Hilarious video of bearish Peter Schiff on various talk shows in the past few years getting laughed at by his peers:
Somewhere around the middle of the clip there were a few stock recommendations. Ben Stein recommended buying Merrill Lynch when it was trading at $76.01. It’s now trading at $8.34. Someone else said Goldman Sachs is cheap and recommended buying it at $175. It’s now trading at $53.31. Ballsy Peter Schiff countered those recommendations with “Stay away from the financials. They’re toxic. They’re not cheap, they’re expensive. You think they’re at low P/Es? They have no earnings. Their earnings are going to disappear.”
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Not just another (Canadian) financial blog… and maybe the oldest Canadian financial blog???
Excellent compilation showing how little most “talking heads” know about the financial situation this country has been led into by the greedy in control. Something my dad said, years ago, that has stuck in my head is that “The only kind of stock that I am interested in is the four legged kind”. God save us from all the bailouts, now underway.
I am a new blogger which has given me appreciation of what others do with their blogs. I just wanted to say good work and although our sites are not really related if you want to swap blogrole links I would be interested.
Wonder if Ben Stein still owns all that Merrill Lynch stock he was so crazy about?