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Friday links: critical junctures
Abnormal Returns —
... “Peter Schiff predicted a collapse of the U.S. financial system. The bust-up he didn’t foresee was the one that made mincemeat of investors who took his advice in 2008.” (WSJ.com, ...
Peter Schiff Responds
CrossingWallStreet.com —
Since I posted Mish's take down of Peter Schiff, I feel obliged to posts Schiff's response. The Wall Street Journal weighs in.
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Peter Schiff makes a defence
FT Alphaville —
... ” he asserts that while Schiff may have correctly predicted the economic collapse, his dollar bear position has actually cost him credibility and lost his clients a lot of money. Mish references client letters as evidence, all of which he says describe very disappointing returns. Adding momentum to the criticism has also been the Wall Street Journal (for which Peter Schiff has written opinion pieces before). In the article “ Right forecast by Schiff, wrong plan ” it is Schiff’s dollar view again that causes the greatest upset. As the WSJ writes: Mr. Schiff’s Darien, Conn., ...
Right Forecast by Schiff, Wrong Plan?
Michael Covel: Trend Following Manifesto —
... Even right “predictions” don’t guarantee performance. Once again, why the near 100% lack of press for 2008 trend following performance. Trend followers were not as smart as Schiff, they did not have any fancy “world will end” calls, but they sure were a lot smarter in their trading strategies than Schiff. ...
Peter Schiff: Why I'm Right and My Critics Are All Wrong
Yahoo! Finance: Tech Ticker —
... and then The Wall Street Journal noted how Schiff's investment thesis - centered on shorting the dollar and buying foreign currencies, commodities and related stocks - had run aground in 2008. A "number of" Euro Pacific Capital clients lost 50% or more in 2008, when the S 500 fell 38%, The Journal reported . Schiff does not deny some clients of his broker/dealer firm (he's not a fund manager or registered investment adviser) suffered big losses last year; they were hurt as the dollar experienced what Schiff calls a "phony" rally that hit commodities and subjected many ...
Left in the lurch
Abnormal Returns —
... The bursting of the housing bubble and the subsequent economic downturn has brought out a whole class of pundit that claim to have foreseen the current state of affairs. One of the most prominent has been Peter Schiff. In a real sense Schiff forecasted some of the adverse economic events we are now facing. However, his money management clients have not, as of yet, benefited from this foresight. ...
