1/
Influencers like Michael Burry and Peter Schiff are known for being promoted by the mainstream financial media for the calls they made.
In this we look at how things really are.
1/
Influencers like Michael Burry and Peter Schiff are known for being promoted by the mainstream financial media for the calls they made.
In this we look at how things really are.
2/ Burry is known for being the basis of The Big Short. He made a call on the housing market that paid off big time. As show in the film, he went counter to what the market believed.
3/ He was right on that one obviously. This is something that can be espoused.
The problem is he wasn't always right.
4/ Burry recently took a bath shorting Tesla. He remained short long after the market went against him. He ended up closing his position, down a great deal.
5/ Peter Schiff is a noted gold bug and touted as "calling the Great Recession". Whether he did is up for debate. Schiff is an example of if you say something long enough, it could come true.
6/ The problem is Schiff always touts the same line, no matter the market. This is not forecasting but akin to selling used cars. All markets go up and down. To say something is only going up is misleading.
7/ Schiff made a bold $5K gold price back in 2011. He said stocks were overpriced and going to collapse (he always says that). Sadly, we are not even half way there while the stock market has exploded.
8/ This is the problem with the "experts" as touted by the media. Even if they made a good call, all the missed calls are ignored. This costs people money.
9/ While most are aware of Burry's call on housing, how many knew he got crushed shorting Tesla? Conveniently this is not mentioned when he is introduced on the talk shows on CNBC and others.