Author of “The Sale of a Lifetime,” Harry Dent told FOX Business Network’s Stuart Varney he predicts a market selloff beginning in the next three months.
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“I can’t tell when a bubble is going to burst, when a grain of sand is going to cause an avalanche. But what I can tell you is when the trends are down, and they’re down very strongly over the next three years,” Dent said on Varney & Co. Tuesday morning.
He cited what he calls a bubble in Chinese real estate, coupled with global banking issues from giants like Deutsche Bank (DB) contributing to the instability.
“This is going to come to a head and the markets are just going to keep going up until something hits them that they can’t deal with and central banks can’t print their way out of,” he said.
Dent said the next market downturn will be deeper and longer than the one seen in the wake of the 2008 financial crisis. And he predicts central banks will have less influence this time around. But he said it could be a buying opportunity for long-term investors.
“We’re going to see a once-in-a-lifetime buy opportunity for investments long term. But I’m telling people right now, it’s better to be safe…sell a bit early because bubbles crash much faster than they build. Just look at China last year,” he said.