U.S. third-quarter GDP data was "horrible" and investors will soon realize that it wasn't as good as they initially thought, Marc Faber, publisher of the Gloom, Doom and Boom Report, told CNBC.com.
CNBC.com
"I wouldn’t rely on the GDP figures and I think the market will actually realize that they were quite poor," Faber said.
The figures, which pleased investors by beating analysts' consensus expectations Thursday, didn't give positive signs for personal income and unemployment, Faber pointed out.
U.S. gross domestic product grew at 3.5 percent on an annualized basis, showing that the economy was, at least unofficially, out of its longest recession since the great depression. But Faber told CNBC.com that the figures were not always reliable. "I wouldn't rely on GDP figures, you can manipulate them," he said
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Dr Marc Faber author of the Gloom Boom and Doom is an international investor well known for his contrarian investment approach. He is also associated with a variety of funds including the Iconoclastic International Fund, The Overlook Partners’ Fund, The Income Partners Global Strategy Fund, The India Capital Fund, Matterhorn Ventures, Winstar India Investment Company Limited, The China Mantou Fund, Sofaer Capital Inc, Peach Office Products, Ivanhoe Mines Limited, Equity Partners Limited and Muse Global Partners LP
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