I have spent a lot of time on Peter Grandich’s Agoracom Blog ever since it was started in early 2009. Prior to that, it was the Grandich Letter; but there was a hiatus while Peter was very ill.
You have to remember, as is pointed out over there, that the blog is Peter’s and he can talk about whatever he wants to. He and his moderators are also free to edit or delete posts, which they have done to me several times.
Sometimes they delete a post if I have a reference to my site here, and that’s their prerogative. I certainly try to only drop a link there if I really think people might be interested in what I have said here. (and they are nofollow links anyway)
Other times the edit or deletion may just be because you aren’t exactly patting Peter on the back, and that’s Ok too. Again, it’s HIS site.
But I have a not so admired tendency to call them as I see them, and I respect those who point out my mistakes also – if done in a civil fashion, of course.
Let me just say that you can post what you want to here, and I will only edit or delete if non-family friendly content is used.
If you say something I think is wrong, I’ll leave it but respond with my version.
That said, this is my site and I can say what I want to here!
I think Peter Grandich is a great guy and has made some fantastic investment advice calls over the decades. His record since coming back from his illness has been particularly spot on, i.e., since this new Agoracom blog.
What seems to get people in trouble over there is when they ask about their portfolio of , yes speculative, stocks that Peter recommended – and typically companies who paid him to promote them – that plummeted 90% or more in last year’s crash and still are in the toilet.
Peter was unfortunate enough to have a severe illness. However, because of his illness, his wife apparently took over the family finances and has very little risk tolerance. She supposedly sold all of his holdings in these junior resource stocks at prices much higher than where they are now.
Peter said to sell all stocks, except precious metals related; I don’t think he specifically gave advice on uranium shares, but many of those have a gold component also. Hence, he sold, we held, we got killed.
Would have been a spectacular call if he would have said to sell EVERYTHING!
No problem in any of that.
BUT…
Recently he made a comment about having a great 2 year track record. One poster called him on this – politely – and mentioned that he should specify 1 year track record. I agree wholeheartedly.
Now, here’s part of the rub. Peter’s advice is free and we all know many of these companies (especially when it was the Grandich Letter) were paying him and offering him super option deals – which he disclosed.
So, sometimes free advice is worth what you pay for it, other times it’s great. Because of the litter from before the crash still in their portfolios at 90% + losses, many of Peter’s long time followers were not so quick to pile into his recommendations in early 2009.
Recommendations that turned out to be highly profitable, unfortunately for those who did not pile in.
I have 2 recommendations:
- To Peter, he should recognize this and give more updates on those old portfolio dregs; maybe even promote them a little even though he isn’t being paid. Acknowledge that the great reco’s have really been since the beginning of 2009, not 2 years.
- To Peter’s readers, maybe they need to pony up some cash for an investment newsletter that is independent of the companies recommended and that YES, it’s NOT FREE. Then, if the advice works out, renew your subscription. If not, cancel – and possibly get your money back if that is part of the deal.
I want the facts and I expect you do to, that’s why I wrote this post. I certainly am not slamming Peter Grandich or his advice, just clarifying some things based on what I know to be fact. And trying to help out those who may have discovered Peter only recently. It is for those people I fear as many seem to get the idea he can’t be wrong and invest (speculate) accordingly. He can be wrong, just like the rest of us.
Feel free to comment with your thoughts.
