A concerned new investor recently posted on Reddit’s r/investingforbeginners, asking if it’s really “safe to invest in right now.” The reason? Warnings from Peter Schiff and Michael Burry about a potential stock market crash next year.
Schiff is a longtime gold advocate known for predicting the 2008 financial crisis. Burry is the former hedge fund manager made famous by “The Big Short” movie for betting against the housing market in 2008.
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The Reddit thread quickly filled with replies from more experienced investors, many of whom weren’t impressed by the track records of Schiff or Burry since 2008.
“Peter Schiff has called 58 of the past 3 bear markets,” one person joked. Another chimed in, “He’s like the Cramer of calling bear markets,” referring to CNBC host Jim Cramer.
Schiff was labeled a “permabear” and accused of using fear to promote his gold investments. As one person put it, “Schiff is always predicting crashes because he is always shilling his gold funds.”
Burry didn’t escape criticism either. “He ONLY predicts crashes,” one commenter said. “He’s been calling for a crash for years. It means nothing.”
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Despite the scary headlines, nearly every seasoned investor in the thread advised newcomers to stay the course and keep investing.
“Dollar cost average and relax,” one person said. “Put a little in when it’s high, and put more in when it’s dipped. I contribute every check, that’s what matters most for me.”
Many echoed a well-known investing mantra: “Time in the market beats timing the market.”
One of the most upvoted replies encouraged a long-term view: “If you’re young – under 30, and are planning to live beyond your 60s, invest, and stay invested. Keep buying, and only sell if you lose conviction in your picks.”
Even if a crash happens, it’s not the end of the world. “If we have a crash, then we have a crash. It goes with the turf,” a commenter said. “The crashes are like a sale at the grocery store.”
Another veteran investor said they had been through the tech bubble, the housing crash, and COVID, and still came out ahead by staying invested.
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