Marc Faber Sees Cheapeake Energy (CHK) as Strong Play on Pullback
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Marc Faber, the man that predicted the 1987 stock market crash, said Monday that he is recommending buying oil and energy stocks as the global economy continues its recovery.
Faber noted that as economies around the world continue to improve, demand for energy will increase, and the need has already picked up in emerging markets like China and India.
"I think in a, let's say Goldilocks outlook, you have to own some oil," Faber said. "If you're very bearish about the world, it's a nightmare scenario in the Middle East and I don't think that Saudi Arabia can affect production shortfalls of Libya and Saudi Arabia itself is very vulnerable and so I would say under any scenario, I would own some oil and energy shares."
One name Faber mentioned as a buy would be Chesapeake Energy (NYSE: CHK), which he would recommend on a pullback.
Faber noted that as economies around the world continue to improve, demand for energy will increase, and the need has already picked up in emerging markets like China and India.
"I think in a, let's say Goldilocks outlook, you have to own some oil," Faber said. "If you're very bearish about the world, it's a nightmare scenario in the Middle East and I don't think that Saudi Arabia can affect production shortfalls of Libya and Saudi Arabia itself is very vulnerable and so I would say under any scenario, I would own some oil and energy shares."
One name Faber mentioned as a buy would be Chesapeake Energy (NYSE: CHK), which he would recommend on a pullback.
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