I didn't say he was not 'correct'. He's a brocken-clock perma bear, not a flexible investor. I said he's talking his book and never ever made a single bullish call for US stocks or the US economy, not even 2003 one of the biggest and broadest rallies in the last 50 years. I will completely change my opinion on Schiff if he ever comes out one day and publicly declares 'its time to load up on US equities'. But of course he won't ever do that otherwise why would clients park money with him? BTW: If he's such an awesome global macro investor, why is he not running a multi billion dollar hedge fund like a real trader would (like Peter Thiel from Clarium LP, who has also been terribly bearish on the US economy, bullish on oil for years and manages well over $3bln). Why is Schiff instead going on 'Good morning America' shows on TV watched by house wifes repeating his 'Nasdaq 500' calls like a broken record and running his pitiful $400m global asset allocation service since 28 years?
50%? The S&P rallied over 100% including dividends. The rest of the world rallied even more - Europe up higher (especially in dollar terms) and emerging markets up insane amounts. And he did not fail to become bullish, he was *outright bearish* i.e. recommending shorts. Even with the current selloff, people who bought in 2003, doing the exact opposite of Schiff's advice, are up huge. Anyone following Schiff's trade has either gone broke or had a huge drawdown on that position. Schiff's call to short stocks in 2003, 2004 was one of the worst trading calls of all time. He is a stopped clock - since we have a secular commodity bull market, he will do well because that is his permanent bias. When the commodity bull eventually ends, he will suffer stupendous losses. When the current stock bear market ends, he will be short at the lows and miss the new bull market. Anyone who follows permabears or permabulls is a moron who can't trade or think for themselves.
WARNING: This post is full of lies and misinformation. As always do your own research and find out what Peter really has to say, such as NOT recommending shorting stocks.
It's amazing what a simple undergrad business degree from the University of California can do for you these days.
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I live in the United States of America. My clearing firm processes my trades ( and pays me ) in U.S. Dollars. You gold "bugs" are pretty funny with all of your "spin" and REAL value stuff. As for Schiff, he was obviously influenced by the "Crash of '87" when he graduated from the University of California with a mere undergraduate degree in Business. I graduated from CAL with the same degree, 5 years earlier in 1982. And for what it's worth, the Finance emphasis that both Schiff and I took, contained only 3 courses. No big deal. I guess that's why I am so bullish, although I did read Harry Schultz's "Bear Market Investment Strategies" during the Summer of 1981. And yes, it did "influence" me for awhile . . . Until I figured out that he was merely trying to sell a book, just like Schiff.
Who gives a fuck about college degrees? Meaningless... The numbers don't lie.. If you buy a $100 dollar stock in 2003 that pays 6% dividend in DOLLARS or in EUROS..assuming both stocks move at the same velocity, which would have made more money? How about dividends in Krona, Yen, Franc, Canadian Dollar, Singapore Dollar, Aussie Dollar...? If you understand anything about currencies then you would realize how correct he has been since 2000 and believe me, the results are clear.. Anyone who can do simple arithmetic knows this...
Peter manages well over a Billion bucks... Do the math.. How many ES one-lots will it take you to get to a billion?