Marc Faber predicts that stocks will drop by 20 percent to 30 percent in the near future. But he personally hopes that they will fall even further.
"I think the market is way overdue for a 20 to 30 percent correction," said Faber, the editor and publisher of the Gloom, Boom & Doom Report. But that is "nothing that worries me," he said. "In fact, I'm hoping for the market to drop 40 percent so stocks will again become—from a value point of view—attractive."
Faber added with a chuckle: "But that is not the view of someone who is fully invested—obviously not."
(Read more: Why long-term investors should buy this selloff)
The problem, he said on Tuesday's edition of "Futures Now," is that the Federal Reserve's quantitative easing program has lifted asset prices substantially.