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While dead right on some items, Schiff appears to have been quite wrong on:

- advocated in May to invest in ex-US stocks. Europe, Asia have declined as much or more than US.

- wrong on oil, commodities and gold (so far).

My view is that we clearly had some bubbles in US and ex-US real estate, consumption, emerging markets. Over consumption in the US played a key role in this. However one benefit of the whole process was there has been creation of incredible economies in countries such as China, India and elsewhere. These economies are now slowing, but the basic seeds have been planted. These economies will rise again as will global growth. Excesses occur in capitalism and the correction of these is painful. But there can be benefits even from excess. If the US had not overconsumed, the rise of Asia might have been delayed by many years...

Long term ownership in common stocks (US and ex-US) bought at reasonable prices is still the best investment.

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