Natural Resource Stocks, Released on 2/10/26

Dr. Marc Faber joins Andy Millette and Steve Yang to lay out a defensive 2026 playbook built around one blunt warning: asset holders may be in for a tougher year. Faber explains why he is keeping expectations low, why he thinks the S&P can end the year roughly flat while still delivering a frustrating experience for investors, and why he expects foreign markets, emerging markets, and parts of Europe to outperform the US. He also breaks down how he thinks about gold ownership and positioning, why most portfolios still under-own gold, and why energy and key commodities can look cheap when measured against gold. The discussion closes with risk framing around currencies, crypto survivability, and why distortions created by money and policy can produce uneven outcomes across different assets and different parts of society.

(Timestamps are below the video)

00:00 2026 outlook and capital preservation
00:38 Trimming miners and risk posture
00:50 Foreign markets versus the US in 2026
01:33 Asset deflation thesis
06:51 Why most investors under-own gold
08:24 Where stocks may still work in 2026
09:16 Thailand and real-world demand signals
10:47 Country watchlist and relative value framing
13:42 What looks cheap now energy and commodities
15:32 Purchasing power and currency reality
16:07 Crypto skepticism and survivability
17:45 Currency safety and stable jurisdictions
24:50 Bubbles, distortions, and uneven asset declines
28:39 Closing thoughts

Dr. Marc Faber was born in Zurich, Switzerland and obtained a PhD in Economics at the University of Zurich. Between 1970 and 1978, Dr. Faber worked for White Weld & Company Limited in New York, Zurich and Hong Kong. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK) Ltd. In 1990, he set up his own business, Marc Faber Limited which acts as an investment advisor and fund manager. Dr. Faber publishes a widely read monthly investment newsletter, “The Gloom Boom & Doom Report,” which highlights unusual investment opportunities, and is the author of several books including Tomorrow’s Gold: Asia’s age of discovery which was a best seller on Amazon. Dr. Faber is known for his “contrarian” investment approach and charismatic personality. He became infamous after calling the 1987 crash in US equities.

  economy, investing, stocks