SP 500 likely to fall 20% from recent top: Faber

Investment guru Marc Faber believes the United States is a much better investment bet than Europe. He says Asia has underperformed the US by and large, especially China and Japan. "One of the reasons is US will become self sufficient in five-seven years and natural gas will lead to a huge competitive advantage for the US," he explained.

In terms of S&P performance, he expects the index to fall 20% from the recent top to 1470. "The technical position of the market is poor and the corporate earnings are worsening . I believe that if the statistics are precise, which they aren't, because if you measure GDP and you have price deflator, it depends how you calculate the price deflator to term in the real GDP growth, I think there is hardly any growth."

Faber says some European markets had bottomed out about four months ago. "Greece, Italy, Spain, France and Portugal were at 2009 lows or lower.  I had actually recommended buying European stocks, which I hate to do, but the valuations were good. Since then Greece is up 65%."

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