Mr. Doom Boom Gloom Marc Faber has said we’re due for a slight pullback, but for the most part he’s bullish. He thinks the S&P 500 is headed to 1000, and in particular he likes the banks.
Bloomberg: “You have essentially a government that gives financials free money at the expense of the taxpayer,” Faber said. “With this free money, they may actually have decent earnings in the near future.”
This is a point many have made already, so isn’t it all baked in? Not necessarily.
He thinks Citigroup (C) could go back to $5 or $10… before possibly getting wiped out.
Good luck playing that one.
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