Marc Faber - The Value of True Diversification

My Worst Investment Ever Podcast

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BIO: Dr. Marc Faber, renowned for his unconventional expertise in investment strategies, is a fund manager and author. He serves as the editor of the “Gloom Boom & Doom Report” and the “Monthly Market Commentary,” earning international recognition as the pessimistic stock market expert “Dr. Doom.”

STORY: In the late 1990s, Marc became convinced that the Dotcom bubble would burst. However, at the turn of 2000, Greenspan injected liquidity into the system because everyone was talking about the millennium. This caused the NASDAQ to go another 30% between January 1 and March 21. Marc was heavily short throughout this vertical rise.

LEARNING: Diversify in stocks, bonds, cash, precious metals, and real estate. Don’t be overly bearish.

“When you lend money to friends, you risk losing everything. You may lose your money and your friends.”

Marc Faber

Guest profile

Dr. Marc Faber, renowned for his unconventional expertise in investment strategies, is a fund manager and author. He serves as the editor of the “Gloom Boom & Doom Report” and the “Monthly Market Commentary,” earning international recognition as the pessimistic stock market expert “Dr. Doom.”

Born in Switzerland in 1946, Faber pursued economics at the University of Zurich and achieved a magna cum laude doctorate in economics at just 24 years old.

His career took him to White Weld & Company Limited in New York, Zurich, and Hong Kong between 1970 and 1978. From 1978 to 1990, Faber was instrumental in establishing the Asia business for Drexel Burnham Lambert (HK) Ltd.

In 1990, he ventured into his own business. Faber’s monthly publications offer investors insights into potential market trends. While he maintains an office in Hong Kong, he has lived in Chiang Mai, Thailand, since 2001.

Worst investment ever

In the late 1990s, Marc became convinced that the Dotcom bubble would burst. So he went overly bearish. However, in 1999, the NASDAQ doubled within just a few months. Then, at the turn of 2000, Greenspan injected liquidity into the system because everyone was talking about the millennium. This caused the NASDAQ to go up another 30% between January 1 and March 21. Marc was heavily short throughout this vertical rise.

Marc had assumed that more companies would go out of business than survivors. He overlooked that you could be short ten stocks and nine go down 100 percent. The nine will go bankrupt, but the one that survives can go up 100 times. So, being on the short side made it difficult for Marc to make money.

Lessons learned

Diversify in stocks, bonds, cash, precious metals, and real estate.

Andrew’s takeaways

Don’t be overly bearish.

Actionable advice

Practice true diversification by owning investment assets in different regions, say in America or Europe, but also some properties may be in China, Hong Kong, Singapore, Thailand, Indonesia, or Latin America, and some assets held with a custodian in these countries.

Marc’s recommendations

Marc recommends reading The Economics of Inflation and Capitalism and Freedom.

No.1 goal for the next 12 months

Marc’s number one goal for the next 12 months is to understand the details of the decline of the Roman Empire.

Parting words

“Understand what inflation is and that it can shift from one sector to another sector.”

Marc Faber

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