This is exactly the investor bias that causes people to loose money. You say you have been a fan of Peter Schiff since 2006. Ok, so he has been calling the sky is falling the sky and you listened to him since 2006. WOW you made money! Now he is calling an even scarier DOOM and because he got it right once he is going to get right again? No, because people like him can't get off the [fill in the blank] pony trick and ride show. Take for example Meg Witney. She called the drop, became a star, started her own company and called a slight uptick. Since she called the uptick NOBODY and I do NOBODY has listened to her. Now she calls a bit of doom and woha everybody listens to her. They listen to her because that is what they expect to say. Hence when you listen to Peter Schiff since 2006, you are not listening to Peter Schiff, you are listening to yourself and he gives you the "reasons" on why your insanity is right! And because you are not an "expert" nobody will listen to you. YET by saying Peter thinks the same as I do it leads credence to your argument.
everyone who listened to him made a lot of money If you bought gold for $500 when S&p was 1500 like he said in 2006 you made a lot if you moved outside USD you made a lot, if you put your money into emerging money you made a lot there is no doom from him. He just says US economy is a fraud.
Yes he made a good call and made money... But one call does not make a master. For example, let's say I am perma bull. I say BUY, BUY, BUY... And I don't change my tone. If you said, "hey I listened to you in 2009 and I made a ton of money." Good for you. But the real question is if you can make money from my other recommendations. Answer is no because I am a parrot saying, "BUY, BUY, BUY..." But look at the following for Peter Schiff... http://globaleconomicanalysis.blogspot.com/2009/01/peter-schiff-was-wrong.html "Unlike Schiff, we attempt to position our clients for what the market is actually doing, not what we think it ought to be doing. The distinction is paramount, especially when such thinking just might be wrong." So sorry he is a broken record yelling "the sky is falling, the sky is falling..."
Actually he did not. Instead of shorting the US market he diversified into Asia and went down just as much as the rest of the other HFs. That makes him a doubletool...
The author of that article has made horrible calls in 2009. Ofcourse afterwards he made the excuse the markets and reality never were more out of touch then today and it's the sucker rally of all sucker rallies. Sha.
Peter Schiff is the man! I agree with what he said on the dollar going down... and more buying of equities in US... possibly fluffing the markets. The guys from fast money are what they are.... entertaining.
I don't care how this other guy did. He pointed out using facts that Schiff screwed up. I don't follow Mish, and in fact I am not crazy about Mish. So you say it is a suckers rally. Ok, fair enough so its a suckers rally, but did you make money? Because if you didn't then you are the sucker... The first lesson in the market is not to question Mr Market. It is what it is, and what will be, will be...
When confronted with some of his horrendous calls Schiff gets all defensive and says * "YEA WAIT BUT I SAID TO BUY FOREIGN STOCKS, I NEVER SAID YOU YOU SHORT THE NASDAQ" * "I ALWAYS WAS A VALUE INVESTOR, I NEVER SAID YOU SHOULD BUY OIL FUTURES ON LEVERAGE" * "ALL I SAID WAS DON'T BUY US BONDS, I NEVER SAID YOU SHOULD SHORT THEM" Is it too much for Schiff to say "Yea I was wrong about the Nasdaq, it never went as low as 500, I was too bearish"? If Schiff was trading for a living instead of writing books and gathering clients for his rip off brokerage firm he wouldn't last longer than a week due to his inability to realize his own mistakes.