Marc Faber : U.S. equities market had a fantastic run in recent years

Marc Faber in a recent interview with Radio Host MacAlavany said :We didn’t have a decent run, we had a fantastic run. The S&P has doubled, and in emerging markets we have price increases that are far better than a doubling of the indices. In general, emerging economy stock markets since 2003 have way outperformed the S&P. So we had unbelievable moves in markets. In the U.S. we only had on two previous occasions a move such as we had in the last 27 months from 666 on the S&P to over 1300, and that was in 1934, coming off a major low when the market had declined by 90% between 1929 and 1932, and then another move into between 1934 and 1937,and that was then followed by renewed extreme weakness in the markets.So stocks have done fantastically well, and I was fortunate to be relatively positive about equities between October 2008 and March 2009.But if someone had asked me, “Do you think the S&P will double?” I would not have expected a doubling.
I would have thought the market would rebound, maybe by 40-50%, but not a doubling.The markets in the world, between March 2009 and today, have done actually much better than anybody had expected. Starting in November 2010, the American market started to weaken, and I think that we have just begun a more significant correction in theU.S., whereby I expect the fact that international investors over-weighted the American economic stock market until recently, and under-weighted the U.S., and now money is flowing back into the U.S. I think emerging stock markets will go down further, but I would probably just stay out of the U.S...."