SubscribeTDI Episode 89: Crashproof’n with Peter Schiff
December 30, 2008
Guest: Peter Schiff, Author of Crashproof and President of Euro Pacific Capital. Andrew and Peter explore the global meltdown and the potential winners emerging out of the ashes. How has his theory of a global market decoupling performed for his investment clients during 2008? Listen in to find out the answers to this and other predictions of economic doom and financial disaster. Fun! (?)
—
LISTEN TO PODCAST NOW | LISTEN @ ZUNE - @ iTUNES
—
Peter Schiff is one of the few non-biased investment advisors (not committed solely to the short side of the market) to have correctly called the current bear market before it began and to have positioned his clients accordingly.
As a result of his accurate forecasts on the U.S. stock market, economy, real estate, the mortgage meltdown, credit crunch, subprime debacle, commodities, gold and the dollar, he is becoming increasingly more renowned. He has been quoted in many of the nation’s leading newspapers.
His best-selling book, “Crash Proof: How to Profit from the Coming Economic Collapse” was published by Wiley & Sons in February of 2007 and his second book, “The Little Book of Bull Moves in Bear Markets: How to Keep your Portfolio Up When the Market is Down” was published by Wiley & Sons in October of 2008.
This episode is sponsored by GoToMeeting. Try it free for 30 days.
and
This podcast is brought to you by LivePerson.com. Get advice from a world of experts.
Podcast: Play in new window | Download
Related Posts:
- TDI Podcast 99: S&P Racing to 500 or 1,000? Guest: Charles Biderman, TrimTabs discusses why the S&P 500 may be seeing...
- TDI Podcast 122: Mish – How Long Can This Rally Last? Guest: Mike “Mish” Shedlock of Sitka Pacific discusses the bid on bonds...
Comments
11 Responses to “TDI Episode 89: Crashproof’n with Peter Schiff”
Got something to say?
Hey Andrew, could you comment on some of Peter's favorite investment vehicles: namely gold and income trusts (particularly Canadian income trusts)?
I'm looking at the yields on some of these trusts and it just floors me how high some of them are, even if they get cut in half you are still looking at 10-15%.
As for gold, I'm completely clueless. Wouldn't oil be a better hedge against inflation since you have the upside of both demand increasing as well as the value of the dollar falling?
Andrew, thanks for getting Peter on the show, it went by too fast though. I wish he could have elaborated a bit more on some things though. Could you please comment and if possible check with Peter regarding:
Peter mentioned the US dollar going down hard in the future. Wouldn't that then translate to higher stock prices, because the markets have thrived on a weak dollar and buckled when the dollar was rallying.
Re: VPro commented on TDI Episode 89: Crashproof'n with Peter Schiff I am hard pressed to see how the US dollar will go to zero and the rest of the word economies will survive. That is really a stretch. The weak dollar was the only way we stayed afload with regard to exports. Not a good idea as that can change in an instant… We need equilibrium…
Andrew
Re: VPro commented on TDI Episode 89: Crashproof'n with Peter Schiff –
I heard him on a podcast where he said it was going to zero. I think I played it back a few times….
Andrew
Andrew, I didn't hear Peter say it was going to zero, but $72 seems very plausible, which would be bullish for gold and oil. The past few years the markets have gone up amid a weak dollar and down when the dollar strengthened, so that's what I was wondering if he thought that trend would somehow change.
Andrew – wow, zero huh? Doesn't seem possible. $72, even $52 seems plausible though to me. I know some, like Tom O'Brien and Frank Holmes see the dollar weakening again in the future and gold going higher due to the unprecedented level of debt being issued by "Helicopter Ben" and Mr. Paulson.
The Illusion of Economic Theories – the Real Lesson of 2008
Over the past 12 to 18 months we have seen the mass destruction of a lot of institutional and individual wealth. Many – even most – of our cherished theories of free-market capitalism have been questioned or have been revealed as basically wrong.
Many on the right are saying that much of what has gone wrong over these 18 months is the responsibility of the former Chairman of the Federal Reserve, Alan Greenspan. In some ways, I can understand this view; however, many of these individuals are the same individuals who only four to five years ago were saying how great a Federal Reserve Chairman Greenspan was!
I was listening to a financial podcast by Andrew Horowitz – The Disciplined Investor. It’s highly informative and interesting and I would recommend the podcast to anybody who is interested in how the stock market really works and in ways of protecting their money. In a recent week’s episode, Horowitz interviewed Peter Schiff, President of Euro Pacific Capital. Peter is a well-known and very popular TV financial commentator. His nickname is Dr. Doom. Peter was one of the few so-called financial experts who predicted the housing bust and its consequences to the American economy.
You can see a famous, or should I say notorious, speech Peter Schiff did in front of the Western Regional Mortgage Bankers Association Meeting in November 2006 on YouTube. In this speech, he predicts — in front of a hostile audience — the coming collapse of the U.S. housing market.
Spreading (Saying 'bye' to) My Investment
I have always admired Peter, mostly connected to this speech. It takes real intellectual guts to publicly swim against prevailing popular views.
I personally decided to invest a little bit of my own money with Peter’s company, which over this past year he and his colleagues have managed to completely destroy! He has managed to reduce my principle amount invested with him by half in one year!
Luckily, I decided to place only a small amount of my savings with Peter Schiff. I would strongly advise any of you not to put all your eggs in one basket. Just look at the poor people who invested all their money with Bernard Madoff!
No, one of the basic rules of investing is, spread your money around.
I still agree with a lot of what Peter Schiff has to say; however, he is bit like a broken record, repeatedly playing the same song. Also, he doesn’t seem to believe he and his team should protect their clients’ money using options strategies, diversification and other professional tools. I have recently felt like sending Peter a copy of Andrew Horowitz’s book, The Disciplined Investor Essential Strategies for Success.
1. Schiff wasn't the only money manager who was down big in 2008; almost all of them were.
2. Too bad for those who invested with Madoff, but with information that has surfaced it has been made very clear that they did not read their statements or spend due diligence on him. Most probably thought they had a good inside track with him on the inside. Obviously, he was very sincere, but sincerity is no guarantee for truth.
3. I haven't heard market person worth their salt that liked Greenspan's method of speech or policies and he is one of the reasons for what has occurred.
[...] TDI Episode 89: Crashproof’n with Peter Schiff [...]
[...] Peter Schiff was a guest on a recent TDI podcast – Listen Here. [...]
Hmmm… Schliff's thoughts about the gold are quite interesting, but I don't really think it's all going to zero. Maybe the situation will change in the future, but now…