Despite a heavy allocation to energy, Peter Schiff, CEO and Chief Global Strategist of Euro Pacific Capital, isn't worried about the tense situation in Egypt.
"Egypt isn't a big factor in what's happening in oil prices," Schiff said Friday from the Conservative Political Action Conference (CPAC) in Washington, D.C. "Other countries, specifically China and India, have a far greater impact. I'm watching developments because, if events there do in fact cause oil prices to rise, then I benefit. But I don't think it will happen."
As far as investment and capital inflow prospects for the country as a whole, Schiff says it's too early to tell.
"It could positively result in Democratic change, but we don't know a whole lot about Vice President Omar Suleiman," Schiff says. "If he responds to the protesters and makes the necessary changes, then great. But he could also be another Mubarak, just with a different name."
Egypt needs what everyone needs, he says, which is a liberalized economy with low unemployment and open markets.
"Despite the political situation, it's the only way for the country to experience any real continued success," he notes.
