Another Wall Street analyst is making comparisons to the Titanic.
This time it’s editor and publisher of the Gloom, Boom & Doom Report, Marc Faber.
Faber warned that investors should stop bickering over which assets are the best, and start preparing their own escape plan. That is, if they don’t want the same fate as Jack Dawson.
Said Faber, also known as “Dr. Doom,” on CNBC’s “Squawk Box”
When I look at the whole financial sector … I feel like [I’m] on the Titanic. We’re fighting about deck chairs, [meaning] which assets are performing best and we’re fighting over the best tables in the ballroom, but I think it’s worthwhile to have your own safety boat and have your own ladder that will lead you to your safety boat because I think the problem is that the whole financial system one day will implode.
Faber added that in an attempt to avoid the iceberg, he believes the Fed will soon steer towards QE4, as all central banks begin buying assets again.
When asked by CNBC’s Becky Quick if he thought that meant investors should sell their stocks despite ever-climbing prices, Faber responded: “Well, I have advised my investors that you have to have a diversification.”