Peter Schiff was WrongSubmitted by NeoConned on Mon, 01/26/2009 - 09:42
This is from an article by Mike Shedlock, aka Mish, who's financial blog Global Economic Analysis, was recently named one of Time Magazine's top 25 financial blogs.
Schiff's Investment Thesis
* US Dollar Will Go To Zero (Hyperinflation).
* Decoupling (The rest of the world would be immune to a US slowdown.
* Buy foreign equities and commodities and hold them with no exit strategy.
12 Ways Schiff Was Wrong in 2008
* Wrong about hyperinflation
* Wrong about the dollar
* Wrong about commodities except for gold
* Wrong about foreign currencies except for the Yen
* Wrong about foreign equities
* Wrong in timing
* Wrong in risk management
* Wrong in buy and hold thesis
* Wrong on decoupling
* Wrong on China
* Wrong on US treasuries
* Wrong on interest rates, both foreign and domestic
There is no arguing about it. Schiff WAS wrong and positioned his clients poorly. I think Mish lays out a VERY well reasoned argument for DEFLATION in this article.
I know there are many here who won't agree and I'd love for there to be discussion. One thing I would ask is that the banter remain civil. No name calling, no inflammatory personal attacks etc.You know, the whole treat others how you want to be treated thing is in full effect.