Marc Faber is known for his dire market predictions, but after years of calling for a correction that has yet to happen, the so-called Dr. Doom found himself under fire from a "Futures Now" trader.
In a heated exchange Tuesday on CNBC, trader Scott Nations pressed the Gloom, Boom and Doom Report publisher over his dismal forecast for stocks.
"You've been saying the same thing essentially since 2012 and have been consistently wrong," said a frustrated Nations. He pointed out that on Tuesday, the Russell 2000 hit an intraday high and the Nasdaq composite reached an intraday and closing high. The Dow and S&P 500 came within points of their respective records.
"If someone piled into stocks in 2012, 2013, 2014 or 2015 they've done pretty well. Why were you so wrong then, and why should we think you're so right now?" Nations asked.
Faber defended his call saying, "I warned of a correction in 2012 and we had one." A correction is defined as a move of 10 percent or more from peak to trough, and in April 2012 through June 2012, the S&P 500 fell more than 11 percent.
"I tell you when all is over people will love me for having warned them to have all their money in stocks," added Faber. "I'm used to people like you who always attack me."
Still, Nations wasn't convinced and he pointed out that over the last five years as Faber has called for a market crash U.S. equities are up 75 percent. "I'm asking a simple question, 'what about your analysis was wrong [from the last five years] that leads you to believe you're more informed now?'"
The perma-bear responded by saying that the market is "far higher" and the eight-year bull market has gotten long in the tooth. "I also have to correct one point you're making. In 2007 and 2012, I was relatively positive about bonds and I argued that emerging markets would go up strongly," he said. "Some emerging markets have gone up vertically and bonds have actually performed quite well."
Indeed, the TLT long-dated Treasury ETF is up more than 40 percent in the last 10 years,
"You're accusing me of being wrong? I laugh at it," Faber concluded.