A recap of Faber's comments:
- 2013 will be full of negative surprises for investors.
- The only equity markets he likes are Japan, China and Vietnam because they have performed so badly in recent years.
- Downside to the U.S. market in Faber's mind is 20% and the selling could be triggered by poor earnings and tax increases, as well as political turmoil globally.
- He thinks bonds could rally somewhat, but thinks we have seen the lows in interest rates.
- The credit rating in the U.S. will deteriorate, and he would not touch U.S. Treasuries.