Marc Faber May 2013 Market Commentary

Marc Faber has just published the latest monthly market commentary on Gloom Boom Doom website. The May 2013 report is entitled "I find it difficult to write and not to be misunderstood".

Here's the summary:

First, I am discussing capital flows and the general belief among some economists that trade and current account deficits do not matter because the money flows back in the form of investments in equities, bonds, real estate, direct investments, and corporate takeovers.
According to Barron’s Big Money Survey, “74% of large portfolio managers are bullish about stocks, which is the Highest Level Ever.” Time to be a contrarian?
I am reluctantly maintaining an approximately 25% weighting in equities (mostly in Asia and in Europe) and I have not yet shorted any stocks because I have learnt that a bubble can get bigger still and exceed my expectations - before it implodes violently.
I want to make clear that I own equities not because of the belief that they are inexpensive and that they will move up substantially but because I do not trust the banking system and, therefore, I do not wish to be overexposed to bank deposits.
Finally, has gold completed its correction and are we entering another major advance as the gold bugs tell us, or are we at the beginning of a major gold bear market as the bears want us to believe?
I am enclosing a report by my friend Michael Gayed entitled “Cognitive Dissonance and the Reflation Disconnect.” I highly recommend our subscribers to read Michael’s report. He opines that, “What is disturbing here is the message the market is giving if inflation expectations do not converge with the level of the stock market. If after all of this monetary action expectations are still faltering for reflation, then something far deeper may be underway which we might only understand with hindsight.”

If you want to access the full Monthly Market Commentary (MMC) by Marc Faber, it is available for 300 USD per year.