David Tice, president of Tice Capital and the former manager of the Prudent Bear Fund, is extremely bearish. And he’s the first to admit that it’s been tough being a bear.
“I own a VIX position that I have had my head handed to with that,” he told Melissa Lee tonight on CNBC’s Fast Money. “It has been hard to be a bear.”
However, Tice isn’t about to turn bullish anytime soon. If anything, he’s becoming increasingly bearish.
“People though I was crazy when I was bearish back in ’97, ’98’, ’99. I saw that a bubble was developing and we ended up crashing ’00 to ’02.”
“I tend to be very, very early,” he said. “This really seems like it seemed in early ’08. Remember, in September ’08 after Lehman went down, it wasn’t until October and November until the market started crashing.
“In other words, I believe Spain, Europe, China…the market will pick up on this.”
Tice expects the volatility to spike, sending the VIX to “70 or 80.” For now, he likes gold.
Watch the video here: