{"id":1234,"date":"2009-01-26T19:19:18","date_gmt":"2009-01-27T00:19:18","guid":{"rendered":"http:\/\/selfinvestors.com\/tradingstocks\/news\/peter-schiffs-euro-pacific-capital-down-40-70-in-2008\/"},"modified":"2009-02-10T17:06:51","modified_gmt":"2009-02-10T22:06:51","slug":"peter-schiffs-euro-pacific-capital-down-40-70-in-2008","status":"publish","type":"post","link":"https:\/\/selfinvestors.com\/tradingstocks\/news\/peter-schiffs-euro-pacific-capital-down-40-70-in-2008\/","title":{"rendered":"Peter Schiff’s Euro Pacific Capital Down 40 – 70% in 2008?"},"content":{"rendered":"

\"peter_schiff\"<\/a>If you’ve been following the financial markets this year with any degree of interest, you’ve probably heard of Peter Schiff.  He’s  been a media favorite over the past year for calling the US financial collapse and has been everywhere from CNBC to Glenn Beck to CNN to Fox to Bloomberg.  I even spotted him in Newsweek a couple weeks ago being credited with calling the collapse.. In an era of rampant corruption, fraud, inept CEO’s and fund managers, Mr Schiff has been made out to be somewhat of a hero in all this.  Let’s give credit where credit is due.  Peter Schiff has been sounding the alarm for quite awhile and while doing so was often ridiculed by the talking heads on CNBC a year ago.  Much of what he’s been saying has come to pass… at least in the US financial markets.<\/p>\n

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Ah, but there seems to be one small problem.  According to Michael Shedlock, Peter Schiff, the President and Chief Global Strategist of Euro Pacific Capital not only didn’t profit from the financial collapse<\/a>, he failed to do what every other so called professional failed to do for their clients last year.  PRESERVE CAPITAL.  Turns out, he was largely right on the US macro picture and called a US equity crash but believed global markets would not folllow due to decoupling and that the dollar would continue to crash.  Rather than shorting US equities he shorted the dollar (with a bet on hyperinflation) and bought foreign equities and commodities.  According to some of Schiff’s own clients, portfolios invested with Schiff were down anywhere from 40 – 70% last year. Ouch.  (Shedlock posted an image of an actual Schiff portfolio)<\/p>\n

Michael Shedlock points out 12 ways Peter Schiff was wrong last year:<\/p>\n

12 Ways Schiff Was Wrong in 2008 <\/p>\n