Marc Faber, the publisher of the Gloom, Boom & Doom Report, says that U.S. stocks are poised to rally once again despite the recent plunge to start the year.

However, he doesn’t think such a rally will last long before another downturn sets in.

"The market in February became extremely oversold, and from this extremely oversold position, we can have a relatively strong rally," Faber told CNBC.

The oil sector could "easily rebound" by 10 to 20 percent, he said.

"That could drive the market up to maybe around 2,050, but I don't necessarily see new highs, and if new highs happen, they will happen with very few stocks participating," he said.

And while Faber may not be a long-term bull in U.S. stocks, billionaire Warren Buffett is such a champion.

Buffett said the U.S. economy appears weaker than he thought it would be as recently as last fall, but that doesn't change his optimistic long-term view of the country's prospects.

"We're almost always a buyer of stocks," he said. "It's hard to think about many months when we weren't a net buyer of stocks."

Buffett reiterated in his annual shareholder letter his previous assertion that Berkshire will repurchase stock if the value of Berkshire trades at or below 1.2x book. Currently it is trading at about 1.3x book, which perhaps limits downside of the shares.

(Newsmax wire services contributed to this report).

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