Part investor, part entertainer Marc Faber was on CNBC last night.
His advice. Be long oil.
If you are optimistic and think that economies keep growing you should be invested in oil.
If you are pessimistic and think the Middle East is about to explode, you should be invested in oil.
His most sensible point is that every year the world is burning more oil than it replaces. His estimate of the marginal cost of replacing reserves is currently $80.
He notes oil demand in the developed world has actually decreased, but the low per capita consumption emerging markets are becoming the determining factor for oil prices.
And following his fairly intelligent statements you get to watch him laugh with glee as he suggests the Middle East might turn into World War Three.
http://www.cnbc.com/id/15840232?video=1832818418&play=1
