Marc Faber, investment guru and the editor of the Gloom, Boom and Doom report, warned on Thursday that stock markets — particularly in the United States — were vulnerable to sharp falls.

U.S. stocks jumped on Wednesday after minutes from the Federal Reserve’s last meeting had central bankers discussing ways to normalize interest rates. The Dow Jones Industrial Average leaped as much as 170 points, and ended up 158.75 points, or 1 percent.

A bull run in equities that started around five years ago has caused much debate in recent months with some investors believing that it may be running out of steam. However, some remain optimistic that extra liquidity—provided by central banks around the world—would continue to help bolster the asset class.

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