In the wake of falling stock and real-estate prices, the American economy is poised for a decade-long bear market, so says Peter Schiff. After he accurately predicted the current market turmoil, savvy investors should pay attention - and start protecting their assets now, before the markets take their toll.
The Little Book of Bull Moves in Bear Markets shows investors how to stay safe and stay liquid during economic downturns. Using economic history as a guide, Schiff looks at the bear markets that followed the bull markets of the 1920s and 1960s to predict what the American economy will look like after it corrects for the tech and real-estate bubbles of the 1990s and early 2000s.
Combining financial, economic, and political perspectives, Schiff looks at what worked in those earlier bear markets and predicts what strategies are most likely to work over the next 10 years. In the end, Schiff argues that the next decade will most closely resemble the 1970s, complete with inflation, rising interest rates, and soaring commodity prices. This reversal of trends will make past investment strategies obsolete and pose a challenge for investors trying to build and protect their wealth. Smart investing will always pay off; the key lies in using the best strategies for the market at hand.
For investors who see the writing on the wall but don't know what to do about it, The Little Book of Bull Moves in Bear Markets offers a timely, critical answer.
©2008 Peter D. Schiff; (P)2008 Gildan Media Corp
Schiff explains the financial situation facing all of us today and how best to deal with it. He takes into account, people at various stages of life: students contemplating education and career choices, mid-career people looking for shelter from the storm, and retirees who want the best possible lifestyle on fixed funds. It is an audio that could not be more relevant for today's global crisis.
I thought that this was a very good audible. The book contents were very useful and true for most part. There are some exagerations by Peter Schiff in this book, but I would definitely recommend this book as a read and I will hear this book again. Xlnt work Peter. However, I don't think the market is going to crash like he predicts. I also liked his recommendations in the book.
The book includes a sales pitch to buy commodities and foreign stocks through the author’s services. However, being bearish on the US economy, I’m surprised that the author was bullish on commodities. Commodities typically fall as the economy moves toward recession and typically rise as the economy strengthens. Thus the price reflects changes in supply and demand. For example, if the US unemployment rate rises from 5% to 9.5% then there are 4.5% of them that will have a different set of gasoline and heating oil needs.
Written in the summer of 2008, the book was written after the price of oil has climbed from closing at $58.51 on 2/17/2007 on its way to $145.29 on 7/3/2008 and later falling to $34.43 on 2/12/2009. Obviously from the above numbers the price of oil is very volatile and has the ability to affect inflation numbers as measured by the Consumer Price Index.
Also, some oil exporting countries benefited as the price of oil rose. These include Mexico, Brazil, Canada, and Norway. Likewise they fell as the price of oil fell.
Overall, the author contributed to my view of economics. The book includes numerous examples to help illustrate economic points. Many of these examples would be suitable for sound bites on TV.
The name of this book implies he will explain how to detect bull moves in a bear market. All he does is predict inflation, a decline in the US dollar, and a need to invest abroad in commodities like gold, etc. What else is new?
Say something about yourself!
Schiff's book will scare the s*** out of you concerning the future of the US economy. He paints a dire and convincing picture of what might happen in the next few years. But I think he places too much confidence in foreign country economies as safe havens for your money. His suggestions about gold, oil, and commodities make more sense to me.
But then when he tries to give concrete advice on how to invest, he begins suggesting exotic options that are not really approachable by a common investor. His advice in the latter half also seems to weaken my opinion about whether he is right or not.
Some good cautious ideas, but listen to others as well before you dig your financial bunker.
This book is proof that Keynesian economic thinking is poppy-cock and harmful, as Schiff was able to successfully predict the economic meltdown of 2008-2009 using his Austrian school of economics viewpoint. The only point I took away is that I would have much preferred to hear Peter Schiff narrate the book himself.
I am hooked on this way of analyzing the markets.
I wish I could get my brokers at Schwab and MS to read it and give me their opinions ... but they dont! Part of the circular problem. I'd suggest reading both of Peter's books and listening to his weekly website broadcasts.
No one can tell the future but Schiff does an excellent job of laying out the script for the play that Bernanke and The Feds are writing.
His grasp on the big picture and its results of the Feds moves, are no less than amazing.
I liked this book because I learned from it.
The reason I did not give 5 stars is because, at times, I felt that the book was an advertisement for the author, i.e., how his past predictions were realized and how he and his company were investing well.
I am glad that I listened to this book because the extremely detailed parts may have resulted in my not getting to the end, which I enjoyed.
Most importantly, I learned that the small role I play in my investments is sufficient. I don't think that I want to devote additional time and energy to my investment strategy.
This book had some great information (for that I give it three stars) but I kept getting annoyed with Schiff's bias. I have never been much of a doomsday believer, like stockpiling for Y2K.
If you had followed his advice when this book was written last summer, you would be just as poor as everyone else, since the commodities bubble or whatever you want to call it has done in six months what it took the stock market over a year to do. You could also follow his other advice, like expatriate to another country. Some of his recommendations are just not realistic for most people.
I do recommend you listen to this book but I could do without all the bias.
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