Marc Faber famously predicts that U.S. stocks will lose 30 percent of their value—a prognostication, needless to say, that has not proven particularly prescient over the years. Still, the author of the Gloom, Boom & Doom report continues to see bubbles everywhere he looks, especially in U.S. equities.

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Given his near-apocalyptic outlook, it's unsurprising that Faber's greatest focus is on avoiding losses. But what's incredible is the degree of portfolio destruction he's willing to tolerate.

"I hope that when the collapse happens, I'm only going to lose 50 percent of my money," Faber said Thursday on CNBC's "Futures Now."

As to the specific makeup of his portfolio, it's all about diversification.

"I want to own some gold, I want to own some shares," he said. "And I own some bonds and cash and real estate."

Needless to say, Faber is not heavily invested in American stocks.

"I own [equities] mostly in Asia and some in Europe, because I think in Europe, they're still a better value than in the US," he said.

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Interestingly, while he's known for doom and gloom, the key foundation in Faber's portfolio construction is humility. Since he acknowledges that he can't predict the future with accuracy, he relies on diversification to limit his losses.

"I have always argued that we don't know how the world will look in five years' time," he said. "Maybe the is at 3,000, but it could also be at 1,500—we just don't know. There's a lot of manipulation between fiscal and monetary policies. So I want to be diversified."

—By CNBC's Alex Rosenberg.

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