Like all other perma bears. He predicted the Dow will have to fall to 5000 in 2002 to reach "fair valuation": http://www.csmonitor.com/2002/0729/p01s02-usec.htm July 29, 2002: ""The big problem is the extreme level of debt," Schiff says, envisioning a gloomy scenario that includes personal bankruptcies and pension funds destroyed. He predicts the Dow Jones Industrial Average will plunge to 5,000." The problem with perma bears like him or perma bulls is that they are not flexible. They have a bias and stick with it eternally, regardless of price action.
You're really on the bleeding edge of market info, aren't you? The market and the economy have been chewing on that for well over a year. Conventional, boiler-plate wisdom. Turn off CNBC and start thinking for yourself.
I got $MILLIONS... what have you got? Doesn't mean I'm right this time... doesn't mean I'm wrong, either. Bet I've been right more and for bigger than you... safe bet?
You mean you are more interested in listening to what Lazlo Birinyi has to say than someone like "S2007S" here on ET??? You can't be serious!
They LAUGH at the guy because he has been BEARISH since 2002, and then some. Imagine if he actually had to put HIS OWN MONEY where his mouth is . . . calling for Dow 5000 nearly six years ago?
Last time I listened to him, he made bullish talk and was wrong, BIG TIME... sounded like he'd become a MM PermaBull... I stopped listening. His comments now appear to be more of the same. He of course could have made any number of comments, but to say, "now is like 2002" is so completely stupid and ridiculous leaves anyone with half a brain nearly speechless. He's either got Allsburgers or is talking his book.
UP YOURS, SMART ASS... When I first started in the markets I couldn't have afforded a pizza. I've got ink in Barrons and Investors Busininess Daily. What you got? Show me some cred.. otherwise all of ET will know you're just a mouthy little wanker.
Birinyi been in the business longer than most of us on this thread combined, controls billions and his been more right than wrong. Also he has not blown up in spectacular fashion. All the above lends credence to his opnions, just his length in the market is worth listening to. That being said, he is not always right, nor is he always wrong. His call is but one more nugget of info to add to your arsenal, not to trade off , but to help you understand the bias and potential of what lays ahead for the market. good tradiong all , have a good weekend, Eddie