Monday, February 2, 2009
February 2, 2009
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they are trying to find a way to discredit me (Peter Schiff), we (Euro Pacific Capital) had some great years, I have had a buy and hold strategy, I am a long term buyer of value for dividends, kind of like a Warren Buffet, the best thing that can happen to the global economy is that the rest of the world stops propping up the american economy
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Guys there is a great new Jim Rogers interview done at January 20th at the Asia forum. You really need to watch it!
ReplyDeleteKind of ironic that they set Tobin Smith up against Peter. Smith runs a service called Changewave Investing which provides buy and sell recommendations. Somebody ought to track his customers reslts. I had SERIOUS losses with his strategy, and I still consider myself lucky that I fired him in January 2008. If I had stuck with him past that I'd probably be sitting on 90% losses right now.
ReplyDeleteToby games his results. He puts out a buy recommendation when a stock is at 6 or so, then issues a sell at 10, and he claims he provided a 40% return. Well except... most of the stocks he recommends are very thinly traded. So you get the email with the buy tip and the stocks already run up to 7 or 8, and then likewise by the time you get the sell email, it's dropped down 30%.
Where is the link to that Rogers interview on the 20th?
You can check out that Jim Rogers Asian Forum speaking engagement here:
ReplyDeletehttp://www.shtfplan.com/jim-rogers/jim-rogers-january-20-2009_01302009
Schiff did a good job of defending himself against recent attacks from Mish. If you are a day trader, then Euro Pac is just not the right company for you.
A good quote from Schiff:
"I’ve had a buy and hold strategy. I’m a long time buyer and value for dividends. Kind of like a Warren Buffet. I’m not trying to hold myself out as a market timer. So even if I think the market’s going to go down, I’m not necessarily going to tell people to sell their stock....I’m investing for the long-term. I’m investing for the way this is going to finally play out."
Mac
I could "brain" Mish. What was Mish thinking? Why did he kneecap Peter like that? You nailed it Mac, if you're a day trader Peters trades don't fit your profile, but if you an unsophisticated buy and holder then why not?
ReplyDeleteThis interview was a joke. This idiot Toby was not right about ANYTHING why does he get to opine? "tsk, tsk, Mr Schiff, buy and hold doesn't work, you have to churn your clients account to wrack up commisions".
Mr. Schiff is a great macroeconomist in my opinion and even some notable deflationists agree that EVENTUALLY what he says about hyperinflation is going to happen.
I just am angry that Mish launched such a personal attack directly at Peter who now risks being discredited because of a short term blip.