Marc Faber is well-known for his persistently bearish take on U.S. stocks—as his nickname, Dr. Doom, implies. But now he argues that large-cap American equities could actually be a great spot to keep one's money.
"I'm an investor, and I invest. Do I want to buy European sovereign bonds at a negative yield where I'm sure to lose some money—not a lot of money, but some money? Or do I want to be in some blue chip stocks? If I take a 10-year view, I think I will make more money in blue chip stocks," Faber said.
Faber makes it clear that American stocks aren't necessarily the best pick right now. He calls the U.S. market "expensive," in contrast to "reasonably priced" European stocks. "I think that I will make more money in emerging markets than the U.S. in the next 10 years," he said.
But when it comes to safety, large-cap U.S. names are the place to be, Faber advised.
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