*****Peter Schiff vs the other FOOLS*****
- Thread starter S2007S
- Start date
there are a couple of very important lessons to be taken from this:
1. being dead on right doesn't mean you're going to make money. THIS is why all these moronic 'today the market will do this' threads are pointless and show how stupid the OP's are. i bet the # of times i have been dead right over the past 21 years of investing and lost money on it is tallied in the 1,000's, if not tens of 1,000's!
so, #1: being right means precisely dick- executing so as to make $ from it- THAT is what matters.
2. the investor who called Schiff is to blame (he decided to play market timer with a big chunk of his net worth- moron), but so is his rep at EuroPac- to a lesser extent. the investor should have had a good advisor to run it by. as someone who did that job for over a decade, the first piece of advise would be to average into the position. go in like 20-25% and then dollar cost average the rest over the next year. this simple nofuckingbrainer investing 101 approach would have completely saved his ass. the EuroPac guy should have recommended it; but, frankly, he's a salesman and selling is his job. the investor's job is to either be fucking sure he knows what he's doing, or pay a guy to review it. granted, many advisors aren't worth shit, but most CFP's at least have the common sense to dollar cost average.
so, #2: for long term investments (like Schiff's)- dollar cost average.
1. being dead on right doesn't mean you're going to make money. THIS is why all these moronic 'today the market will do this' threads are pointless and show how stupid the OP's are. i bet the # of times i have been dead right over the past 21 years of investing and lost money on it is tallied in the 1,000's, if not tens of 1,000's!
so, #1: being right means precisely dick- executing so as to make $ from it- THAT is what matters.
2. the investor who called Schiff is to blame (he decided to play market timer with a big chunk of his net worth- moron), but so is his rep at EuroPac- to a lesser extent. the investor should have had a good advisor to run it by. as someone who did that job for over a decade, the first piece of advise would be to average into the position. go in like 20-25% and then dollar cost average the rest over the next year. this simple nofuckingbrainer investing 101 approach would have completely saved his ass. the EuroPac guy should have recommended it; but, frankly, he's a salesman and selling is his job. the investor's job is to either be fucking sure he knows what he's doing, or pay a guy to review it. granted, many advisors aren't worth shit, but most CFP's at least have the common sense to dollar cost average.
so, #2: for long term investments (like Schiff's)- dollar cost average.
I am sorry this guy is essentially a market timer, and basically does the same thing as a HF manager. Otherwise a financial advisor, builds a diversified portfolio that makes no major bet on the future.
Thus being that , he should know when risk increases and advise clienst accordingly , especially the new one late in the game . But it's in their interest to gather as much asset as possible even if the trend in their asset of choice is running out of steam.
Thus being that , he should know when risk increases and advise clienst accordingly , especially the new one late in the game . But it's in their interest to gather as much asset as possible even if the trend in their asset of choice is running out of steam.
I read that Schiff charges his clients between 2-3% PER TRADE. Granted, most are long term investments and they don't turn over the portfolio much.
Still, for buying a bunch of foreign gold mines, shipping companies and Canadian Royalty Trusts that's a total rip off. Why pay somebody any kind of money for managing a buy and hold porfolio?
You can simply buy very very similar ADRs in the US (instead Schiff claims the high quality companies he's recommending HAVE to be bought directly in the foreign exchanges) and simply short the Dollar against the underlying currencies (CAD, AUD, CHF etc.) to achieve a portfolio that closely resembles of what EuroPac is offering.
Of course, Schiff would never tell people "Buy foreign commodity stocks in the US, then short the US Dollar" because he wouldn't make any money off of that.
Still, for buying a bunch of foreign gold mines, shipping companies and Canadian Royalty Trusts that's a total rip off. Why pay somebody any kind of money for managing a buy and hold porfolio?
You can simply buy very very similar ADRs in the US (instead Schiff claims the high quality companies he's recommending HAVE to be bought directly in the foreign exchanges) and simply short the Dollar against the underlying currencies (CAD, AUD, CHF etc.) to achieve a portfolio that closely resembles of what EuroPac is offering.
Of course, Schiff would never tell people "Buy foreign commodity stocks in the US, then short the US Dollar" because he wouldn't make any money off of that.