Marc Faber is not backing down.
The famed investor known as "Dr. Doom" has been calling for a 20 percent correction in stocks for years, only to see the market continue to march higher and higher. But rather than throw in the towel or even admit that his earlier calls missed the mark, Faber says stocks could fall all the way down to his early bearish targets.
On Thursday's edition of CNBC's "Futures Now," host Jackie DeAngelis played Faber a clip of comments he made more than two years ago, on Oct. 4, 2012, when he said that he has moved largely to cash because "I think within the next six to nine months, we can buy just about everything 20 percent lower."
Of course, the has instead risen more than 40 percent to 2,040, leaving Faber's unofficial S&P target of 1,160 (a 20 percent discount from the opening price on Oct. 4, 2012) deeply in the dust. So she asked if he still sees the market falling to that level.
"Everything is possible," he replied. "I also expressed that it was conceivable that we were in a year like 1987, and that the market would go straight up and then have a meaningful decline. And I still believe that there are considerable risks."
He also points out that some stocks have not done as well as others.
"A lot of stocks are down significantly from their recent highs. Many fund managers have underperformed the indices because so many stocks have been going down," Faber said. "We have to look at everything in the context. And I also have to point out that I've always advocated, in absence of knowing the future, to have roughly 25 percent in stocks, 25 percent in bonds."
But the bottom line is that, as he confirmed in the interview, he has become even more bearish as stocks have risen.
"Two years ago, I was of the view that it would be healthy for the market to have a 20 percent correction, and that's what I've expected. And many stocks have actually had 20 percent corrections over the last two years. But a limited number of stocks have driven up the indices. And of course, let me remind you ... in three years, we've almost doubled. If you really believe that every three years the market will double, then go and buy shares. I don't believe that," Faber said.
The actions of the Federal Reserve have been helping stocks, Faber said, but "market forces will one day crush the Federal Reserve," he predicted. "One day, the market forces will reverse."