Why are you only going back 5 years?Originally Posted by LibertyIn08
Why are you only going back 5 years?
That's a fairly standard time frame for a firm that's only been around 7 years. I'm sure when the fund hits 10 years they'll have a 10 year track record.
That being said, that is also irrelevant as the linked document also contains a performance column for the fund since inception. It has beaten both indices over that length of time as well.
No because Schiff's investment strategy is based on the dollar collapsing.
Schiff's strategy is based on Austrian economics and the belief that US debt is going to cause the dollar to collapse. Shedlock is more of a Keynesian.
I'm confused by the large amount of anti Schiff comments coming from a Ron Paul site. You do realize that Schiff's investment strategy is about the same as Ron Paul's right?
Do you have proof of the "exorbitant fees"? I've never used his investment company but I have bought gold from his precious metals company. I paid 4% above spot for 1 ounce Canadian maple leafs, which is a pretty good deal.
That's cool of him. He used to do a segment on Charles Goyette's show. Mish should find another public forum because even when he's inaccurate, he's interesting.
My music/art page is here"government is the enemy of liberty"-RPThat which doesn't kill me has made a grave tactical error
Yes! My dad used his firm. They were extremely high near 3-4 % for canadian energy stocks. I tried as hard as I could to shift him away from it, but he go suckered in by Schiff's presentation and commentary. BTW, those commission rates are absurd. Just go check Interactive brokers foriegn stock market rates to see. On IB, the rate for canadian stocks is 1 penny per share! Schiff is a joke as far as being a moral business man. While I agree with most of his opinions on the economy, he is a self serving individual looking after himself before the people he serves.
Understanding how the economy works over the long term and being a good trader are two skill sets that have zero correlation with each other. You could be the best trader of all time (see Soros) and not understand basic economics. On the flip side there are almost no economists that make money in the markets.
Unfortunately they're not transparent on their site as to specific fees. (This is in and of itself a warning sign)
Thankfully there is plenty of anecdotal evidence for their fees:
For the vast majority of individual investors, this is a terrible deal. Doubly so if they're investing in his underperforming funds.
If it was "about the same" how come Ron has relatively outperformed the market while Schiff has underperformed both the hedge fund index and the broader market indices?
Further, Mish is not a Keynesian. He is most definitely an adherent of the Austrian school
Take a look at the post by Mish that set all of this off 3 years ago: http://globaleconomicanalysis.blogsp...was-wrong.html
Does this strike you as the writing of a Keynesian?
Regarding your broader point, again - it is irrelevant. I'd rather have a portfolio run by someone generating alpha over a very long run than someone running a portfolio that only performs well in a very long tail situation - especially when their track record doesn't indicate that they'd even outperform in that long tail situation.
Last edited by LibertyIn08; 12-06-2012 at 01:25 PM.
MISH has no credibility. He wrote an article attacking Peter Schiff by taking one account over a period of one year that was bad for miners and then used that to say he was "wrong" when infact that portfolio has recovered and is actually up right now despite MISH claiming it would take 20 years to recover. the portfolio in MISH's attack piece on Schiff recovered and are up within a few years.
Mish wrote the article and his firm brought in $50m in business. Peter said Mish's company manages $70m.
He attacked Schiff with a ridiculous article to smear him and gain business for his own firm. It brought in $50m but hardly anything since then. He is back to desperately attack Schiff and try and attract more business. The man has no credibility.
I asked the manager at Schiff's precious metals company (who I bought my gold from) to respond. Here is what he wrote:
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The transactional fees are slim with any online broker dealer. Sure, if an investor wants to do his own stock picking, he’ll just pay the transactional costs per trade.
EPC clients pay to get Peter’s market insights and investment recommendations and to work one-on-one with a broker who will tailor a portfolio that is suitable to each individual client. 3% is very standard within the brokerage industry.
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I did some research on this and found you are not comparing apples to apples. Schiff's firm is a full service broker dealing in foreign accounts so if you want to compare prices you need to make sure it's both a full service broker and you're buying foreign stocks.
Here is a price quote I found from another international full service broker recommened by Casey Research:
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Question : What is your commission structure?
Answer : We believe that our commissions are very competitive, especially in light of our specialized services. They generally fall somewhere between those of the “discount brokers” and the larger, full-service brokerage firms. In percentage terms, you can expect to pay somewhere between 1/2 percent and 3.5 percent depending on the price of the shares and the number of shares traded, subject to a minimum of $60 per trade. There is a minimum opening transaction requirement of $1,500. Additionally, there will be a $35 charge deducted from your account annually unless you make at least two trades per year or maintain a cash balance over $10,000. To receive a commission-rate quote on a specific transaction, please don’t hesitate to call and speak with a Global registered representative.
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So it would appear that 3-4% is within industry standards.
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