Despite infamously reversing his bearish stance on stocks late last year only to be proven wrong, influential investor Dennis Gartman told CNBC that he believed that a bear market has "begun in earnest globally" this time.
Turmoil in Chinese stocks, a spike in gold and continued declines in oil markets are just some of the reasons to believe that a bear market has begun, according to Dennis Gartman, the editor and publisher of "The Gartman Letter"
"You have to be less long of the capital markets," Gartman told CNBC Europe's "Squawk Box" Thursday. Investors could be forgiven for treating Gartman's latest call with caution.
In October, he reversed his bearish stance and said he was then bullish on stocks, only to be proven incorrect as market weakness continued amid uncertainty over the timing of a Federal Reserve hike in interest rates, which eventually occurred in December to little fanfare in stock markets.