Anyone still read Mish?

[theoakman]

Since it's always good to look back in hindsight, I recall several people on this forum were so into Mike Shedlock, especially after his "Peter Schiff was wrong" article. Since that exact time point, Shedlock has completely failed in his ability to deliver any sort of return for his clients and has a steady losing streak going. It's amazing to me that he managed to lose money in an environment where 99% all stocks, bonds, and commodities around the world rallied from their lows. He's down about 20% in the past 2 years.

 

[cbc58]

I read mish. I don't follow his investments but from what I understand people put $$ in there to hedge their investments - not look for stellar returns. He told people to buy gold around $800 - and I have no idea what Schiff told people to do. Mish knows his stuff and all anyone has to do is read his detailed blog posts. People still put money into his investment company so they are comfortable putting their money where they want - regardless of what you or i think of him.

Both of them will be right in the end.

 

[TrentEmberson]

Amen, nice post. Anytime I hear some deflationist go after Schiff for his 2008 performance, I link to this Peter Schiff's 5 Favorite stocks of 2009. I calculated the performance of those 5, published in January of 2009, and in that year alone an equal weighting returned 412%, not counting dividends or currency appreciation. You could get similar results using the same EuroPac client statement Mish used on the "Peter Schiff was wrong" piece.

I became a huge fan of Schiff during the Ron Paul campaign, went to one of his investment conferences in Minneapolis (at the Ron Paul Rally!) 4 days before Fannie and Freddie went under. I got to hear a 2 hour talk, plus shake hands with him and bombard him with questions and comments for 45 minutes afterward. He was a total gentleman, he even apologized for having to leave (he had to catch a plane).

That fall, while everything was crashing and Schiff was going ballistic to anyone who would listen about the fire sale in foreign stocks, I took out extra student loan money and started buying whatever he was recommending. Needless to say, I've kicked some serious ass in the last couple years with borrowed money that I was planning on not repaying (Thanks again, Peter!). I've cashed out most of my gains since then and turned them into silver bullion (afraid my stock portfolio might get liquidated by disgruntled creditors). Thanks to Peter, I managed to break the first law of economics - I got something for nothing. Well, not nothing - I had to sacrifice my credit score and I have to clear my voicemail every other day. So, almost nothing.

Anyway, thanks so much for posting this, I'm going to photoshop the returns of the same EuroPac client in Mish's hit piece and I'll repost the image on this thread. Maybe I'll even send a copy to Mish with a snide remark attached. Cheers!

 

[brandon]

THe program manager at my company follows Mish pretty closely. He's one of the smartest people I have known and a real no-bullshit kinda guy. He's no totally sold on libertarianism, but he is gung-ho anti-fed, pro-market. I know this is just a psuedo appeal-to-authority type argument, but it gives mish a lot more credibility in my eyes.