Mish’s article wasn’t a cheap shot; it was right on point. Schiff’s basic investment premise is based on the utterly false notion that the Asian economies had decoupled from the US economy and that, once the US economy collapsed, the Asian stock markets would be safe havens. In reality, they crashed even further than the US stock market and Schiff’s clients have taken a terrible beating.
Mish has one of the best economic websites out there- it is on my frequent visit list along with Calculated Risk.
I read the article and while it was a bit of a comparison between Schiff's firm and Shedlock's firm the bottom line is that Mish just laid an atomic wedgie on Schiff.
In the end it's all about what you said versus what the market did. Schiff might be right on a few issues but:
12 Ways Schiff Was Wrong in 2008
• Wrong about hyperinflation
• Wrong about the dollar
• Wrong about commodities except for gold
• Wrong about foreign currencies except for the Yen
• Wrong about foreign equities
• Wrong in timing
• Wrong in risk management
• Wrong in buy and hold thesis
• Wrong on decoupling
• Wrong on China
• Wrong on US treasuries
• Wrong on interest rates, both foreign and domestic
and check out a Schiff client statement:
