Personal Finance

Is this guy legit or not so much when predicting the crash.

  • Last Updated:
  • Jan 24th, 2023 2:31 am
Sr. Member
Nov 30, 2018
606 posts
629 upvotes
Toronto, ON
But what if he is correct? Don't go around crying that he didn't warn you.
I have stocked up on enough tuna, canned beans and other non-perishable food items to last my family of 5 for 9 months.
Deal Guru
Feb 9, 2006
13007 posts
7797 upvotes
Brampton
There will never be a crash like 1929 even again. This is for sure. Barring factors like the US going thru another Civil war.

You know how we know? The government has QE'd at least twice already in the last 15 years. The 2008 crash should have put America and the interlinked economies of the world in to the ground dead dead but instead that just ended up being a forced bottom and created the longest bull market in recent history.

All these billionaires are out saying it's going to be horrible the crash is coming it's coming. The End is nigh. etc etc. Creating all this FUD. Why?
Do you think they give 2 cents about the middle class etc?

Follow the money. They're shorting everything right now or before because indicators say to and they need things to crash so they win. When things are at their worse they'll paint a rosy picture because they've gone long. That decade plus bull run actually hurt them because they've gone short a couple times and were burnt when the market just busted to new ATHs. But don't feel too bad for them interest rates were super low.

It doesn't even take a conspiracy theorist for this level of crazy.
Take the comical tracking of Pelosi's trading positions.
Look at how Hedge funds had been performing in the last decade. Without volatility they had nothing to hedge. They could barely beat the S&P500 for periods.
Newbie
Jan 31, 2010
65 posts
44 upvotes
If you are making financial decisions around free financial advice and analysis that should make you stop and think carefully about conflicts of interest, biases, and applicability. You are probably the product.

In many cases these people are pumping or shorting whatever subject they are discussing and you are the bag holder.
Deal Fanatic
Jan 21, 2018
7835 posts
8528 upvotes
Vancouver
cowofwar wrote: If you are making financial decisions around free financial advice and analysis that should make you stop and think carefully about conflicts of interest, biases, and applicability. You are probably the product.

In many cases these people are pumping or shorting whatever subject they are discussing and you are the bag holder.
It's not enough just to avoid free advice - paid advisors can also be biased. What you need is independent advice. That's hard to find.

After the 2008 sub-prime mortgage collapse it was revealed that major investment firms were advising their paying clients to buy the junk securities they were holding while at the same time they were desperately trying to get rid of them. Needless to say, the firms and the advisors involved escaped prosecution for this illegal practice.
Deal Addict
User avatar
Dec 13, 2016
4330 posts
3848 upvotes
I really can't stand that guy.

And the posters who recommend his book.
Deal Addict
Oct 18, 2014
3841 posts
3706 upvotes
Oakville, ON
Be greedy when others are fearful
Deal Addict
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Jul 13, 2014
4974 posts
2608 upvotes
Parry Sound
mrfrugal83 wrote: Be greedy when others are fearful
Very much this.

The best time to enter the market is ASAP (time in the market > timing the market)

The next best time is when everyone is talking about a crash.

I don't understand these "buy high, sell low" types. What sense does that make?

The only time I'd suggest you not invest throughout this year is if you believe the market will never recover, or you know of a better investment.

Also, this guy is a tool and his book is overrated.
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Jul 13, 2014
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Parry Sound
Fksdom wrote: But what if he is correct? Don't go around crying that he didn't warn you.
I have stocked up on enough tuna, canned beans and other non-perishable food items to last my family of 5 for 9 months.
Only 5 to 9 months? Good luck! I have non perishables to last 5 years in my underground nuke proof bunker.
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Deal Addict
Oct 18, 2014
3841 posts
3706 upvotes
Oakville, ON
MayorOfToronto wrote: Very much this.

The best time to enter the market is ASAP (time in the market > timing the market)

The next best time is when everyone is talking about a crash.

I don't understand these "buy high, sell low" types. What sense does that make?

The only time I'd suggest you not invest throughout this year is if you believe the market will never recover, or you know of a better investment.

Also, this guy is a tool and his book is overrated.
Yes but also try to dollar cost average down … increases your stake while minimizing risk. Agreed he is a tool though he gives horrible financial advice and he promotes indebtedness while raking it in on his book. If it were that simple he wouldn’t have to keep on pushing his book. Complete huckster.
[OP]
Member
Dec 8, 2020
421 posts
175 upvotes
Bc canada
jeff1970 wrote: Whatever the majority of experts are saying, expect the opposite. That's the only thing I have learned on this planet when it comes to finance.

Also, listen to what your gut says. I did, last November, when I ask my bank to renew early. I could, but by only 3 months (so I had to wait until January). Whatever the case, experts and my banker were telling me that variable was the best option, which I firmly declined. Just had a sense things would sour from that standpoint before my renewal. And they did. I am now a good 3% lower than any variable out there.

Same! Everyone said variable. Glad stuck with the fixed too.
Deal Addict
May 15, 2013
1972 posts
593 upvotes
Montreal
Scote64 wrote:

Economists are great at explaining what's happening, but have unfortunately proven pretty much useless at predicting what will happen.
In fact, Economists are the experts explaining why what they predicted didn't happen.
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Jan 11, 2020
4218 posts
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primordialSingularit…
BiegeToyota wrote: I really can't stand that guy.

And the posters who recommend his book.
You one of those hate the artist hate the art kinda guy?

Granted, there are still lots of things wrong with Kiyosaki's work, but you can fish out what is beneficial and what advice is there to ruin you by hooking you into his MLM seminars...

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