written by reader Is Porter Stansberry a fraud?

By captshnuff, January 21, 2014

I believe, and have long believed, that Porter Stansberry is a blatant, scare-mongering fraud. I’m surprised, Travis, that you even include his oft-wacky meanderings. Google ”porter stansberry fraud” and it might make one wonder…

This is a discussion topic or guest posting submitted by a Stock Gumshoe reader. The content has not been edited or reviewed by Stock Gumshoe, and any opinions expressed are those of the author alone.

guest

12345

This site uses Akismet to reduce spam. Learn how your comment data is processed.

25 Comments
Inline Feedbacks
View all comments
Travis Johnson, Stock Gumshoe
January 21, 2014 2:36 pm

We delight in covering the wacky. The more often wacky and the more ridiculous the promise or the “secret”, the better.

Porter’s organization is bigger than most and they have pushed the envelope on hype-y “secret” teaser pitches more than most (Porter says his firm invented the “video presentation” ad that so plagues us today, among other things), and the SEC did get a fraud conviction against Porter and his firm based on a 2003 teaser pitch in which he apparently claimed insider info and sold a report based on that insider info (the source, I think it was at USEC, said it had given him no such info, which seems to have been a key). In terms of his current advertising, I wouldn’t say that it appears to me to be particularly bad or different in the universe of newsletter pitches — I think all the newsletter publishers of any size are now far more careful about the promises they make, with more qualifiers and “maybes” and “should” and “might not work for you” language, they tend to follow the same script and, probably, get advice from the same lawyers.

👍 17260
ronmador
Irregular
ronmador
April 11, 2014 10:38 pm

Travis, You may be interested in my most recent experience with S&A. I’ve been a subscriber to the SIA for more than three years, primarily interested in keeping abreast of Porter’s unique and mostly interesting assessment of the markets, etc. As you alluded to, his firm markets their products most aggressively. After being deluged with an incessant number of emails (at least a dozen or more) soliciting one of their more expensive services (which frankly I could not implement anyway because it requires selling puts which is denied me in my accounts), but even more egregious, being personally ridiculed for not taking advantage of their offer, I complained to Stansberry Research in rather strong terms. Their response was to cancel outright my subscription to SIA and refund the unused balance (about 10 months). I know that they are a large outfit and I’m small potatoes, but I still find this a strange way to do business; or more accurately, an incredibly arrogant way to do business. So, anyone who currently has subcriptions or is considering subscribing may want to reconsider the arrogance in advertising and their subscriber retention practices before committing any funds to this publishing behemoth, which apparently cares very little about the little guy. So I will have absolutely nothing kind to say about nor to do with Stansberry & Associates and would recommend a similar approach to everyone else. And Please, don’t encourage them with a subscription!

Add a Topic
5721
👍 5
Travis Johnson, Stock Gumshoe
April 12, 2014 9:08 am
Reply to  ronmador

Thanks Ronald — like most places I imagine it’s a bit of an echo chamber at S&A, part of their shtick is that they’re arrogant because they’re right (and indeed, part of Porter’s specific ad spiel in the past is that you should subscribe even though he’s an as***le. He’s a fine guy in person when I’ve met him, though he certainly cultivates the arrogant air.)

👍 17260
james
Guest
james
March 21, 2015 5:06 pm

What about his 2011 predictions of Germany leaving EU, dollar losing reserve status and advising to go 50/50 cash gold ?

Add a Topic
210
sct2ali
Irregular
sct2ali
March 21, 2015 8:06 pm
Reply to  james

Well, the “interesting” thing about all the various newsletter writers and their advertising hacks – at Stansberry & Associates, Oxford Club (for their “premium services”), Angel Publishing, etc – is that they NEVER seem to own up to it when their grand predictions don’t pan out. It’s simply part of the “industry”…they just come up with more and “grander” ones. I forget what Porter’s “grand apocalyptic certainty” was for last July – but never happened. Never stopped him for a second. (It seems that Baltimore is home to a huge percentage of the loudest hyper shouters – don’t know if they are all offshoots of Agora, or something about Baltimore just attracts a certain type of “business.”) The old line “buyer beware” is especially appropriate here.

Add a Topic
366
Add a Topic
1362
Add a Topic
6137
👍 167
bette
Member
bette
January 21, 2014 10:08 pm
Reply to  captshnuff

Right on Travis! I am Canadian eh so I trusted him a bit too long. Don’t waste your time reading any of his crap.

advantedges
Irregular
advantedges
January 22, 2014 3:03 pm

So, what is the lesson for those who have followed Stansberry or Rush Limbaugh or any number of wacky politicians (can you say the name of the Mayor of Toronto without laughing?)? Clearly, unless there is a major correction in the US Market combined with a rapid rise in gold/silver, Stansberry may very well be more than a wacko: He may have lost “his” investors millions of dollars (both in real and opportunity costs). If the market was up @ 30% last year, and gold was down 25%, that is clearly a net loss of @45- 55% depending on the timing of the investments. If Stansberry was a Hedge Fund, he would have had outflows to close his operation by now. If he was a brokerage, there probably would be investigations and lawsuits. Is he a Wolf on Wall Street? Only if his trades never comes back. Apparently, Stansberry Investments is now recommending stocks and other instruments, trying to save face. The lesson learned by anyone who got caught up in this negative publication which preyed on the naive and uninformed based on political agenda is clear = do not mix politics with investing. It is a no win situation.

Add a Topic
210
👍 114
Ted Z
Guest
Ted Z
December 2, 2019 12:48 pm
Reply to  advantedges

don’t deal with this crook……