Dr Marc Faber, a Swiss investor and the author of the Gloom, Boom & Doom Report, said the cause of the crash would be overvaluing of companies within the internet and biotechnology sectors – thought to include the $400billion valuation of Google, and the $100billion valuation of Facebook.
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The man who predicted the 1987 stock market crash and the recent global economic recession believes the worst crash in decades will take place later in the next 12 months.
He also said the market was also beginning to wake up to the idea that the U.S. Federal Reserve is a ‘clueless organisation’ – something he says is starting to affect confidence levels in investors.
Speaking to CNBC last night, Dr Faber said: ‘I think it’s very likely that we’re seeing, in the next 12 months, an ’87-type of crash’… and I suspect It will be even worse.’
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