'Rich Dad Poor Dad' author Robert Kiyosaki tells investors to prepare for a 'terrifying' market crash
- Robert Kiyosaki warned investors not to assume the bull market will continue for years.
- The "Rich Dad Poor Dad" author cautioned asset prices could plummet without warning.
- Kiyosaki said that booms are fun and exciting, while crashes are horrifying.
"Rich Dad Poor Dad" author Robert Kiyosaki warned investors not to get complacent and take the bull market for granted in a tweet this week.
"Everyone says market will stay up two more years," he said. "What if bottom falls out tonite? Will you be richer or poorer?"
Kiyosaki acknowledged that economic booms and soaring asset prices are thrilling, but cautioned that the subsequent downturns are horrifying to live through.
"Booms are fun. Everyone is excited," Kiyosaki tweeted. "Busts are terrifying. Crashes are terrifying."
The personal-finance guru is clearly worried investors are too confident that the good times will continue, and may not have hedged their bets in the event that markets tank without warning. The skyrocketing prices of meme stocks, cryptocurrencies, and other volatile assets over the past year support his concerns, and suggest there's a huge appetite for risk.
Kiyosaki, the founder of Rich Global and Rich Dad Company, has been sounding the alarm on a massive sell-off for a while. He warned last month that markets are careening towards the"biggest crash in world history," and advised investors to buy gold, silver, and bitcoin to insulate their fortunes.
The author is one of several high-profile commentators who are worried about the current market. Michael Burry - the investor of "The Big Short" fame - and GMO cofounder Jeremy Grantham both see a historic bubble on the brink of bursting. Similarly, billionaire investors Leon Cooperman, Stanley Druckenmiller, and Jeffrey Gundlach doubt the speculative frenzy can last.