He must have lost a fortune so far. In fact, you could've MADE a fortune if you had done the exact opposite of his advice.
The doomsayers have a valid point of view. There are many problems.
However, what I find with many pilot doomsayers, is they subscribe to one author such as Harry Dent or depression2007.com and use it to validate their neutral or do nothing approach to investing. And when property or shares come off 30% they still do nothing- because they are waiting for it to drop further.