Discussion in 'Wall St. News' started by stock777, Jan 26, 2009.
"Schiff made no allowances for being wrong and had no exit strategy whatsoever.
I'm a firm believer in "don't believe anything you hear and only half of what you see," but I wonder if this statement is true. Peter couldn't be that stupid, could he? Surely he had a plan B.
If it's true, it just goes to show predictions are almost worthless. How you manage your money and react to a changing market is what matters.
Pontificating is easy. Making money in the markets is hard.
It's not true.
Schiff believes in global competitive currency devaluation so you want to own gold.
If gold goes down and the (global) economy will be fine?
No stress you are fine owning dividend paying real stuff producing companies.
Seems reasonable I would say.
Good grief. Schiff never said the dollar would go to zero. He said it could fall 50-80% and you should protect yourself with gold. He also said that he has no idea how long it will take before this occurs so he recommends buying dividend paying, non multinational, foreign companies where you can get an income stream and stay out of the dollar. He also said hyperinflation is not a certainty but a real possiblility. There must be a lot of jelousy when somebody makes a bold prediction, puts that prediction in writing, and gets it right. Why not wait to bash him when he is proven wrong?
Good heavens, who cares what Schiff says? Who cares what any fund manager, newsletter publisher or analyst spews on any given day, week or year?
Honestly, I think the droves of followers are just to damn lazy to think for themselves and do the work themselves.
Look in the mirror people, there's your hero and villain. It's your choice -- always has been.
I don't know about that blog. I've read 4 or 5 of his articles, all of which I have issues with. Maybe I just haven't found his hidden gems yet.
Schiff is not full of shit, you just need to know how to play the game!
If your up 30 to 7 in a football game and the opponent scores a touchdown, it doesn't mean you lost the game!
Learn how to play and assess it!
There is no straight road in the markets!
What an excellent article. Mish makes some great points. Big difference between talking smart on TV and trading.
Two people who called the macro trailspin right:
1. John Paulson - made his clients billions
2. Peter Schiff - lost his clients millions
Money management and having a clue about trading go a long way.
My Europac account is down 50% in one year.
And the broker I was first assigned was a d-bag.
Separate names with a comma.