Peter Schiff Was Wrong

If you, like us, are a fan of Peter Schiff you should read this important Peter Schiff rebuttal by Mish. Now, Peter Schiff is excellent at spotting structural problems, and being a vocal face for dire warnings in the media. The problem is that there is a difference between spotting a problem, and making the right analysis, conclussion and correct investments based on them.
We suspect we ourselves partly like Peter Schiff for being an outspoken radical. Long term I am certain Peter Schiff will be proven right about many of his thesis, but that is the long term. Before that we have to possition ourselves and make money, not to mention not loosing money.
In the larger picture I will say that the contrarians (like ourselves) in this bust have been doing a good job spotting the problems and trouble. But, we have not been equally good at identifying and predicting the worlds governments countermeasures to “fix” the problems along the way.

In the end it is important to TRUST NO ONE but yourself.
YOU have to be your own investment manager.
You have to work to be on top of this yourself.
REMEMBER that your own view on the market is most likely quite wrong.
So be very careful.
Take PRECAUTION accordingly.
Caveat emptor!

I am not saying that Peter Schiff is all wrong, and Mish all right. Yet if you are reading any of Peter Schiff’s best selling books you need to print this and put into the book this rebuttal, to get both sides of the story:

http://globaleconomicanalysis.blogspot.com/2009/01/peter-schiff-was-wrong.html

Oslo, Norway. Jan. 26. 2009 Hans Lysglimt

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4 Comments

  1. Sebastian Lind
    Posted 26 January, 2009 at 4:19 pm | Permalink

    Hi,

    It is so funny how some work hard to prove Peter Schiff wrong. Today, for instance, the richest company in the stock market in Toronto, Canada, is Barrick Gold. Gold is at 900$ today. This means that if Schiff really invested his client’s money in gold, once again, he will be right all along.

    What do you have to answer for it?

    Good luck anyway!

  2. Sebastian Lind
    Posted 26 January, 2009 at 4:20 pm | Permalink

    For followp!

  3. Patrick Hanevold
    Posted 26 January, 2009 at 11:36 pm | Permalink

    “I have not failed 1,000 times. I have
    successfully discovered 1,000 ways to NOT make a light bulb.” – Thomas Edison

  4. Baltzersen
    Posted 27 January, 2009 at 5:46 pm | Permalink

    I don’t think our editor means Peter Schiff is wrong in the big picture, rather that he is wrong when it gets into the details.

    I’m also afraid that Peter Schiff might be wrong about other countries doing fine as the U.S. economy sinks. Remember that Keynesianism is popular in other central banks and capitals as well, not just in the U.S. Fed and Washington, D.C.

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