$2000 Gold next year: Schiff

[LargoWinch]

Re: $2000 Gold next year: Schiff

...he had all [bold mine] his clients heavily invested in Asia, which lost 75% or more.

This is a general comment and doubt its accuracy without supporting data.

Perhaps you don't like Schiff and/or his firm, which is fine, but inaccurate information is not the best way to convey your position.

[flintlock]

Re: $2000 Gold next year: Schiff

Schiff has been fairly accurate on how this disaster would play out so far.
Of course he's in business to make money, and you don't make a lot going on talk shows and telling your clients to sit it out on the sidelines. So some of his advice to invest in foreign stocks may have been more for his benefit than his clients. Who knows?
I'd still listen to him long before I'd listen to almost any of the so called experts they parade out on TV each week. How some of those people can even show their face again is beyond me. Laughing like Hyenas at Schiff when he mentioned that all was not going to be rosy. Laffer is the king of the idiots, and typical of the kind of people our Presidents have had advising them all these years.

[greatideas]

Re: $2000 Gold next year: Schiff

This is a general comment and doubt its accuracy without supporting data.

Perhaps you don't like Schiff and/or his firm, which is fine, but inaccurate information is not the best way to convey your position.

Actually I like Schiff a lot. His arguments make perfect sense and his timing and prediction of this mess was spot on. It's just that some of his choices where to put money at the time didn't work out very well. However going forward this may recover, and his choices of a mix of gold and foreign bonds may also turn out well. Overall I think Schiff is better than most.

[blazespinnaker]

Re: $2000 Gold next year: Schiff

This is a general comment and doubt its accuracy without supporting data.

Perhaps you don't like Schiff and/or his firm, which is fine, but inaccurate information is not the best way to convey your position.

Maybe you're not doing this, but I know a lot of people do. They feel the need to enter into some kind of cult of personality.

Just because Schiff was very right about one thing, doesn't mean he's right about everything. Also, just because someone is wrong about one thing (or even a lot of things) doesn't mean they're wrong about everything.

Rather than lauding the people, leave them be, and laud the idea.

[Guest]

Re: $2000 Gold next year: Schiff

Schiff is not perfect. I liked him too when I first heard all this stuff, until I found out he had all his clients heavily invested in Asia, which lost 75% or more. Schiffs portfolio through this mess did worse than a diversified u.s. portfolio.

I'd also be wary of judging investment advice on a single 6 month period. Almost everyone doing it is "right" or "wrong" at one point in time. It's where you end up in the long run that matters.

Schiff has an incentive to push stocks vs treasuries because you need him for foreign stocks and you don't need him to buy treasuries and sit out the mess. So take that into account. But it doesn't mean that in the long run his macroeconomic forecasts aren't right. Who knows, if in 2 years the foreign indexes and gold and oil are back up, he could be laughing last.

Never underestimate the ability of government to manipulate and distort markets in the short run. I'd call trillions in "bailouts" a pretty significant distortion.

[Guest]

Re: $2000 Gold next year: Schiff

Blaze -

What's that thing on your arm? Looks like a plaster cast or something, with a sock puppet on the end? Otherwise you look very distinguished in the photo.

[cjppjc]

Re: $2000 Gold next year: Schiff

The best clip Schiff clip e-v-a-r occured on Aug. 28, 2006:

Arthur Laffer vs Peter Schiff ... Round one (there will be no round 2):

"you gotta listen to your own clips" - Peter THE Schiff

Peter won its penny yyyaaaeeehhh.


Hmmm, actually there is a round 2: Laffer retired from TV (wonder why?) and published this:



What a frikin joke! DO NOT BUY THIS BOOK!

I almost wet myself watching that. Dow 16,000! I don't have any use for Laffer either. However he does still pop up on the great american Larry Kudlow show.

[Sharky]

Re: $2000 Gold next year: Schiff

Ben Stein. How he ever got on TV is beyond me; and on a financial show no less!

His recommendation: MER at $76.04 ended 2008 at $11.64 before that "astonishingly well-run" company was acquired by BofA after its near-collapse.

Then Charles recommended Washington Mutual at $13.07, which subsequently went into FDIC receivership and now trades on the pink sheets for about $0.03/share.

Of course anyone who takes financial advice from people on TV should have their head examined -- even from Peter Schiff.

[cjppjc]

Re: $2000 Gold next year: Schiff

If I'm not mistaken he was in the Nixon Admin. in some financial capacity.
Budget office?

Hard to believe. Best work was in Ferris Buhlers' Day off.