Faber foresees a 40 percent Stock Market Correction

I think stocks are, by and large, fully priced. I think the experience with quantitative easing is a complete failure. It has lifted asset prices and created asset inflation, but it hasn't lifted the standard of living of most people in the U.S. nor worldwide.

I think the market is way overdue for a 20 to 30 percent correction. But that is "nothing that worries me. I'm hoping for the market to drop 40 percent so stocks will again become—from a value point of view—attractive.

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