HopsGuy Posted November 26, 2008 Share Posted November 26, 2008 I've increased my 401k contribution to buy up more stocks while they are lower. /fixed Link to comment Share on other sites More sharing options...
erynthered Posted November 26, 2008 Share Posted November 26, 2008 Just Chill'in. I'm just waiting for Obama to pay for gas in my car and pay my mortgage after inauguration. <Peggy> Link to comment Share on other sites More sharing options...
mead107 Posted November 27, 2008 Share Posted November 27, 2008 Down to drinking 2 buck chuck and buying lots of GE stock . I like AIG . Link to comment Share on other sites More sharing options...
John Adams Posted November 27, 2008 Share Posted November 27, 2008 I moved into a 1000sf house with 8 people and am awaiting the horseman. Link to comment Share on other sites More sharing options...
SDS Posted November 28, 2008 Share Posted November 28, 2008 Different things. I'm really just starting as I've been slowly working on getting my money out of other things so that Im losing what I have. I'm going with Euro Pac to invest in foreign markets, and also investing in metals when the prices are right. So, you are all in on Crash Proof then? I admit, the guy predicted some good things, but then after googling his name - I was reading some stuff that claims he may have been that lucky squirrel and he may not have a firm grasp on everything. Peter's investments haven't gone as well as he predicted. Perhaps those investments need more time? Link to comment Share on other sites More sharing options...
Acantha Posted November 28, 2008 Share Posted November 28, 2008 So, you are all in on Crash Proof then? I admit, the guy predicted some good things, but then after googling his name - I was reading some stuff that claims he may have been that lucky squirrel and he may not have a firm grasp on everything. Peter's investments haven't gone as well as he predicted. Perhaps those investments need more time? Yes, though because we share a favor of Austrian Economics, I've known about him and his ideas for some time. As far as his investments, they are all long term. He goes quite overboard trying to make it very clear that he is not trying to make his clients the quick buck, so if that's what they are looking for they should turn elsewhere. The reason I'm moving in his direction now as opposed to earlier is that I agree with him that the time is near that the world takes itself off the dollar standard. Once the rest of the world stops holding our dollars, our economy will literally crash, far worse than anything we have seen before (including the Great Depression). It may not be for another few years, or more, but I do think it's coming so I want to be ready now. If it doesn't happen, his long term investment strategy is still sound, and would be no worse than investing in an IRA (maybe a little less given a 20 year timeframe). The only real down side is that I"m paying him to manage my investments, instead of doing it myself and saving a the money. But at this point, the peace of mind it offers is well worth it for me. I can't really comment on what you read, since I'm not sure what it spoke of. I'm sure he was talked down due to not putting his clients into the bubble areas and making the lots of money at the time. But then again, his clients didn't lose either. Either way you look at it, he is constantly talked down to by other "economists", to the point of absurdity. I don't know if you've seen this, but if not, it's a great video. Listen to how the others on this panel talk to him and even LAUGH at him as he tries to explain what's going on. Then listen to the stock advice they give. http://www.youtube.com/watch?v=2I0QN-FYkpw Link to comment Share on other sites More sharing options...
SDS Posted November 28, 2008 Share Posted November 28, 2008 I can't really comment on what you read, since I'm not sure what it spoke of. I'm sure he was talked down due to not putting his clients into the bubble areas and making the lots of money at the time. But then again, his clients didn't lose either. Either way you look at it, he is constantly talked down to by other "economists", to the point of absurdity. I don't know if you've seen this, but if not, it's a great video. Listen to how the others on this panel talk to him and even LAUGH at him as he tries to explain what's going on. Then listen to the stock advice they give. http://www.youtube.com/watch?v=2I0QN-FYkpw I've watched it and it made me look into him for at least one night. The guy pretty much has me clutching the porcelain throne now. I know this is just random banter on a message board: http://www.tickerforum.org/cgi-ticker/akcs-www?post=69211 I don't know if these guys are right or wrong. I'm sure someone more knowledgeable can tell me. Link to comment Share on other sites More sharing options...
Acantha Posted November 28, 2008 Share Posted November 28, 2008 I've watched it and it made me look into him for at least one night. The guy pretty much has me clutching the porcelain throne now. I know this is just random banter on a message board: http://www.tickerforum.org/cgi-ticker/akcs-www?post=69211 I don't know if these guys are right or wrong. I'm sure someone more knowledgeable can tell me. I only read the first post (I will try to get to the thread at some point), and I can tell you that that poster has very little understanding of what Schiff is saying. That's not to say that he is dead wrong (I believe that he is, but there are of course varying opinions on the matter), just that his arguments against what PS is saying are extremely naive of the points that are being made. Honestly, there is just too much to go into in order to explain it all, but will say two things (neither of which will probably be much help): 1. When Schiff says that the rest of the world will be fine when they let America go because they will find other consumers, he is not implying that it everything will be sunshine and roses right away. If the dollar is dropped as the reserve currency and all those bad things happen, the rest of the world is going to tank...for a while. The difference between them and us, they are PRODUCING. They will continue to produce, and while everything is going to be crap for a while, they are in position to build themselves back up. And once they stop paying to ship their own goods to us (they buy our debt, and we use that money to buy their goods), they will be able to start selling that merchandise to their own people. Again, it's all a lot more complicated than I'm making it sound, which leads me to my next point. 2. If you are really interested in this stuff, I highly recommend reading Crash Proof...but this recommendation comes with a warning. Peter Schiff is obviously a business man, and this book is meant to draw business to his company. The last 3 chapters in the book are all about what kind of investments EuroPac can help you to get, etc... BUT, in order to get you to that point, the first 7 chapters are one of the most clearly written, concise, and accurate description of what exactly is going on in today's world economy, and how we have gotten to this point. I could give you a list of thick economics books with confusing jargon that if read together could give you all the same information without the commercial, but if you can ignore the points to EuroPac, Crash Proof is the best book I can recommend for a quick understanding. Again, HIGHLY recommended. And, once again, not everyone believes what Schiff does. But if you read that book, you will at least understand why HE believes what he does (and you'll be able to read that guys post and understand why he has no idea what he's talking about). Everyone has to make up their own minds about what's down the road, and I'm the last person in the world to give financial advice. I like economics... policies, sound money ideas...etc. But I really don't know much about stocks/investing. My economics reasoning is telling me that the world is about to get way more complicated, so I'm now letting someone else handle the stuff I'm stupid about. Link to comment Share on other sites More sharing options...
Acantha Posted November 28, 2008 Share Posted November 28, 2008 As I've read a little more, there's one more thing I want to add. Everyone there seems to think PS was wrong because the business cycle is currently under way and inflation has stopped (I haven't seen those exact words, but that's the jist). What they don't understand is that inflation hasn't stopped. I've said this before, but inflation is NOT the rise in costs. Rise in costs are the RESULT of inflation. Inflation is an increase in the money supply without an increase in production. Inflation is spending trillions of dollars that we do not have on bailouts. The fact that the inflation of the dollar is not currently coming from credit and loans to business and individuals means nothing in the long term. Short term, it means that the effects of the inflation are pushed off till a later time, when all the great thinkers who are doing this can look around and say, "must be the oil companies." And to straighten something out, Shiff, along with all the other Austrians, are at the front of the line screaming that if contraction and deflation were aloud to take place (like the market is desperately trying to do), then we could come out of this in a year or two in pretty decent shape. Yes it would be hard, but we wouldn't crash. The fact is, the government is not allowing that to happen. They are still trying to inflate and hold rates (prices, salaries, etc...) up. THAT is what is going cause the big fall. PS is only betting on that the government will continue on it's present path instead of letting the market work. If at any time Congress sits down and shuts up, all of PS warnings will be obsolete. Link to comment Share on other sites More sharing options...
John Adams Posted November 28, 2008 Share Posted November 28, 2008 Schiff must know what he's doing. His fund is up...wait...no wait. It's down 50% in a year just like everything else. Guess he really did know what to do in this market! HAHAHA. As to the dollar, remember some things Schiff isn't saying. The US isn't the only country printing money here. The Euro is also devalued and is not a likely new alternative. Also, people flee to the dollar not just because of its value but because the US still has massive natural resources, political stability, AND the best military. The dollar is a LOT safer than Schiff would have anyone believe. Still, in times of crises his "sky is falling" bob floats to the top of the news. (FWIW, I don't disagree with many of his criticisms; I just don't see his forecasts coming true and he certainly has no better idea where to put his money than anyone else.) Link to comment Share on other sites More sharing options...
HopsGuy Posted November 28, 2008 Share Posted November 28, 2008 Here's another perspective, this time on the treasuries bubble. Link to comment Share on other sites More sharing options...
Acantha Posted November 28, 2008 Share Posted November 28, 2008 Schiff must know what he's doing. His fund is up...wait...no wait. It's down 50% in a year just like everything else. Guess he really did know what to do in this market! HAHAHA. Again, he goes overboard telling his investers that his current investment strategy is based on long term results. It's based on a global economy change, and that takes time. If that's not what your looking for, it's obviously not what you should be investing in. Personally, I'm moving everything out of my long term investments (except for real estate) into his plan (and just like every other investment option out there, it's a gamble). I still have short term investments outside of this. And to reiterate, I'm not suggesting this to anyone else at all. Link to comment Share on other sites More sharing options...
/dev/null Posted November 29, 2008 Share Posted November 29, 2008 I've got more important things to worry about besides the economy Link to comment Share on other sites More sharing options...
DC Tom Posted November 29, 2008 Share Posted November 29, 2008 I don't worry abou the economy. I worry about my own finances. "The Economy" doesn't determine what I can and can't afford, or save - though it may determine how I save. Link to comment Share on other sites More sharing options...
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