BSW’s Chief Investment Officer, David Wolf, recently met with famed investor Marc Faber over dinner in Denver. Faber’s “Gloom Boom & Doom” report is a favorite read of BSW’s investment group, with its frank and unflinching assessments of global investment markets. Faber, a Swiss national who has lived in Hong Kong since 1973, is also a strong believer in the rise of developing Asia’s middle class as an unprecedented opportunity for astute investors. His 2002 book, “Tomorrow’s Gold: Asia’s Age of Discovery” offers an exceptional analysis of the economic and demographic shifts which are driving Asian prosperity.
During dinner, Marc gave a blistering critique of US monetary policy, which he believes will exacerbate volatility in global financial markets and have the potential to cause a crisis of confidence in the US Dollar. He also believes another oil crisis may be imminent, as the last US oil crisis during the 1970s occurred when 70% of oil consumed in the US was produced domestically. The US now imports 70% of the oil it consumes, while demand continues to soar in the emerging world. More of Marc’s commentary and views are accessible on a tracking blog (here), which is also listed among BSW’s favorite blogs and websites (see the Blogroll to at the right margin of this page).
-David Wolf, Chief Investment Officer