Schiff's latest prediction: depression, riots and end of economy

Quote from Covert:

It does, in fact make him wrong- He was HARDLY the only one saying that lowered savings and unqualified home buyers ect. were dangerous. However, his central theme was that the way to protect yourself from the coming calamity was to invest in Europe and Asia (hence the EuroPacific fund that he's been shillling). With the benefit of hindsight, we can see that it was absolutely the wrong place to be under these very extreme circumstances. For someone who made such a prescient call, one would think that he'd be able to protect his customers' funds a little better than he did. Makes you think that the snake oil is about to go bad.....
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Again...no one is always 100% right...
My Europac account has taken a hit over the last few months, but it was expected. I am still WAY up relative to the average SP bagholder since 2003
He's been wrong for the last 6 months and wasn't able to foresee this dollar rally.
Peter and his strategy will be vindicated in the long run.
This much I am sure of...
 
Quote from PohPoh:Mak you are clueless...
When a guy's strategy makes money for 7 years in a row, and then falters in the 8th, is the guy wrong??
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Excuse me, isn't his book called "Crash proof", released in 2007?

Didn't he run his mouth for years on how doing exactly what he preaches will protect you when the market finally unravels? I guess it didn't. Instead of admitting that he got caught on the wrong foot he's explaining his loss not with his poor positioning for the events of 2008 but with how the markets have it completely wrong. That's amateurish and dangerous at the same time.

On a side note, a professional money manager that has 9 years of positive performance and then one 40% down year is called a blow up and ridiculed in the media (and on ET). Why should Schiff - especially considering he's such a loudmouth - be judged by any different standards?
 
Lots of people in the finance industry knew the real estate bubble would end badly. Did they publicize it? No. They were making too much money. This is just a juiced up version of the S&L collapse. No special credit to Schiff on that.

I don't think he even understands Macro Econ 101 or how to read a balance sheet. He's stuck in the flawed gold nut mentality.

So even if he's right in some of his predictions, if he can't make money on it, who cares?

The current problem is avoiding deflation not inflation.
 
Quote from makloda:

Excuse me, isn't his book called "Crash proof", released in 2007?

Didn't he run his mouth for years on how doing exactly what he preaches will protect you when the market finally unravels? I guess it didn't. Instead of admitting that he got caught on the wrong foot he's explaining his loss not with his poor positions but with how the markets have it completely wrong. That's amateurish and dangerous at the same time.

On a side note, a professional money manager that has 9 years of positive performance and then one 40% down year is called a blow up and ridiculed in the media (and on ET). Why should Schiff - especially considering he's such a loudmouth - be judged by any different standards?
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Being a Europac client since 2003 has proved to be an enormous financial windfall for my portfolio, in spite of the current pullback. When the talking heads were raving about a 100% gain in the Dow in declining USD from 2003-2007, we were making 3 almost 4 times that...

I have been USD bullish for the past few months...

Again, Peter's strategy and Europac clients will more than likely be vindicated.
 
You know whenever somebody starts explaining away his performance (or the lack thereof) by how the market got it wrong then you know something is afoul.

Schiff has been lambasting Wall St. for years and all of a sudden he's being caught using their exact same series of BS excuses while trying to avoid responsibility.
 
Quote from makloda:

You know whenever somebody starts explaining away his performance (or the lack thereof) by how the market got it wrong then you know something is afoul.

Schiff has been lambasting Wall St. for years and all of a sudden he's being caught using their exact same series of BS excuses while trying to avoid responsibility.
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While that may be true Mak, you can't argue with the long term performance...
It's far outperformed, and continues to outperform, most anything I've seen.
It's a been a bad few months...but so what?
Net Net, Peter is killing it...
 
This Schiff character, whatever he is, is definitely and egoistic #######. However he is dead on about one thing:
INFLATION! Now where are some bonds i can short?
 
What ever happened to trading your timeframe?

Schiff has always been a long term investor. His main prediction has been a crash of the USD, so his underperforming plays could turnaround very quick. Who wouldve thought the USD would be up 15% on several large US financial bankruptcies?

Most analysts dont even own the stocks they preach you to buy. At least Schiff bets his cash in what he believes in.
 
Quote from PohPoh:

Being a Europac client since 2003 has proved to be an enormous financial windfall for my portfolio, in spite of the current pullback. When the talking heads were raving about a 100% gain in the Dow in declining USD from 2003-2007, we were making 3 almost 4 times that...

I have been USD bullish for the past few months...

Again, Peter's strategy and Europac clients will more than likely be vindicated.
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If you were smart ( and the jury's still out on that one) you'd liquidate this (possibly ficticious) account you claim to have with Europac. It absolutely WILL NOT get any better than this for them.
 
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