As time moves forward, while my own forecasts and recommendations continue to serve as a crystal ball, many of those made by Peter Schiff of Europacific Capital continue to form an embarrassing display.
Remember, Schiff has been pimping the euro for years discussing how much stronger it is and how the dollar was headed for 0.
I actually kind of feel sorry for the guy.
On second thought. I don't.
After all, he landed a huge amount of money by receiving mass media exposure just because he is Jewish.
The worst part is that this money came from the pockets of sheep who feel for his ridiculous views.
In the video below, as late as the end of October of 2011, he was still talking about the dollar being worse than the euro. This folks, is simply shocking.
While the EMU faces the very real threat of being destroyed completely and permanently, Schiff keeps talking up the euro. Notice how the Jewish media never criticizes this ridiculous forecasts because of course he is Jewish. The same can be said of Faber and the other Jewish marketers.
Notice also how Schiff is backing down on his previous hyperinflation mantra. I actually made mention of this change in sentiment in a recent article, but I could not locate the video at the time.
With the euro facing complete destruction, the name Europacific Capital doesn't sound so reassuring to me. And when Asian faces its collapse (and I can assure you it will), how will Schiff position his firm..EURO..PACIFIC Capital?
I feel sorry for those who have bought into his ridiculous views and horrendous forecasts. I wouldn't be such a critic of Schiff if it weren't for the fact that so many people (due to their lack any reasonable level of intelligence) believe Schiff knows what he is talking about because the media airs him every day.
As the facts reveal, Peter Schiff was wrong about much more than he was right about. And he continues to be wrong about much more than he is right about. In fact, the only things he has been right about were obvious to many. Okay Peter many people knew about a real estate bubble and a credit bubble created by the banks. But when it came to issues that distinguish someone as a real expert versus a salesman, Schiff never made the leap from a salesman.
Finally, you should note that Schiff has been saying the same thing like a broken record for MANY years, which in itself calls into question even the most obvious of his predictions.
Details Peter, it's always about the details. If you cannot nail the fine details on a consistent basis, you will be better off buying the S&P 500 Index and holding it.
You see folks, Schiff is a marketer and salesman, so he must stick to his sales pitch. It has nothing to do with going with the best investments. It's all about selling your theme. In Schiff's case, he will cling onto the euro BS until the end. This certainly won't help those who listened to him about the euro.
Perhaps Peter should subscribe to our institutional research so he will know what's going on. I'm sure his clients would certainly appreciate such a move because I can guarantee you his clients' portfolios would do much better.
On second thought, he doesn't need to perform. All he needs is media exposure. After all, he realizes that there are plenty of idiots who watch TV who will fall for his pitch. This explains why all of these guys bend over backwards for media exposure. If Schiff really knew what the hell was really going on and could translate it into excellent returns, he would be running a hedge fund, not a brokerage firm and not a mutual fund.
You can be blatantly wrong and still collect management fees by running a brokerage firm. Ken Fisher serves as a good example. And you can also make a good deal of money running a mutual fund even if the PERFORMANCE SUCKS, like David Tice's Prudent Bear Fund (sold to Federated). But you won't make any money running a hedge fund unless you're right. The financial professionals reading this understand exactly what I'm talking about.
Again, you need to ask yourself why you aren't reading or hearing about these realities elsewhere. The answer is simple. Those who know about the things I expose either don't give a damn about Main Street. They're only concerned with lining their pockets. That often means they have to keep their mouths shut, which is one reason why I left Wall Street.
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