Update: Andrew Schiff Responds to Mish Attack

by | Jan 28, 2009 | Peter Schiff

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    Jay Hancock of the Baltimore Sun contacted Andrew Schiff of Euro Pacific Capital. Andrew Schiff, brother of well known trend forecaster Peter Schiff, recommends that readers consider Mike Shedlock’s reasons for his attacks against Euro Pacific and the time frame which Mike Shedlock detailed in his analysis:

    It is disappointing that you would choose to raise the profile on Mr. Shedlock’s attack on our firm. In particular, his posting on Market Oracle is primarily an attempt to attract business to his own firm (Sitka Capital Management), by bashing a much larger and better known firm. However, the strategies employed by the two firms are completely different and make a direct comparison useless.

    While it is true, that our accounts have suffered badly in 2008, a fact that we have never disputed or ran from, his estimates for the size our of typical client losses are exaggerated and unfair. We have thousands of clients, and since all of our accounts are run individually, holding up the performance of one client is not representative of our firm as a whole. In choosing to characterize our performance he considers only that time frame which he knows was the worst period for our clients. The biggest impediment to our performance in 2008 has been the rally in the dollar, which we did not predict. However, we believe that the rally is as illogical as it is transitory. We still believe that for many fundamental reasons the dollar will fall dramatically. Shedlocks’ criticism is similar to jabs peter got in 2005 when housing market experts were ridiculing him for making gloomy predictions about home prices which at that point were still strong. It didn’t mean that he was wrong then about a housing bubble.

    Read the Full Article and User Comments Here

    Thanks to RattleSnake, at the Kitco Forums for updating us on this story.


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