Sorry if this has been posted before but I found this to be entertaining. The reactions from the rest of the panelists on some of these forums is hilarious. Merrill is a bargain at $76 ha! http://www.youtube.com/watch?v=2I0QN-FYkpw&e
awesome!
He couldn’t have been more right.
Schiff definitely got this right. I remember he was on CNBC with Don Luskin of Trend Macro. He was the only bear, where CNBC (especially that blowhard Pisani) and everyone else was huge bulls. Well, take a look for yourself, and look at the Dow number at the time. Luskin’s arrogance still makes me cringe today, as he is on quite a bit with the same “bull” outlook. Yea, a great buy signal, and “buy with both hands”! 
http://www.youtube.com/watch?v=41ieWANm4ak
“One of us is off-base, but it’s definitely not me.” - Peter Schiff LOL.
He was wrong about gold. It’s lower today than in December 2007.
sublimity Wrote: ------------------------------------------------------- > “One of us is off-base, but it’s definitely not > me.” - Peter Schiff > > LOL. haha that was awesome
This clip is really good.
kkent Wrote: ------------------------------------------------------- > He was wrong about gold. It’s lower today than in > December 2007. He is usually more wrong than he is right. Gold, dollar, oil, among many other things. I wonder at his motivation for being so bearish on Merrill. Was it because he foresaw a run on the banks, or was it because he truly understood the fundamental issues? Or was it he was just bearish overall and picked an extreme side?
He was bearish on the financial sector in general because of what we are just starting to see today - the over-strapped consumer, the over-strapped banks, and lack of production (ex service) from our economy (70% based on consumption). All you need is common sense to see that the good times can’t last forever, and the big banks of the nation would suffer, as well as retailers, all the way down to the basics of the economy. That’s my take, at least.
“I remember he was on CNBC with Don Luskin of Trend Macro.” I’m surprised Don hasn’t filed suit against me. As for Schiff, he got everything right about the U.S. economy, but everything wrong about the global economy.
spierce Wrote: ------------------------------------------------------- > kkent Wrote: > -------------------------------------------------- > ----- > > He was wrong about gold. It’s lower today than > in > > December 2007. > > > He is usually more wrong than he is right. Gold, > dollar, oil, among many other things. > > I wonder at his motivation for being so bearish on > Merrill. Was it because he foresaw a run on the > banks, or was it because he truly understood the > fundamental issues? Or was it he was just bearish > overall and picked an extreme side? I think an options trader (Taleb) would tell you, that it’s not the frequency of correctness that is important, but rather the value weighted amount correctness.
I’ll brag too: I made three calls only on this forum: 1) Here I questioned the dow’s staying power (April 2008). http://www.analystforum.com/phorums/read.php?1,686240,686947#msg-686947 2) Here (June 2008) I shorted X (U.S. Steel at $191) and said it would drop to $100 very soon. http://www.analystforum.com/phorums/read.php?1,708868,page=2 3) Expecting oil to climb towards $100 in 2 months (Oct 23 2008)
So you’re expecting oil to double in price by Christmas? Uhh, ok.