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Harry Dent predicts to see the biggest financial downturn in history this year, saying that investors will take the biggest risk if they don't start selling assets now.
In his book "What To Do When The Bubble Pops", he bases his economic forecasts on demographic changes.
According to Dent, risky assets will be sold off in waves, with the first wave leading to a 40% drop in US stock markets. At the same time, the entire bear market phase may lead to a 90% loss for the S&P 500, not unlike what happened to tech stocks during the 1999 Dot Com bubble crash.
He predicts a total collapse of 80% to 90%.
This collapse will occur mainly due to the fact that financial assets are, as Dent called it, in the greatest bubble in history due to the Fed's excessive stimulus especially when the bubble is not natural, but organized by central banks.
Dent's comments were made after the publication of the minutes of the FRS meeting.
Stock markets have already reacted negatively to the news, while Treasury yields increased.
According to Dent, this market correction in 2022 should be followed by a rebound with a longer boom cycle, which will be led by a generation of millennials.
In his opinion, there will be an opportunity to buy for life at the end of 2023. He predicts the next boom will be for millennials from 2024 to 2039.
All assets are at stake, including gold, although Dent added that Treasury bonds should benefit the most from asset price deflation. He also explained the difference between the hedging power of gold and Treasury bonds.
The collapse of financial assets will not be triggered by an economic downturn; on the contrary, a market crash would trigger a recession, Dent said.
He also noted that one of the assets to buy during the recovery phase in 2023 and beyond will be cryptocurrencies, although he believes that most of the altcoins are now in a bubble.
Dent's own holdings currently include mainly cash and real estate.
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