The Federal Reserve's quantitative easing program has lifted asset prices substantially.
"I think stocks are, by and large, fully priced," Faber said. "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."
Faber has long been bearish on the market—a call that obviously has not played out well over the past five years. But even though stocks have started 2014 with some days of sharp losses, he said the correction he has been forecasting may not have begun just yet.
Contrarian Investor Dr.Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.
