Note:  I do not know Mish and only began reading his Blog 10 days ago.  While I find him an ‘interesting commentator’ I read his articles with a healthy skepticism – an approach I bring to everything I read.

An article titled ‘Peter Schiff Answers His Critics’ is posted today on Seeking Alpha – click here.  It is 4 printed pages of highly defensive rebuttal to the ‘Mish Post’ I commented on earier on this Blog – click here.  The Press (notably the Wall Street Journal) and others have commented extensively on Mish’s Post.  The publicity Mish’s Post has received may be the reason Schiff deals, in my view, on a low and unbecoming level in his current article – I say it doesn’t ‘look good on him’.  He begins the article (not naming Mish) referring to Mish as “a very small money manager (attempting) to use his popular financial blog to promote his fledgling business”.  Schiff goes on to say:  “To achieve his ends, this individual has distorted much of what I have been saying and writing, and has twisted the facts to support his own preconceived conclusion. In essence, his piece is nothing more than an overt advertisement (and a highly deceptive one at that) to use my popularity to advance his career.”

Schiff has not taken the ‘high road’.  He clearly is entitled to rebut Mish’s views.  He should have done just that in an impersonal and logical manner.  For me, who has bought and read Schiff’s books, his approach degrades him, not Mish.

I have written several technical books on Business Valuation.  These books are used by most senior litigators and valuation experts in Canada, and are frequently referenced by Canadian Courts.  I say that, not because I talk about those books often –I don’t and have no ego need to – but to give some context and credibility to my following comments.  I have found that many authors write out of ego need to be recognized.  The best ones write because they have something to say in circumstances where they are more interested in helping their readers than helping themselves.  I don’t know Schiff, but his ‘low road’ ‘personal attack’ approach to dealing with Mish’s criticism doesn’t impress me one bit.  In my view he either should have said nothing, or should have written a ‘high road’ carefully thought out rebuttal that would (done properly) have added to his existing work.  I don’t see him having done that.

Read Schiff’s article by clicking here, and commenting if you wish on whether you think I have the foregoing right.

The views expressed in this Post are those of the author. They are offered to readers for information and general guidance only. They are neither intended to, nor should be taken to, constitute economic or investment advice. No check of data underlying articles or comments referenced herein has been made, and no responsibility is taken for them.  See Legal Disclaimer.

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