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Message
We use the word "guru" because "charlatan" is too long for a headline
Posted on 8/1/15 at 5:36 pm
Posted on 8/1/15 at 5:36 pm
Bad investment advice lives forever on the Internet
Gold predictions
Gold predictions
quote:
Unfortunately, you don’t hear much from the financial media about the historical evidence on forecasting accuracy because, as I have noted before, accountability would ruin the game and investors just might stop tuning in.
After all, the conclusion reached by the research project on Schiff’s forecasting record was: "If you followed Peter Schiff's advice about the housing bubble and gold you could have made a lot of money or at least saved yourself a lot of losses. On the other hand if you followed his other predictions you would have lost a lot of money. According to some of Schiff’s own clients, portfolios invested with Schiff were down anywhere from 40-70%."
2
Posted on 8/2/15 at 9:18 am to foshizzle
quote:Salesmen will sell.
On the other hand if you followed his other predictions you would have lost a lot of money. According to some of Schiff’s own clients, portfolios invested with Schiff were down anywhere from 40-70%.
It's amazing folks would not thoroughly examine past predictive accuracy before using a source for advise
Posted on 8/2/15 at 9:32 am to NC_Tigah
Yep. Lots of things (in politics too) seem to "just make sense" and people buy into them.
But as they saying goes, it ain't what you don't know that gets you into trouble, it's what you do know that just ain't so.
But as they saying goes, it ain't what you don't know that gets you into trouble, it's what you do know that just ain't so.
Posted on 8/2/15 at 2:57 pm to NC_Tigah
quote:
It's amazing folks would not thoroughly examine past predictive accuracy before using a source for advise
Other things seem to matter more to people when they're choosing "who to believe"
I once saw the claim made on this board that Schiff knew more than all the MB experts put together
ETA
quote:
Economics is such a bullshite soft science that you really shouldn't take any of the Money Talk "experts" serious on this topic.
Peter Schiff has forgotten more about economics than these "experts" have ever known, combined.
This post was edited on 8/2/15 at 2:59 pm
Posted on 8/2/15 at 3:02 pm to 90proofprofessional
2013? Damn man you dug deep for the one. Don't get me wrong, I think it's funny, but did wiki frick your wife or something?
Posted on 8/2/15 at 4:38 pm to 90proofprofessional
Nice find.
quote:... sez Wiki in 2013
That being said, Schiff has been predicting a pretty major crash for a few years now. And he's routinely laughed at for it.
Well, if you keep predicting a crash for long enough then eventually you'll be right of course. But we're still waiting.
The tried and true way for fund managers to make a killing is to loudly proclaim that you know something big is going to happen. Convince enough people to invest with you. Then hope it works out. If it does, you are filthy rich. If not, then meh.
Posted on 8/2/15 at 6:34 pm to foshizzle
This is a great thread with a phenomenal title. I'll be using some variation of that in the future.
Posted on 8/3/15 at 9:23 am to Spirit of Dunson
quote:
2013? Damn man you dug deep for the one. Don't get me wrong, I think it's funny, but did wiki frick your wife or something?
All you have to do is google the site for poster name and combination of words. The post in particular was so absurd that it landed in the group of most memorable posts I have ever seen, and it certainly did stick with me.
IMO, that particular phrase distills nearly-perfectly the views of a certain rabid, central bank-hating "school" of idiots that I have a particular disdain for. And that's despite the fact that I am more naturally sympathetic to Austrian-style ideology than most (if not all) others.
Posted on 8/3/15 at 9:27 am to TheHiddenFlask
quote:
This is a great thread with a phenomenal title. I'll be using some variation of that in the future.
Agree strongly, but I must admit that I don't want the word "guru" to go away. It's a great time-saver, an obvious red flag for "bullshitter of suspect standing" or "fake expert".
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