middle of 2008 before it dramatically recovered and positive expectations for holding the Japanese yen.[15] In December 2008, Faber said, "I think a recovery will not come in the next couple of years, maybe in five, ten years' time" [16] On March 9, 2009, Faber correctly predicted a U.S. stock market bottom. Correctly predicted markets in 2011 and 2012 as well including QE to infinity. |title=Inside Look - Gloom, Boom & Doom (Part 1) }}
Writings
Faber writes the monthly investment newsletter The Gloom Boom & Doom Report. He has also authored several books.
Dr. Faber has been a regular contributor to several leading publications around the world in the past, among them Forbes[17][18] and International Wealth which is a sister publication of the Financial Times.[19] 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.[19]
Faber has been long term bearish about the American economy for a number of years and continues to be so. He concluded his June 2008 newsletter with the following mock quote:
"The federal government is sending each of us a $600 rebate. If we spend 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 computer it will go to India. If we purchase fruit and vegetables it will go to Mexico, Honduras and Guatemala. If we purchase a good car 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
Monday, November 20, 2006
Marc Faber Blog
Marc Faber (born February 28, 1946) is a Swiss investor. Faber is publisher of the Gloom Boom & Doom Report newsletter and is the director of Marc Faber Ltd which acts as an investment advisor and fund manager.[1][2][3] Faber also serves as director or advisor of a number of investment funds that focus on emerging and frontier markets, including Leopard Capital’s Leopard Cambodia Fund and Leopard Sri Lanka Fund.[4]
Faber has a reputation for being a contrarian investor and has been called "Doctor Doom" for a number of years. He was the subject of a book written by Nury Vittachi in 1998 entitled Doctor Doom - Riding the Millennial Storm - Marc Faber's Path to Profit in the Financial Crisis.[5][6] Faber has become a frequent speaker in various forums and makes numerous appearances on television around the world including various CNBC and Bloomberg outlets, as well as on internet venues like Jim Puplava's internet radio show.[7] Faber has also engaged the Barron's Roundtable[8] and the Manhattan Mises Circle
Faber was born in Zürich and schooled in Geneva, Switzerland, where he raced for the Swiss National Ski Team.[1] He studied Economics at the University of Zurich and, at the age of 24, obtained a Ph.D. degree in Economics magna cum laude.[10]
During the 1970s Faber worked for White Weld & Company Limited in New York City, Zürich, and Hong Kong. He moved to Hong Kong in 1973. He was a managing director at Drexel Burnham Lambert Ltd Hong Kong[11] from the beginning of 1978 until the firm's collapse in 1990. In 1990, he set up his own business, Marc Faber Limited. Faber now resides in Chiangmai, Thailand, though he keeps a small office in Hong Kong.[12]
Faber's company, Marc Faber Limited, acts as an investment advisor concentrating on value investments with tremendous upside often based on contrarian investment philosophies. Faber also invests and acts as a fund manager to private wealthy clients. Faber is a regular speaker on the investment circuit, often quoted in the financial press for his non-conformist viewpoint and alternative investment philosophies.
Investment views
Faber is credited for advising his clients to get out of the stock market before the October 1987 crash.[13]
Faber predicted the rise of oil, precious metals, other commodities, emerging markets, and especially China in his book Tomorrow's Gold: Asia's Age of Discovery. He also correctly predicted the slide of the U.S. dollar since 2002[14] He stated that there are few value investments available, except for farmland and real estate in some emerging markets like Russia, Paraguay, and Uruguay.[8] He believed in early 2007 that a major market correction was "imminent." (Fox News, 2-2007); however, by 5/2007 he was saying that U.S. equities were moderately overvalued — less so than those of emerging markets.
In a June 2008 interview with Bloomberg, he goes over his bearish views on a wide spectrum of investments: stocks, real estate and commodities. He is extremely critical of the Fed's inflationary actions. However, his views for the short-run were almost entirely deflationary except for holding precious metals; Faber still views hyperinflation as a certainty within the next 10 years. He also correctly expressed temporary bullishness for the U.S. dollar in the middle of 2008 before it dramatically recovered and positive expectations for holding the Japanese yen.[15] In December 2008, Faber said, "I think a recovery will not come in the next couple of years, maybe in five, ten years' time" [16] On March 9, 2009, Faber correctly predicted a U.S. stock market bottom. Correctly predicted markets in 2011 and 2012 as well including QE to infinity. |title=Inside Look - Gloom, Boom & Doom (Part 1) }}
Writings
Faber writes the monthly investment newsletter The Gloom Boom & Doom Report. He has also authored several books.
Dr. Faber has been a regular contributor to several leading publications around the world in the past, among them Forbes[17][18] and International Wealth which is a sister publication of the Financial Times.[19] 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.[19]
Faber has been long term bearish about the American economy for a number of years and continues to be so. He concluded his June 2008 newsletter with the following mock quote:
"The federal government is sending each of us a $600 rebate. If we spend 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 computer it will go to India. If we purchase fruit and vegetables it will go to Mexico, Honduras and Guatemala. If we purchase a good car 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
Jim Rogers Blog
Jim Rogers James Beeland Rogers, Jr. (born October 19, 1942) is an American businessman, investor and author. He is currently based in Singapore. Rogers is the Chairman of Rogers Holdings and Beeland Interests, Inc. He was the co-founder of the Quantum Fund with George Soros and creator of the Rogers International Commodities Index (RICI).
Rogers does not consider himself a member of any school of economic thought, but has acknowledged that his views best fit the label of Austrian School of economics
Early life and education
Rogers was born in Baltimore, Maryland and raised in Demopolis, Alabama.[1][4] He started in business at the age of five by selling peanuts and by picking up empty bottles that fans left behind at baseball games. He got his first job on Wall Street, at Dominick & Dominick, after graduating with a bachelor's degree in History from Yale University in 1964. Rogers then acquired a second BA degree in Philosophy, Politics and Economics from Balliol College, Oxford University in 1966.
Business career
1970-2002
In 1970, Rogers joined investment bank Arnhold and S. Bleichroder, where he worked with George Soros. In 1973, Soros and Rogers co-founded the Quantum Fund. During the following 10 years, the portfolio gained 4200% while the S&P advanced about 47%.[5] The Quantum Fund was one of the first truly international funds.
In 1980, Rogers decided to "retire", and spent some of his time traveling on a motorcycle around the world. Since then, he has been a guest professor of finance at the Columbia Business School.[6]
In 1989 and 1990, Rogers was the moderator of WCBS' The Dreyfus Roundtable and FNN's The Profit Motive with Jim Rogers. From 1990 to 1992, he traveled through China again, as well as around the world, on motorcycle, over 100,000 miles (160,000 km) across six continents, which was picked up in the Guinness Book of World Records. He tells of his adventures and worldwide investments in Investment Biker, a bestselling investment book.
In 1998, Rogers founded the Rogers International Commodity Index. In 2007, the index and its three sub-indices were linked to exchange-traded notes under the banner ELEMENTS. The notes track the total return of the indices as an accessible way to invest in the index. Rogers is an outspoken advocate of agriculture investments.
Between January 1, 1999 and January 5, 2002, Rogers did another Guinness World Record journey through 116 countries, covering 245,000 kilometers with his wife, Paige Parker, in a custom-made Mercedes. The trip began in Iceland, which was about to celebrate the 1000th anniversary of Leif Eriksson's first trip to America. On January 5, 2002, they were back in New York City and their home on Riverside Drive. His route around the world can be viewed on his website, jimrogers.com. He wrote Adventure Capitalist following this around-the-world adventure. It is currently his bestselling book.
2002 to present
On his return in 2002, Rogers became a regular guest on Fox News' Cavuto on Business and other financial TV shows.[7] In 2002, Rogers said that Fed Chairman Alan Greenspan's "reaction to the stock-market bubble has caused two more bubbles to grow: a real-estate bubble and a consumer-debt bubble."[8] In 2006, Rogers said he was shorting US financials, home builders and Fannie Mae.[9][10]
In 2005, Rogers wrote Hot Commodities: How Anyone Can Invest Profitably in the World's Best Market. In this book, Rogers quotes a Financial Analysts Journal academic paper co-authored by Yale School of Management professor, Geert Rouwenhorst, entitled Facts and Fantasies about Commodity Futures. Rogers contends this paper shows that commodities investment is one of the best investments over time, which is a concept somewhat at odds with conventional investment thinking.
In December 2007, Rogers sold his mansion in New York City for about 16 million USD and moved to Singapore. Rogers claimed that he moved because now is a ground-breaking time for investment potential in Asian markets. Rogers's first daughter is now being tutored in Mandarin to prepare her for the future. He is quoted as saying: "If you were smart in 1807 you moved to London, if you were smart in 1907 you moved to New York City, and if you are smart in 2007 you move to Asia." In a CNBC interview with Maria Bartiromo broadcast on May 5, 2008, Rogers said that people in China are extremely motivated and driven, and he wants to be in that type of environment, so his daughters are motivated and driven. He also stated that this is how America and Europe used to be. He chose not to move to Chinese cities like Hong Kong or Shanghai due to the high levels of pollution causing potential health problems for his family; hence, he chose Singapore. He has also advocated investing in certain smaller Asian frontier markets such as Sri Lanka and Cambodia, and currently serves as an Advisor to Leopard Capital’s Leopard Sri Lanka Fund.[11] However, he is not fully bullish on all Asian nations, as he remains skeptical of India's future - "India as we know it will not survive another 30 or 40 years".[12] In 2008 Rogers endorsed Ron Paul for President of the United States.[13]
Rogers has two daughters with Paige Parker. Hilton Augusta (nicknamed Happy) was born in 2003, and their second daughter Beeland Anderson in 2008. His latest book, A Gift To My Children, contains lessons in life for his daughters as well as investment advice and was published in 2009.
On November 4, 2010, speaking at Oxford University’s Balliol College, Rogers urged students to scrap career plans for Wall Street or the City, London’s financial district, and to study agriculture and mining instead. “The power is shifting again from the financial centers to the producers of real goods. The place to be is in commodities, raw materials, natural resources."[14]
In February 2011 Rogers announced that he has started a new index fund which focuses on "the top companies in agriculture, mining, metals and energy sectors as well as those in the alternative energy space including solar, wind and hydro."[15] The index is called The Rogers Global Resources Equity Index and according to Rogers, only the best and most liquid companies go into the index.
In May 2012 he remarked during an interview with Forbes Magazine that "there’s going to be a huge shift in American society, American culture, in the places where one is going to get rich. The stock brokers are going to be driving taxis. The smart ones will learn to drive tractors so they can work for the smart farmers. The farmers are going to be driving Lamborghinis. I’m telling you. You should start Forbes Farming."[16]
In September 2012 Rogers was appointed by VTB Capital as an advisor to the agricultural division of its global private equity unit. Rogers noted: “Russia and the CIS region have all the ingredients needed to become the world’s agriculture powerhouse. It seems that everything may now be coming together under VTB Capital to make this happen, so I am keen to participate.” [17]
Bibliography
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