He is a permabear in terms of real value... Since 2001 the Dow's lost 40% of its value relative to gold. He's been very bullish in different emerging markets, just not the states.
Then why did he not become bullish as stocks rallied 50% in 2003 from low interest rates? Being the smart and educated economist he is, he could have seen that employment grew and corporate profits improved. If he's so smart and great, why did he stubbornly remain bearish like a deer in the headlights? I'll tell you why. Like most on Wall Street he's talking his book. The more investors fall for his perma-bear doomsday BS the more assets he gets under management and the more money he can make on fees. Nothing new here, I don't blame him at all.
Unfortunately you are just delaying yourself from accepting the truth and moving on from there. The sooner the better for you and for everyone. Except your government that is.
Been posting his articles since 2006, here is one I hope some of you remember, back from AUGUST 2006. S2007S Registered: Aug 2006 Posts: 6608 08-30-06 08:18 PM This guy in on the money!! Peter Schiff http://news.goldseek.com/EuroCapital/1156523718.php and there talking about a soft landing, ha. Edit/Delete ⢠Quote ⢠Complain
Maybe because it wasn't a great trade even though it went up 50%. It just wasn't worth the risk and there were opporunities to be had elsewhere. 50% off the lows is not that impressive for what is supposed to be a bull market. I'd say avoiding u.s. stocks for the past five years while putting his money in metals, energy and foreign markets has been a much better move.
Schiff IS a permabear- a broken watch is also right twice a day. Use whatever metaphor you can understand, but know this- If you are a bear, and run a business that benefits from investments in Europe and Asia doing better on a relative value than those in the US, then going on TV and "predicting" all kinds of doom really doesn't take any skill at all. It's simply talking his book. The real skill will come when he call a bottom in the US equity market/ end to the housing crunch/ strengthening of the US dollar. Don't sit there and hold your breath (or maybe you should), because the moment he does that, he will have a torrent of redemptions and with those will go the nice management fees. No, look for this snake oil salesman to ride this wave as long as he can, and enjoy the hurt he's going to put on dupes like Makloda and PaulRon. Best of luck
Haha...you numbskull.. you point out the few things he's gotten wrong.. and miss the plethora of things he's gotten right.. Not to mention far outperforming 99.9% of money managers worldwide (that's an estimate)... Check out his other stuff...you'll see how amazingly prescient he has been...
Dude..he's been correct.. the Dow has lost a ton of REAL value.. because the Dow is priced in DOLLARS.. Peter's advice has been and is simple.. Conservative, dividend paying stocks denominated in every currency BUT US Dollars.. Buy Natural Resources... Buy Commodities... Get out of US Stocks, US Dollars, and anything denominated in USD. This strategy has obliterated any of the numbnuts who were lucky enough to have bought the SPOO at the 2003 low, or even may have a few Google, or MOC, or V shares... Dude's been bang on in calling the rallies in PM's, Energies, Grains, as well as the fall in the Dollar. Not to mention incredible calls on the subprime debacle, all well before they happened... I hate everybody - but I LOVE Peter...