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The Little Book of Bull Moves in Bear Markets
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The Little Book of Bull Moves in Bear Markets

How to Keep Your Portfolio Up When the Market is Down

Peter D. Schiff
Wiley, 2008
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Editorial Rating

5

Qualities

  • Controversial
  • Eye Opening
  • Background

Recommendation

Author Peter D. Schiff explains how he positioned his clients when he saw the current bear market coming, and warns you about what he sees as the imminent collapse of the U.S. dollar and the U.S. economy. He recommends that readers get their money out of the U.S. market, invest abroad, and even consider emigrating altogether and opening a business in a BRIC country (Brazil, Russia, India and China). Schiff elaborates on the risk of living in an American city “with an inner-city population.” This short book full of breathlessly long sentences explains Schiff’s end-of-life-as-we-know-it investment philosophy, including why he thinks that playing the commodities markets by investing in futures is safer and sounder than trusting the U.S. government and financial structure. getAbstract recommends his book to readers who want to hear every point of view about the U.S. economy, including the very worst-case scenario. And even if the worst is occurring, says Schiff, you still have some investment options.

Summary

Bad News

The U.S. economy is falling apart. This is no mere cyclical downturn. This is the big one! Americans have loaded up on debt, spent beyond their means and lolled about in a fantasy world of imaginary wealth. Their government has betrayed them, especially the Federal Reserve. Now they must face the music. It won’t be pretty.

In the 1950s, the U.S. was an exporting nation with a positive trade balance. The manufacturing sector was healthy. Consumers were buying and the U.S. had real economic growth. The dollar was as good as gold. Alas, look at it now! The trade deficit is a sea of red ink. America imports far more than it exports and is the world’s biggest debtor. What happened? America stopped working hard, saving and facing facts. America became an unemployed playboy living on the tab. Well, one difference separates America and a playboy. America can print its own money. But the money it prints is worth less and less. The subprime crisis, the consumer credit meltdown, the airline industry’s trials – all are symptoms of America’s economic woes.

The government is fighting recession with economic stimulus packages, which means printing more money. In fact...

About the Author

Peter D. Schiff is the author of Crash Proof and president of Euro Pacific Capital, Inc.

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