Marc Faber issues Bear market warning and admits his previous mistake

Obviously I've been wrong in the sense that I expected a correction to occur over the last two years, and it hasn't happened since October 2011, when the S&P was at 1,074. We've gone up in a straight line, without a larger correction than 11 percent, and I think we're not going to have a correction, but we're going to have a bear market.