As usually he demonstrate a complete lack of honesty, by refusing to address all the facts I have presented here about his predictions over many years. That is all you need to know about an
individual who is clearly lacking in basic integrity.
Is Mr. Schiff actually an ECONOMIST as you stated? i havent seen evidence to back that up.
I do know he is a doom and gloom stock analyst and someone with political ambition.
IF SeriouslyWrong WANTS us to believe the facts of his stock picking in relation to Mr. Schiff'f predictions then he should please tell us what year you started investing wtih him and show us the account in its entirety including prices etc. as it appeared then and it appears now. Thanks.
The fact remains that everything I have posted about his predictions is 100% accurate.
How can someone who is predicting this have made money investing.
The predictions of Peter Schiff were for a "CATASTROPHIC" market crash in early 2011. His prediction was for "HYPERINFLATION" in 2011. Not normal or high inflation but HYPERINFLATION. His prediction was for gold to rise to $12,000 or the Dow to fall to 1,400 within the next 2 years.
His prediction was for interest rates on 10 year notes to be at "4% at the beginning of 2011 and
rise to 5% or even 6%% in 2011 or 2012. His prediction was that the dollar would collapse in 2011. And on and on and on....
Its impossible because you would have been shorting the market for many years
while it went UP.
NOT ONE SINGLE FACT THAT I HAVE POSTED ON MR. SCHIFF'S PREDICTIONS HAS BEEN REFUTED.
WE WILL WAIT HERE FOREVER BEFORE HE DEMONSTRATES INTELLECTUAL HONESTY AND ACKNOWLEDGES JUST HOW WRONG HE HAS BEEN IN HIS PREDICTIONS.
YOU HAVE TO WONDER WHO SIRIUSLYWRONG THINKS HE IS FOOLING BY AVOIDING THAT CENTRAL FACT.
"In other words, Peter Schiff may be a classic case of a stopped clock: he's been predicting a market decline forever and when the market has declined he's hailed as a genius by his cult fans."
http://seekingalpha.com/article/1068...hiff-right-now
Now, had you listened to Peter in 2002, 2003, 2004, 2005, 2006 or even 3/4 of 2007, you lost your shirt. Had you placed bets based on Schiff's market calls, you lost everything you wagered.
The S&P (.INX) went from 1054 in May of 2002 (the date of the interview) to 1561 in Oct. 2007, a 48% gain and the Dow (.DJI) rose 40%.
Banking stocks, the primary victim of the housing bust, went up (JP Morgan (JPM) 36%, Bank of America (BAC) 41%, Wells Fargo (WFC) 39% , Wachovia (WB) 31% and American Express (AXP) 51%) during that time frame (dividends excluded which would dramatically add to results).
Bottom line? Had you listened to Mr. Schiff at anytime before Oct. 2007, you lost...big. To those who did, there is little consolation in the praise being heaped on him today.
Milton Freidman said, "markets can stay dislocated longer than you can stay solvent." For those who bet with Schiff between 2002-2007, they know the statement well.
Why is it a big deal? After all, Berkshire's (BRK.A) Warren Buffett claims he cannot time the market and often watches share prices decline in investments (like recent investments in Goldman Sachs (GS) and GE) before a rebound. How is this any different?
For one, Warren's loss is limited to his investment. He buys 1 share of stock "a" at $25. $25 is the most he can lose.
Now, if we listen to Peter and "short" stock "a" at 25, our loss has no limit. If it goes to $100, we lose $75. In shorting, we are only limited in our upside. If "a" goes to zero, "Schiffers" profit $25.
Buffett's strategy is an investing one and Schiff's is a trading and timing one.
Buffett followers can hold their shares, collect their dividend and wait for the rebound. Schiff followers collect no dividend and watched for over 5 years as their bet went wrong. How many stuck around? How many shorted into every market drop or "presumed" top over 5 years, only repeatedly losing money as the market kept rising and Schiff kept pounding his message home?
Schiff should not be getting the praise he is getting today for being "so right" after saying the same thing and being "so wrong" for the previous 5 years.
