I've watched these econmists, bankers, and politicians spin these complicated versions of truth and what will happen. I've read and read and read about deflation, inflation, and monetary policy. I'm a reasonably intelligent guy, and it's still hard to decide what to make of it all. I don't know about Schiff's analogy, whether it necessarily holds true or not. We all know that in the last crash, his investment decisions weren't vastly superior to others with opposing views.

The trouble with markets today is that everyone has one foot out the door. In that environment, it's shoot first, ask questions later, since no one knows how much exposure the other guy has, or where the next forced liquidation is coming from. This is a general problem- not specific to Schiff alone - however, the problem with naming your fund after your investment thesis is you have to change the name in order to change thesis. The lesson here is to avoid specific themes and focus on the bigger picture, leaving yourself the flexibility to change course without alienating your investors.

ebear