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.
"I think stocks are, by and large, fully priced," Faber said. "I think the experience with quantitative easing is a complete failure. It has lifted asset prices and created asset inflation, but it hasn't lifted the standard of living of most people in the U.S. nor worldwide."
Faber has long been bearish on the market—a call that obviously has not played out well over the past five years. But even though stocks have started 2014 with some days of sharp losses, he said the correction he has been forecasting may not have begun just yet.
(Read more: The VIX is surging on market fear, but not loathing)
"I'd like to reserve the opinion about this until we see the nature of the rebound," he said. "If the rebound fails around 1,820 [on the S&P 500] and then the market starts to drift again on the downside, and we see important shares for the market such as General Motors, GE, Coke ... failing to make new highs, then I think we can assume that something more serious is in the offing."