Just read the Schiff bash in full. Yeah, Mike tears him a new one. Would love to see those two go at it on CNBC.
Apologist. If you had invested in Schiffs actual portfolio and were down 50%, would you still be so forgiving? The idea is to MAKE or at least NOT LOSE MONEY. Everything else is bullshit.
So if you get robbed in Zimbabwe are they pissed if you only have a couple million on you, too bad they invented computers the abacus makers are shit out of luck. I thought Schiff's strategy was to go long euro stocks creating a double loser when the euro came down to earth.
Schiff bought his clients emerging market commodity stocks without any exit strategy whatsoever. They blew up like a supernova and came crashing down like a plane noticing it has run out of gasoline. On the way up Peter said "told you so", on the way down "stay the course" as these stocks crashed down 50-80%. Money and risk management can be a bitch. Sooner or later he will disappear, much like the goldbug media superstars from the 70s.
"Peter Schiff Fights Back" http://clusterstock.alleyinsider.com/2009/1/peter-schiff-fights-back Now they're hiding behind the broker dealer excuse BS. If Schiff ran a hedge fund (long emerging market & commodity stocks, short USD, short treasuries) he'd have blown up in 2008. He should be happy his returns (and losses) are completely opaque and intransparent.
More like foreign dividend paying stocks, in my experience. Canadian energy trusts, Asian utilities etc.
Ahhh...hot money gets blown up... it happens all the time.. How about the Europac clients from 2004... We are doing fine...
http://www.ritholtz.com/blog/2009/01/mish-vs-peter-schiff/ Through the grapevine, I have heard that Schiff was livid, and is threatening a lawsuit. Too late: I understand more fireworks are coming, via a major media outlet that picked up the specific details from Mish, and independently verified them. Look for a major story soon (possibly as early as Weds/Thur). As is so often the case these days, a blogger discovered something newsworthy, and the MSM picked up on it afterwards.