Buffett's Approach to Investing is Dead: Dr Doom

Warren Buffet's investment strategy of buying stocks to hold for a number of years is no longer viable due to the extreme levels of volatility, Marc Faber, editor & publisher of The Gloom, Boom & Doom Report, told CNBC.

"The Warren Buffett approach is dead and it's been dead for ten years and it's going to be dead for another ten years," Faber said Monday.

"We've moved into an environment of very high volatility where you will have up and down moves of like 20 percent all the time and that is a traders' market," Faber said.

Faber expects the S&P 500 index to rebound a further 10 percent to 1,000, but warns that any gains could be reversed just as quickly.

"We can have huge rebounds and then huge downturns again and I think the best for the average investor is to play it relatively in small amounts and not gear up and take big risks," he said.

(Watch the full interview with Marc Faber above.)