Jim Rogers, Marc Faber Investment Advice

Jim Rogers and Marc Faber recommend investors cut back on their holdings in equities after the expected market correction happened yesterday which eliminated over $1 trillion in market value in the U.S.

Both Rogers and Faber said the market had been due for a correction, and it not something to be overly worried about, at least not yet.

While the 3 to 4 percent drop was a large number, Rogers said at this time it's no reason to panic. Faber believes this is the beginning of an ongoing decline in market value for some time to come.

Rogers addressed the Greek sovereign debt crisis again, reiterating it will be a good thing for Greece and the euro if they default. Even so, Rogers added fears of contagion could create an unstable market which could go on a wild ride, and that contagion isn't limited to the southern nations in Europe, as it could easily spread to the UK and the United States, said Rogers.

Faber's advice was for investors to decrease their positions whenever the share prices rebound, while Rogers continues to advise investors to invest in raw materials and agriculture.