It's hard to think of a stock market pundit who's had a higher profile than Nouriel Roubini during the global financial crisis. Generally acknowledged as one of the few market expert who correctly called the timing and scope of the current crisis, Roubini has also acquired a reputation as a jet-setting pundit willing to travel around the globe to spread his message of gloom and doom. He recently sat down with Forbes Magazine in New York to discuss the global financial markets.

Not surprisingly, "Dr. Doom" still discounts the views of optimists who are predicting a speedy recovery: "While we are going to be technically out of a recession, you know, it is going to feel like a recession... We are in the middle of a severe U-downturn."

Perhaps his biggest advice for individual investors is to beware of bear market rallies: "You know, people usually joke and say the stock market has predicted 12 out of the last nine recessions, because sometimes it falls and there is no recession... [T]his time around, the stock market predicted six out of the last zero economic recoveries, because six times around, the last two years, markets fell because of the bad news on banks. The economy, then there is radical policy action. They recover, and then the bad news, macrofinancial earnings and then you reach a new low."

But even Roubini - the great market bear - acknowledges that, sooner or later, things will improve: "You know, we know eventually we'll have a recovered economy. We will get it cleaned up, and actually, I'm not a permabear. I believe that actually, if we do the right things, the U.S., Europe, Japan, but especially emerging markets, can have a bright future of high economic growth."

[image: Nouriel Roubini via Wikipedia]