This is going to be the first of a series of posts about Peter Schiff’s new book (well, it was new in 2008), The Little Book of Bull Moves in Bear Markets: How to Keep Your Portfolio Up When the Market is Down.
Peter D. Schiff is an independent market commentator, economic analyst, best-selling author, former economic advisor to Ron Paul and the CEO of Euro Pacific Capital. He has been speaking of a general U.S. dollar and market crash since about 2003-2004. These “predictions” (it’s hardly fortune-telling – these were the results of some simple bread-and-butter economic analysis) are gathered up in his now best-selling book Crash Proof: How To Profit From the Coming Economic Collapse (2006).
Since the publication of Crash Proof, and especially since the Lehman Brothers collapse in September 2008, Peter Schiff has been regularly invited as a guest on CNBC, Fox, CNN and other networks around the world (he’s appeared on Canada’s BNN twice). You can watch many of these interviews on YouTube under “PeterSchiffChannel.” Schiff also does a live, free, weekly radio broadcast where you can call in with questions and talk to him personally.
Myself, I started reading Peter Schiff’s commentary in about 2004, when I was also embroiled in the increasing gold-bug hype from James Turk and others, and also commentators such as Robert Kiyosaki, who were speaking of a different type of economic tsunami coming (the demographic problems starting in about 2012).
Peter Schiff’s analysis is aligned with those of Jim Rogers, Ron Paul and Marc Faber. These guys have the same basic interpretation of what’s going on, but they have different investing styles and like to emphasize different things. Jim Rogers and Marc Faber both see an irrevocable U.S. economic collapse and hence they’ve both moved to Asia – really walking their talk. For some reason, Peter Schiff doesn’t want to emigrate, even though he offers some advice on others who wish to do so.
Over the past six months or so, I’ve been following Schiff mostly on YouTube and through his radio commentaries, but just last week I decided to finally order his latest book. I thought that I’d present my thoughts on that book here, as well as recap its main points – in the spirit of sharing the information so you don’t have to go and buy the book yourself if you want. I won’t tell you absolutely everything though – I’ll leave some treats for those who do want to read it directly (just as you can’t really watch every movie just from reading a review about it). :)
So, my next post will begin commentary covering the first part of the book. Please add your own comments and thoughts on the book below if you’ve read it – or if you just have questions about anything Schiff is saying.
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I’m eager to take a look at this book the next time I head down to Barnes & Noble. The “Little Books” have generally been pretty enjoyable and we do need more commentary on how to profit in this slow grind of a bear market.
I’ll be picking this one up. I trust your judgement from the year or so of reading this blog. Lord knows that we needs ways and ideas. to get ahead in these tough times.
Thanks TAM – I have to say it’s worth it so far. I was concerned that maybe I’d have “heard it all” already from his interviews, but there are a couple of things already that I haven’t heard him discuss.
How many books you’ve “sold” via this post already ?:)
I read Crash Proof back when it was first released (free from the local library) and felt it was very valuable. My portfolio dropped just as much as everyone else’s, but I was better positioned to see greater gains now that things have creeped back to life. As a young investor (~2.5 years experience), I have learned a great deal of dynamics of both bull and bear markets and rolled some early punches into some moderate gains. I like investing in things that have intrinsic value (despite the fact that they may be “boring” sectors and investments) and letting time show the course in granting you returns.
Alex, that’s good that it enabled you to get a bigger picture on how your investments are working – that’s one of the benefits Schiff’s writing (and vlogs, etc.) has given me. Having the bigger picture helps ride out short-term surprises, too but also helps you invest according to long-term trends, and so, be better positioned, I think.