Buy something that is depressed

Faber has been calling for gold to outperform stocks, but acknowledges that the yellow metal has been in a correction. "I'd rather buy something that is relatively depressed than something that is relatively high," he said. But while Faber expects a correction for equities, he still owns some stocks. "The equities I own, I bought in 2008 and 2009 in Asia," he said. "The Philippines, Indonesia, Thailand, where I have most of my holdings, are up four or five times since then." Faber added, "I'm not short stocks. But I'm very worried about it."

Contrarian Investor Dr.Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.