He was on Bloomberg discussing the most recent moves by the EU which created the big rally on Friday. His comments include and are refreshingly bullish on stocks in some areas:
- Markets are rallying because they were grossly oversold.
- Any news that was not pure disaster had the potential to move markets higher.
- This is just another cosmetic fix that does not solve the fundamental problem of too much debt in the euro zone.
- Not sure keeping the euro zone together is the best thing. He thinks Germans should abandon the euro zone.
- Losses exist and at some point have to be taken. Greece should have been kicked out of the euro zone three years ago and the solution would have been much cheaper.
- European markets are at the lows of March 2009 or lower; Faber sees value in decent companies in Europe regardless of what happens to the euro zone.
- Particularly has been buying in Spain, France, Italy and Portugal.
- Is not keen on banks because he expects dilution.