Photo: AP Images
Jim Rogers started on Wall Street back in the 60s and went on to co-found the Quantum Fund with George Soros. Then he packed up and moved to Singapore, essentially shorting the west.
Now he’s heavily invested in agriculture, gold, and silver, and he is training his children to speak Mandarin because he thinks the balance of power is shifting to Asia.
Rogers never minces his words when he talks about investments, politics, and life in general.
We’ve put together 12 brilliant quotes from Rogers that every investor will find helpful.
Rogers thinks the U.S. has already had a lost decade in terms of the stock market, employment, or industrial production. He doesn't think the U.S. economy is picking up:
'There is apparently a bit of a housing recovery but that's not unusual when you have a collapse, there's always a rebound to some extent …manufacturing renaissance. Please are you kidding me? Yes things are up some but what manufacturing renaissance I mean most of the rest of the world is still running circles around us. I don't particularly like saying this since I'm an American citizen, American taxpayer, American voter but I have to face reality or I'll go bankrupt too. I was poor once, I didn't like it, I don't want to be poor again'.
Source: Business Insider
Rogers is not as optimistic on the other Asian giant, India. He believes the country needs to open up its retail market and make its currency convertible. He argues that politicians need to address the nation's problems now instead of pushing them into the future:
'India has a horrible economic system. Indian politicians are of course now talking the right concepts and are trying to implement them, but a lot goes wrong when they are put into practice and run up against the country's thoroughly anti-capitalist bureaucracy.'
Rogers said that early in his career as an investor, he assumed others knew more than he did, and he would try to mimic them. Over time, he found that when he disagreed with them, he ended up being right. So he began listening to himself over others.
Source: Investment U
Rogers may have moved to Singapore but he is still an American voter. Ahead of the elections he said he is voting the protest vote because neither president Obama nor Mitt Romney could save America.
'I don't want to waste my vote. If we keep voting for turkeys, they'll keep sending us turkeys. Why would you vote for these guys, they don't have a clue what's going on.'
Source: Business Insider
'At some times in history, the financials types have been in charge; at other times in history the people who produced real goods have been in charge. It's the way the world has always worked. The key of course is to figure out what's coming next and go there.'
Myanmar, according to Rogers, has an attractive small stock market and few public companies that are still being developed. This is a long bet for Rogers who said that if people find a way to invest in Myanmar now, they will be rich over the next 20 - 40 years.
Explaining that ridiculous ideas work well for contrarian investors, Rogers said that he sees bubbles everywhere including American tertiary educations and European football teams. But that he doesn't know a way to short either of those. Instead he is going to short the U.S. government bond market.
Source: Investment U
Rogers has long been critical of Fed Reserve chairman Ben Bernanke and quantitative easing:
'Dr. Bernanke unfortunately does not understand economics, he does not understand currencies, he does not understand finance. His whole intellectual career has been based on the study of printing money.'
Rogers is so bullish on China he believes that educating his daughters about China is the best thing he could do for them. He has bought them DVDs in Chinese, and has even hired a Chinese nanny so they can master Mandarin. Rogers has repeatedly said that he thinks the future is in China.
Source: Credit Suisse
Rogers owns gold and isn't looking to sell it now. He has also said that he wouldn't buy gold at these prices, but that he would be more interested if prices fell below the $1,600 per ounce mark. He does however think it is due for a correction because gold prices have been up 11 years in a row:
'It will end in a bubble when this is over. The way bull markets work is they go up and up and then by the end they turn into a bubble and that will happen to gold.
…That could be five years, 18 years or six years.'
Rogers was shocked at the fuss over the U.S. downgrade, which he didn't think it was newsworthy:
'I know you have to report, you've got a lot of viewers. This isn't even old news. This is not news. Everybody in the markets knew this. Markets aren't going down because of this. Markets are going down for many fundamental reasons. America's got staggering problems, Europe has problems, China is slowing down.'
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