Being Right Isn’t The Same As Making Money

Peter Schiff has been hailed by many as a genius, but do his investors agree?

Here is a great YouTube homage to Peter Schiff, which shows him being repeatedly right about what has happened in the economy over the last year:

There they are literally laughing at him as he repeatedly gets it just about spot-on regarding the macroeconomic state of affairs and outlook for the global economy, for the dollar, for commodities, for real estate, for financials. It’s a stunning demonstration of insight or luck. As the charismatic Schiff underscores, if you stay with your points long enough, at some point you’ll be hailed as a genius.

I actually happen to believe that Schiff is incredibly intelligent and right in many things. Investing, it seems, is not one of them, though. As markets repeatedly demonstrate, they can stay irrational much longer than you can stay solvent.

Schiff’s investing tends more toward the speculative than to the scientifically risk-controlled, based on his views, and the result for investors has been a brutal drubbing over the last year, mainly based on a big, big bet against the dollar, which is only now beginning to pan out (I guess Peter did not factor de-leveraging or psychological safe-haven-seeking into his theory).

So, once again, it’s good to be aware, but it’s even better to hedge your bets.

  • Luke Handt

    Luke Handt is a seasoned cryptocurrency investor and advisor with over 7 years of experience in the blockchain and digital asset space. His passion for crypto began while studying computer science and economics at Stanford University in the early 2010s.

    Since 2016, Luke has been an active cryptocurrency trader, strategically investing in major coins as well as up-and-coming altcoins. He is knowledgeable about advanced crypto trading strategies, market analysis, and the nuances of blockchain protocols.

    In addition to managing his own crypto portfolio, Luke shares his expertise with others as a crypto writer and analyst for leading finance publications. He enjoys educating retail traders about digital assets and is a sought-after voice at fintech conferences worldwide.

    When he's not glued to price charts or researching promising new projects, Luke enjoys surfing, travel, and fine wine. He currently resides in Newport Beach, California where he continues to follow crypto markets closely and connect with other industry leaders.