Speaking to ET Now, Faber revealed how he earned the epithet. The story dates back to the 1970s.
Faber relentlessly wrote about the stock market crash in 1987. That’s when people started referring to him as Dr Doom, Faber said.
“I thought I combined the various names gloom, boom, and doom, because, obviously, there is also boom and we discovered many emerging markets in the 1980s and 1990s so that is how the name came about,” he said.
Faber started publishing his bearish outlook reports in the 1970s for personal use and also because Americans were not familiar with foreign exchange rates, the value of the dollar against gold, and the value of the dollar against European currency at this time.As the publisher of the widely followed “Gloom, Boom & Doom Report,” he provides contrarian insights into global financial markets, emphasising the importance of cautious investing and the potential for catastrophic economic events.Faber’s perspectives are both respected and controversial, making him a notable figure in the world of finance.Marc Faber’s investment philosophy is rooted in contrarianism, where he often advises investors to take positions that run counter to prevailing market sentiments.
He is a strong advocate for diversification, particularly in precious metals like gold, as a hedge against inflation and currency devaluation.
Commenting on the current global trends, Faber told ET Now that the debt level of Western societies, in other words, Western Europe and the US, the interest payments are rising. The governments in the Western world, in his view, have no alternative but to print money.