The Real Crash - Peter Schiff's new book

deshman · May 28, 2012

Has anyone read The Real Crash yet? I just ordered it, and am rly looking forward to reading it. I read Crash Proof and learned a ton.

cubical · May 28, 2012

i started to read it, but I am a slow reader.

Okie RP fan · May 29, 2012

I bought it and have read about 20 pages so far. Just haven't had enough time.

I must say, those 20 pages were easy to read and I stayed interested.

PaulStandsTall · May 29, 2012

Apparently it mostly about ways to reform each sector of spending (entitlements, military etc) and only one chapter on investing and how to store wealth when there is a currency crisis. He commented on one of the Amazon reviews and spoke about it during his radio show.

cubical · May 29, 2012

PaulStandsTall said:
Apparently it mostly about ways to reform each sector of spending (entitlements, military etc) and only one chapter on investing and how to store wealth when there is a currency crisis. He commented on one of the Amazon reviews and spoke about it during his radio show.

Well his investment advice is the same it has always been. Foreign assets and gold/silver.

Zippyjuan · May 30, 2012

Interesting to see that his EuroPacific Growth Fund still has about half its money in Europe (48.6% as of April 30th of this year) given how negative Schiff has been on their prospects. Largest industry investment is Commercial Banking with Pharmaceuticals and Automotive next.
https://www.americanfunds.com/funds/details.htm?fundGroupNumber=16

matt0611 · May 30, 2012

Zippyjuan said:
Interesting to see that his EuroPacific Growth Fund still has about half its money in Europe (48.6% as of April 30th of this year) given how negative Schiff has been on their prospects. Largest industry investment is Commercial Banking with Pharmaceuticals and Automotive next.
https://www.americanfunds.com/funds/details.htm?fundGroupNumber=16

That fund has nothing to do with Peter Schiff. That mutual fund is run by American Funds.

See here: http://www.europac.net/services/mutual_funds

for a list of mutual funds from Euro Pacific capital.

Zippyjuan · May 30, 2012

Ah- thanks. Google failure. I assumed by the name of it and its focus that it was one of his. My apologies.
Hmm. 4.5% front load plus a 2% redemption fee.

cubical · May 30, 2012

Zippyjuan said:
Ah- thanks. Google failure. I assumed by the name of it and its focus that it was one of his. My apologies.
Hmm. 4.5% front load plus a 2% redemption fee.

Isn't the 2% redemption fee only for early withdraws?

jbauer · May 30, 2012

The 2% wouldn't apply if you buy an A share which is what is loaded. The 2% would be if you buy a C share and liquidate within a year (from memory). Now buying said fund now would pretty much be crazy right now unless you think europe comes out of this all just fine.

You also could just buy ticker VEA

Fyi, Buying international companies priced in a currency you're assuming is going to crash is pointless.

Zippyjuan · May 30, 2012

cubical said:
Isn't the 2% redemption fee only for early withdraws?

Apparently correct again. From one of the summary sheets:

A redemption fee of 2.00% may be imposed on redemptions of shares you have owned for 30 days or less.

hazek · May 31, 2012

matt0611 · May 31, 2012

His funds look pretty good, except for the loads :/

I wonder if the loads are waived if you go through europac or something.

xFiFtyOnE · May 31, 2012

Anyone know if Peter is related to Jacob Schiff, the green shields?

PaulStandsTall · May 31, 2012

jbauer said:
Fyi, Buying international companies priced in a currency you're assuming is going to crash is pointless.

This.

Schiff definitely promotes gold/silver more than his investment company nowadays on his radio show so he isn't being completely disingenuous I suppose.

enoch150 · Jun 1, 2012

jbauer said:
Buying international companies priced in a currency you're assuming is going to crash is pointless.

Bonds are priced in currency. Stocks are an ownership share that are quoted in a currency. It's an important difference. You can quote a company in any currency. A crashing Euro may not affect an international company as much as you might think.

enoch150 · Jun 1, 2012

xFiFtyOnE said:
Anyone know if Peter is related to Jacob Schiff, the green shields?

This came up during Schiff's Senate campaign. According to an email from Andrew Schiff (Peter's brother), there's no relation.

Andrew Schiff said:
Irwin's Father was Jacob Schiff but not THE Jacob Schiff. Like the banker, Irwin's father (Jacob) immigrated to the United States in about 1900 after having completed 10 years as a carpenter's apprentice in modern day Poland. Unlike the other one, he came to the U.S. as a penniless teenager. But he did have tremdendous old-world carpentry skills. He moved from New York to New Haven, CT around 1908 to help build the Yale University football stadium. That's where Irwin was born. Jacob's skills were sufficient to raise 8 Children in America, but they were never well-to-do. Solidly working class.

According to Wikipedia, the bankster Jacob Schiff had two kids, Mortimer and Frieda. Frieda married into the Warburg family. Mortimer had a son, John Schiff. John Schiff had two sons, David Schiff, and, ironically, Peter G. Schiff.

The Peter Schiff we like is Peter D. Schiff.

Peter G. Schiff has worked for E.M. Warburg, J.P. Morgan, and is currently at Northwood Ventures. You can see his bio and picture here.
http://www.northwoodventures.com/peterschiff.html

jbauer · Jun 1, 2012

Disagree. Bonds are also quoted in currency. You can be paying a premium, discount or par for a bond that you may or may not be paid back for as an owner. Same holds true for a stock. The only difference between the two other than ownership vs loan is the order for which they are paid back and with the developing markets of senior loans and other similar instruments the lines between a bond of company A and a stock of company A are definitely blurry.

Regardless, if you purchase an international or domestic stock for that matter, they most certainly are doing business around the world, the correlation between international & domestic stock makes it almost a moot point. You're either in the stock market or you're not.

enoch150 said:
Bonds are priced in currency. Stocks are an ownership share that are quoted in a currency. It's an important difference. You can quote a company in any currency. A crashing Euro may not affect an international company as much as you might think.

Zippyjuan · Jun 1, 2012

Buying government bonds is basically buying the currency and the solvency of the issuing government. With corporate bonds you are investing in the company and their ability to pay back bond holders.

gerryb · Jun 1, 2012

Zippyjuan said:
Buying government bonds is basically buying the currency and the solvency of the issuing government. With corporate bonds you are investing in the company and their ability to pay back bond holders.

Pay back in a currency that is worthless..

The Real Crash - Peter Schiff's new book

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