Peter Schiff challenges Porter Stansberry (Please read full description before viewing)

Peter vs. Porter: Peter exposes the real story behind Porter Stansberry's "predictions" - The Peter Schiff Show - www.SchiffRadio.com - 5/26/2011 While Porter has in fact made several good calls throughout his career, including calls on Fannie, Freddie, and GM, a review of his newsletters from Jan. 2006 to Dec. 2008 contradicts his claim that he predicted the financial crisis of 2008 as far back as 2006. NOTE in this video I comment on Porter's buy recommendation of Markel in Oct. 2007 as indicative of his not seeing this crisis coming. However I neglected to give him credit for selling this position in Aug of 2008, just prior to the collapse. This indicates to me that Porter was more concerned about a looming financial crisis at that time than I gave him credit for. While a more thorough review of Porter's newsletter from 2006 -2008 confirms that while Porter did not see the financial crisis coming in 2006 or 2007, it also reveals that by April of 2008, he had a far greater appreciation of the implication of what was happening than I originally believed. He took action to mitigate future losses and demonstrated a solid understanding of the dire long-term consequences that would result from government bailouts and Fed stimulus. I also grossly underestimated the number of views his video received. According to Porter, it was viewed by over 10 million people. The video I referenced was posted by a third party, which had disabled the comments.

Category:

News & Politics

[72tortoise]

sadly schiffy, porter stansberry has, in my opinion 2000% more credibility than you do! aren't you running for office of some description...hmmmmm? also a little bit mischievous to suggest that people lost 80% on MBIA. i think you'll find that he suggests a "trailing stop" and not a "stop loss" as you mentioned, and that's for all recomendations. oh and b.t.w, you forgot to mention that he said GM would go broke as well.....you must have missed that one..sounding more like a politician everyday?

[SchiffReport]

@72tortoise  I mentioned his GM call on my show yesterday. I also mentioned that according to his newsletter, he was stopped out of that trade with a 16% loss. However, the call was good, as I had made the same call myself years earlier. Timing of course is always a problem. However, I did not mention this call in this video as I did not think it was relevant to predicting the financial crisis of 2008. I also mentioned the 25% stop loss on MBIA.

[qualm43]

Well peter, what was your percentage gain during 2008 if you were predicting the crash?

[SchiffReport]

@qualm43 We lost money for most clients in 2008, just like Porter. My problem was that in addition to a financial collapse I also predicted a dollar collapse, and invested based on that premise. The dollar rose in 2008, but has fallen ever since. It hit a record low against the Swiss franc Friday. The difference between Porter and I is that I was at least preparing for a financial crisis. Plus while I admit I lost money in 2008, Porter falsely claims to have profited.

[meldridge1980]

Death to porter!!

[Quickdraw1111]

Whatever happened to Porter Stansberry's prediction that, by the end of 2011, there would be rioting in the streets and all kinds of terrible things happening? Well, 2011 has come and gone and I haven't seen any of Stansberry's predictions come true.

With the marxist president we have and the other liberals in charge of our government, I'm not saying those terrible things will never happen, but I AM saying that it DID NOT happen in 2011 as Stansberry said it would.

[mfatah281]

Any idea where I can find Michael Burry? He's the real deal!



[TWSceptic]

@VICSWEB1 If you have nothing useful to say, just STFU ok?

[TWSceptic]

@72tortoise STFU arrogant prick.

[fuxoffyo]

Jumping on the Porter bandwagon. Yes, Porter is a hack. He was exposed in detail by Mike Stathis earlier this year.

Instead of wanting to debate a hack like Stansberry, why don't you AT LEAST debate a REAL financial expert who did not lose money in 2008 and beyond.

I know you are familiar with Mike Stathis since you both were contributors on the same Financial Site at one time. He may have the World's Best Track Record, but that shouldn't stop you from wanting to debate "experts."

[VICSWEB1]

your all crooks. porter, you, alex jones, rense, gary north art bell etc etc

[gfy2k1]

Thank you sir! And Ron Paul was the one warning of the coming bust of the real estate market back in 02. And the next bubble to burst will be the education bubble as students struggle to pay back loans as jobs become thinner and thinner.

[ThePhiloso4]

I don't trust any of these long nosed fucks

[jc64765]

I have to say that I didn't watch the video after following the instructions to read the description first. I must say that I am impressed and happy to see that Schiff admitted his mistakes and owned up to them in a straight-forward manner. People in general (on the Internet and in real life) should learn and imitate this type of honesty and integrity. My hat is off to you, sir.