*Schiff*

[Mega]

The Man himself:-
http://www.europac.net/Schiff-Bloomberg-10-28-08_lg.asp
Mike

[metalman]

Re: *Schiff*

The Man himself:-
http://www.europac.net/Schiff-Bloomberg-10-28-08_lg.asp
Mike

what's he say? 'sorry i lost all of your money'? didn't believe in the 'ka' disinflation phase, eh?

[audrey_girl]

Re: *Schiff*

Peter in another vid

http://www.youtube.com/watch?v=ccMJclKpBQI

[pianodoctor]

Re: *Schiff*

The Man himself:-
http://www.europac.net/Schiff-Bloomberg-10-28-08_lg.asp
Mike

Any salient points that haven't been said before and are worth repeating? I have a Euro Pac account, but for some reason that video is not compatible with my puter, so I can't watch it.

[phirang]

Re: *Schiff*

The sooner Schiff's fund blows up, the better: don't be surprised when gold is $600 next year after all the hot money moves into the next bubble.

[pianodoctor]

Re: *Schiff*

I'm not aware of any Schiff fund. What is Schiff's fund?

[phirang]

Re: *Schiff*

I'm not aware of any Schiff fund. What is Schiff's fund?

He runs Europac.

The guy is economically illiterate and doesn't fess up to his mistakes.

[Jim Nickerson]

Re: *Schiff*

He runs Europac.

The guy is economically illiterate and doesn't fess up to his mistakes.

So who do you think is wealthier, he or you?

[phirang]

Re: *Schiff*

So who do you think is wealthier, he or you?

He is, but that's only because he runs a brokerage that sells rubbish funds.

He isn't an asset manager: he's another blowhard.

[pianodoctor]

Re: *Schiff*

He runs Europac.

The guy is economically illiterate and doesn't fess up to his mistakes.

American Funds Euro Pacific Growth Fund has nothing to do with *Schiff*.

*Schiff* does not have a fund.

[doom&gloom]

Re: *Schiff*

Okay, so here is a 'real live' and true story re: Mega's Pet Monkey.

I had a EP account (still have it, though it is MUCH smaller now
unfortunately). Anyway, when the account was up 10% last year,
I told the broker I deal with I was tempted to just sell out and grab
the profit. He talked me out of it (shame on my -- my decision in the
end). So time goes on, it slowly falls, slowly goes negative. Then it
starts to go REAL negative.

I finally call the broker and start selling. I can take a hefty tax loss
this year I cannot take next year, so this is where I am gonna take it.
Again I get the standard Mega's pet monkey line from the broker about how
these stocks should hold up better blah blah. But I start selling, and I
continue to sell on the way down.

Along the way, the broker and I have a rather frank conversation, and
I am surprised to hear that Peter has instructed EVERY one of his people
to try and keep their clients form selling ANYTHING. In fact, if a client
wants to sell, the manager is suppoed to call the client and do their
best to keep them in and not sell. I actually found this totally amazing.

So where am I now with EuroPac? What I have left invested there would
have to go up by 2.25x to break even on what is left there, forget what I
am already taking as a loss. I have run out of capital loss for the year,
though if the Congress gave me the same tax-loss carry back the big
homebuilders got I would be fully liquidated and gone.

No one likes a loss, and unlike many, I can 'afford' the loss, though I am
not happy. But anyone who got in with Peter near the end of the bull is
easily off 50+%. I am not sure how these people are ever gonna get
whole again in a decade, even with inflation. How many retired or near-
retired people have drunk the Kool-Aid and will never retire as a result of
being 'talked' into staying the course?

Amazingly, everything else I have run on my own is down 20-25% and
rising every day. I expect with the POOM to be more than whole in
the long term, and in the mean time they ALL pay me to own them.
(I am a termporarily retired 'income investor' type with heavy dividend stocks)
Somehow, I do not think Peter's stuff is ever gonna do as well for me.

The end lesson in all this (besides tight stops or covered calls) is to
have an exit strategy and never deviate from it.

[bpr]

Re: *Schiff*

Along the way, the broker and I have a rather frank conversation, and I am surprised to hear that Peter has instructed EVERY one of his people to try and keep their clients form selling ANYTHING. In fact, if a client wants to sell, the manager is suppoed to call the client and do their best to keep them in and not sell. I actually found this totally amazing.

I'm sorry to hear about your situation.

Unfortunately, I don't think many people have a broker willing to be as frank as yours is. And I don't think it's just Europac that engages in this kind of behavior. These guys make money off of AUM, not returns. Returns can fall off a cliff, but as long as they're managing assets, they're collecting fees.

The standard line — buy into weakness, readjust your allocations and sell your winers, reinforce your losers — will not last through the next leg down. That's when the real panic will happen, I fear.

[Odteknology]

Re: *Schiff*

I have a Europac account as well. Several months ago, way before everything went south, I instructed my broker to sell a large portion of my holdings there.

These sales had to happen on the overnights. The next day, my phone rings, and I see it's my broker... Only it's not. I pick up the phone, and its *Schiff* himself, calling to ask me why I'm selling these stocks. "We're still buying these stocks at these levels."

He actually went into my account and STOPPED THE SALES. Manually. Override!

WTF? Does he monitor every account? I don't know...

I called my broker, and told him what happened. After some discussion, I ended selling some of the stocks, but holding onto many others--what is it about having a brokerage account that makes selling difficult at times--and all the more so when someone like *Schiff* is advising you directly over the phone not to do so?

Long story short... wish I had sold it all. Account has since been CRUSHED! And *Schiff* goes on with utter confidence that he is right. Maybe so long term, but short, no way. I paid the price for his confidence/arrogance. My own fault, ultimately.

[pianodoctor]

Re: *Schiff*

Well, my Euro Pac dividends are currently paying me something like 10% of the portfolio value annually. So that's not too bad. If the stocks regain their 2007 values within 10 years (probably a not unreasonable assumption) then I've made 10% a year on my original investment, which is not going to be too big a disappointment. Of course the stocks could go well over the 2007 values I bought them at, so even better.

I think overall it's hard to imagine why this strategy should not work (or why these Asia-centric stocks should not emerge long-term winners)- but we are in a chaotic period now. If someone bought into Euro Pac in '07 expecting to cash out a couple years later- well, they are probably going to take a hit. But I hope to just own the stocks perpetually for their high dividends, and maybe take profit if one soars high enough.

[doom&gloom]

Re: *Schiff*

you have an ACTIONABLE event with SEC for them failing to execute your
orders! You need to write a letter fo complaint to Schiff, and tell him to
make you whole as of those closing prices on the day you wanted to sell
or you will send a copy of such letter to the SEC aas a formal complaint.