Peter Shiff, Have you by any chance ever heard of a small company named AMAZON...?
You probably know who Peter Shiff is: The guy who likes to point out everywhere he can that he was right predicting the housing crisis, the dollar's collapse, the boom in gold, the end of the world, etc.
He basically was doing the same in this interview here, in which he's talking about him being right about the internet stocks and how he knew this internet buying/selling of goods will never take off (He even went so far compared internet commerce with Spiegel catalogs).
Well. Mr. Shiff, I can't speak for others, but I buy tons of stuff "on the internet" (billions in Amazon's sales say I'm not the only one buying), do banking and pay billes online, watch TV and movies online, communicate with friends and customers over the internet,... (and all of this most of the time on my phone).
Please read now what Mr. ALWAYS RIGHT had to say about the internet just 3 years ago (in 2009):
"Everybody seemed to be living in this new era, and the Internet had captured everybody's imagination. To me, I couldn't see the difference between the Internet, really, and a catalog or a telephone.
People were saying that everybody's going to buy everything on the Internet. Why? Why aren't people just shopping by telephone? Or why aren't they just buying everything in a Spiegel catalog? It didn't seem that it was any different.
And I knew that the valuations they were putting on a lot of these companies, I knew they'd come out with a company, maybe it'd be Doorknobs.com, or whatever it was.
And you'd say, "Well, gee, even if they sold every doorknob in the world, they couldn't possibly be worth the multiples that they're trading at." And of course they didn't even make any money selling them.
And the whole idea behind so much of the e-commerce was just nonsense. The idea that it was more cost effective to individually FedEx items to people, as opposed to letting them show up and buy them and put them in their cars and leave. There's no way."
So is Mr. Shiff really so right about everything as he thinks he is (and as many here on CAPS believe)?
My answer is in the ticker symbols above...