If it hits the global economy like SARS did 5 or 6 years ago, this will be a disaster. As you remember, Asia closed down for about 6 months.
People did not go to school, did not go to work, they would not ride the bus, they wouldn`t get on airplanes. This can be a real, real disaster at a time the world economy is already weak anyway.
April 29, 2009
Latest Bloomberg Video Interview, April 2009
Jim Rogers discusses the swine flu impact on the economy. If it is as bad as was in Asia with SARS it will be a disaster.
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim trades and tracks commodities, stocks, futures and interest rates all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a Bull in China, a book about the chinese stock market.
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim trades and tracks commodities, stocks, futures and interest rates all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a Bull in China, a book about the chinese stock market.
April 28, 2009
Interview With Time Magazine (28 April 2009)
As co-founder (with George Soros) of the hugely successful Quantum Fund, investment guru Jim Rogers had made enough money by 1980 to retire at age 37. Since then, he has spent his time jaunting around the world, writing books on his travels and investment advice with names like Adventure Capitalism and Investment Biker. In 2007 he moved to Singapore to get a front-row seat at Asia's economic boom and also saw the launch of tradeable securities tied to a commodities index he created. His newest book, A Gift to My Children, is a compendium of advice — financial and otherwise — to his two young daughters. Rogers spoke to TIME about the book, why the Obama Administration can't fix the economy and why he still thinks commodities are the best investment for the future.
You have a lot of advice in your new book for your daughters, on money, education, travel, dating. Do you have any advice for boys?
Well, my first advice to my daughters was to be careful of boys, and to be leery of boys, having been a boy myself. For the most part my advice for the boys is the same — be careful of girls. Be careful of people of the other sex. Be careful of wild promises. Just like on Wall Street.
Let's talk about Wall Street. Is there anything the government should be doing to fix the economic crisis?
No, the government can't fix the crisis. Everything the government's tried for the past two years has been wrong. That's why the crisis continues. The idea that you can solve a problem of too much debt and too much consumption with more debt and more consumption is ludicrous on its face. What they should have done is just let everybody go bankrupt, let the bankruptcy courts reorganize everything. The Japanese tried this approach of propping up zombie banks and zombie companies; it did not work. And it's not going to work in America either.
Do you think there's anything to the argument that it's just politically impossible to let all these companies go down? That it'd throw so many people out of work that it'd cause social turmoil?
They'll be out of work anyway, you know? In a way I don't understand the logic. Whatever they're doing, it's not saving the day. We have the highest unemployment we've had in the U.S. in a few decades and it's getting worse.
You mention a few times the famous quote attributed to Mark Twain, "History doesn't repeat itself but it often rhymes." What period are we rhyming with now? Is this an echo of the Great Depression or is there something else that would be more apt?
The Great Depression started out with a stock market bubble that burst in 1929, as the world was going into a nice recession. Then the government started making mistakes. They passed the Smoot-Hawley tariff, they raised taxes, they became very protectionist, and the next thing you know we had the Great Depression. In Europe they made solvent banks take over insolvent banks with the result that both [kinds of] banks failed. This has all been done before. History is — I don't like saying it, but it's repeating itself. Governments are making the same old mistakes.
The market is up from its lows and the most recent unemployment numbers are slightly better; what do you say to people who say, 'Well, we're nearing bottom on this'?
I think we've seen a bottom. I don't think we've seen the bottom. If America's determining its policy on whether the stock market is up for a month, America's in worse shape than I'd realized. We could have a rally for who knows, six months, a year, we could have a rally for a while after having had the kind of collapse we did. In the '30s the stock market rallied frequently. But in the end it was still the Great Depression.
You normally say that you believe commodities are a better bet, but do you think now with asset prices pushed so far down that it's a good time to start looking for undervalued stocks?
Sure. Some companies are going to be screaming "buy" these days. In the 1930s there were people who made fortunes. If you're willing and able to do the homework I'm sure you'll find some great opportunities. But the only area of the world economy I know of where the fundamentals are improving are commodities. Many farmers cannot get loans for fertilizer now. The inventories of food are the lowest they've been in decades. Nobody can get a loan to open a mine, so it's going to be at least 15 years before you're going to see any new mines opening up. The world's known oil reserves are in decline. All of what's going on in the world is improving the supply fundamentals for commodities. And I don't see that that's true anywhere else. If the world economy is going to improve, commodities are going to be the best place to be; if the world economy doesn't improve, commodities are going to be the best place to be.
China has $2 trillion in U.S. debt. Do you think at some point these countries are just gong to say, "We're done? We're not going to keep underwriting your debt?" If so, what happens then?
It's not just China. It's our own people who are starting to say, "Why would I buy something that's being printed as fast as you possibly can print it, why would I buy something where debts are getting higher and higher by the hour, and interest rates are at historic lows?" Let's not pick on the Chinese here.
The reason I focused on China is you've said that the 21st century is going to be the Chinese century; you're teaching your daughters Mandarin.
Yes, well, we can pick on China, but remember, the largest creditor nations in the world are in Asia now — it's China, it's Japan, South Korea, Taiwan, Hong Kong, Singapore — all the money is here. Even if the Chinese continue to buy, somebody's going to stop buying that stuff. If I was the Chinese I wouldn't buy it. I'm waiting to sell it short at the right time.
Do you think this crisis is just going to solidify the advantages of China and these other Asian and Southeast Asian economies?
Well, again, throughout history, the center of the world has shifted to where the capital is, where the assets are. You don't see any period in history where things are shifting to the debtors, and America's the largest debtor nation in the history of the world. Unless something's different this time, unless the world's changed very very dramatically, the center of the influence, the center of power, the center of the earth, the center of the globe, is going to be shifting towards Asia, because that's where all the money is. Have you ever heard of anybody saying, "Let's go to where all of the debtors are"? It just doesn't happen that way.
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim trades and tracks commodities, stocks, futures and interest rates all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a Bull in China, a book about the chinese stock market.
You have a lot of advice in your new book for your daughters, on money, education, travel, dating. Do you have any advice for boys?
Well, my first advice to my daughters was to be careful of boys, and to be leery of boys, having been a boy myself. For the most part my advice for the boys is the same — be careful of girls. Be careful of people of the other sex. Be careful of wild promises. Just like on Wall Street.
Let's talk about Wall Street. Is there anything the government should be doing to fix the economic crisis?
No, the government can't fix the crisis. Everything the government's tried for the past two years has been wrong. That's why the crisis continues. The idea that you can solve a problem of too much debt and too much consumption with more debt and more consumption is ludicrous on its face. What they should have done is just let everybody go bankrupt, let the bankruptcy courts reorganize everything. The Japanese tried this approach of propping up zombie banks and zombie companies; it did not work. And it's not going to work in America either.
Do you think there's anything to the argument that it's just politically impossible to let all these companies go down? That it'd throw so many people out of work that it'd cause social turmoil?
They'll be out of work anyway, you know? In a way I don't understand the logic. Whatever they're doing, it's not saving the day. We have the highest unemployment we've had in the U.S. in a few decades and it's getting worse.
You mention a few times the famous quote attributed to Mark Twain, "History doesn't repeat itself but it often rhymes." What period are we rhyming with now? Is this an echo of the Great Depression or is there something else that would be more apt?
The Great Depression started out with a stock market bubble that burst in 1929, as the world was going into a nice recession. Then the government started making mistakes. They passed the Smoot-Hawley tariff, they raised taxes, they became very protectionist, and the next thing you know we had the Great Depression. In Europe they made solvent banks take over insolvent banks with the result that both [kinds of] banks failed. This has all been done before. History is — I don't like saying it, but it's repeating itself. Governments are making the same old mistakes.
The market is up from its lows and the most recent unemployment numbers are slightly better; what do you say to people who say, 'Well, we're nearing bottom on this'?
I think we've seen a bottom. I don't think we've seen the bottom. If America's determining its policy on whether the stock market is up for a month, America's in worse shape than I'd realized. We could have a rally for who knows, six months, a year, we could have a rally for a while after having had the kind of collapse we did. In the '30s the stock market rallied frequently. But in the end it was still the Great Depression.
You normally say that you believe commodities are a better bet, but do you think now with asset prices pushed so far down that it's a good time to start looking for undervalued stocks?
Sure. Some companies are going to be screaming "buy" these days. In the 1930s there were people who made fortunes. If you're willing and able to do the homework I'm sure you'll find some great opportunities. But the only area of the world economy I know of where the fundamentals are improving are commodities. Many farmers cannot get loans for fertilizer now. The inventories of food are the lowest they've been in decades. Nobody can get a loan to open a mine, so it's going to be at least 15 years before you're going to see any new mines opening up. The world's known oil reserves are in decline. All of what's going on in the world is improving the supply fundamentals for commodities. And I don't see that that's true anywhere else. If the world economy is going to improve, commodities are going to be the best place to be; if the world economy doesn't improve, commodities are going to be the best place to be.
China has $2 trillion in U.S. debt. Do you think at some point these countries are just gong to say, "We're done? We're not going to keep underwriting your debt?" If so, what happens then?
It's not just China. It's our own people who are starting to say, "Why would I buy something that's being printed as fast as you possibly can print it, why would I buy something where debts are getting higher and higher by the hour, and interest rates are at historic lows?" Let's not pick on the Chinese here.
The reason I focused on China is you've said that the 21st century is going to be the Chinese century; you're teaching your daughters Mandarin.
Yes, well, we can pick on China, but remember, the largest creditor nations in the world are in Asia now — it's China, it's Japan, South Korea, Taiwan, Hong Kong, Singapore — all the money is here. Even if the Chinese continue to buy, somebody's going to stop buying that stuff. If I was the Chinese I wouldn't buy it. I'm waiting to sell it short at the right time.
Do you think this crisis is just going to solidify the advantages of China and these other Asian and Southeast Asian economies?
Well, again, throughout history, the center of the world has shifted to where the capital is, where the assets are. You don't see any period in history where things are shifting to the debtors, and America's the largest debtor nation in the history of the world. Unless something's different this time, unless the world's changed very very dramatically, the center of the influence, the center of power, the center of the earth, the center of the globe, is going to be shifting towards Asia, because that's where all the money is. Have you ever heard of anybody saying, "Let's go to where all of the debtors are"? It just doesn't happen that way.
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim trades and tracks commodities, stocks, futures and interest rates all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a Bull in China, a book about the chinese stock market.
April 26, 2009
Not Buying Stocks Anywhere
I am not buying U.S. companies mainly because I think we may have seen a bottom but I don't think we have seen the bottom. I am skeptical about the rally, the world economy for the next year or two or three.
But if stocks go down, I can make money with commodities. In the 1970s, commodities went through the roof even though stocks were a disaster. In the 1930s, commodities rallied first and went up the most long before stocks pulled it together.
But if stocks go down, I can make money with commodities. In the 1970s, commodities went through the roof even though stocks were a disaster. In the 1930s, commodities rallied first and went up the most long before stocks pulled it together.
April 24, 2009
Motley Fool Profiles Jim Rogers
Independence of thought, and an eagerness to challenge conventional thinking, are often considered essential to the successful investor, and few demonstrate these traits more strongly than commodities guru Jim Rogers.
Rogers remains bearish on Western world equities generally, and says he is not participating in the market rallies of Spring 2009, which he expects to be short-lived, with the market going on to reach new lows.
He has started to invest again in China, particularly in sectors dependent on locally-driven growth, such as agriculture, water treatment, and infrastructure, rather than businesses focused on exports to a declining Western world.
Commodities are still his main focus, but is less enthusiastic about gold (although he hasn't said that he sold any) due to fears that the IMF is about to flood the market.
He continues to be bearish on the dollar, sterling, and euro, relative to the yen, renminbi and Swiss franc.
Rogers remains bearish on Western world equities generally, and says he is not participating in the market rallies of Spring 2009, which he expects to be short-lived, with the market going on to reach new lows.
He has started to invest again in China, particularly in sectors dependent on locally-driven growth, such as agriculture, water treatment, and infrastructure, rather than businesses focused on exports to a declining Western world.
Commodities are still his main focus, but is less enthusiastic about gold (although he hasn't said that he sold any) due to fears that the IMF is about to flood the market.
He continues to be bearish on the dollar, sterling, and euro, relative to the yen, renminbi and Swiss franc.
April 23, 2009
Why Should We Invest in Commodities
It depends on the supply and demand. And we have had a dearth of supply. Nobody has invested in productive capacity for 25 or 30 years now. The inventories of food are the lowest they have been in 50 years and you have a shortage of farmers even right now because most farmers are old men because it has been such a horrible business for 30 years.
And as for metals, nobody can get a loan to open a mine as you know. Who is going to give you money to open a zinc mine? It takes at least 10 years to open a mine so it's going to be 15 or 20 years before we see new mines come on. Nobody has been opening mines for 30 years and they are not going to. And in the meantime reserves are declining.
As for oil, the International Energy Agency came out recently with a study showing that oil reserves worldwide were declining at the rate of 6% or 7% a year.
That does not mean that if suddenly the U.S. goes bankrupt that everything won't collapse in price. But I would rather be in commodities because it's the only thing I know where the fundamentals are improving. They are not improving for Citibank or General Motors but the supply situation in commodities is such that when demand comes back, then commodities are going to be the best place to be in my view.
And as for metals, nobody can get a loan to open a mine as you know. Who is going to give you money to open a zinc mine? It takes at least 10 years to open a mine so it's going to be 15 or 20 years before we see new mines come on. Nobody has been opening mines for 30 years and they are not going to. And in the meantime reserves are declining.
As for oil, the International Energy Agency came out recently with a study showing that oil reserves worldwide were declining at the rate of 6% or 7% a year.
That does not mean that if suddenly the U.S. goes bankrupt that everything won't collapse in price. But I would rather be in commodities because it's the only thing I know where the fundamentals are improving. They are not improving for Citibank or General Motors but the supply situation in commodities is such that when demand comes back, then commodities are going to be the best place to be in my view.
April 22, 2009
Investment Advice: Think For Yourself
Think for yourself, be an independent thinker. Do not believe in what you see in the press, do not believe what people in the street tell you.
Find out for yourself, be an independent thinker.
Find out for yourself, be an independent thinker.
Not Buying US Stocks
I am not buying U.S. companies mainly because I think we may have seen a bottom but I don’t think we have seen the bottom.
April 21, 2009
New Book: “A Gift to My Children: A Father’s Lessons for Life and Investing”
Jim Rogers has three hot tips for investors: “Question everything, never follow the crowd, and beware of boys!”
Bloomberg printed an article about Jim`s latest book, “A Gift to My Children: A Father’s Lessons for Life and Investing”:
"Much of Rogers’s advice will be familiar to anyone who wants to get ahead. Be a self-starter, think for yourself and pursue something you’re passionate about. Do your own research and pay attention to details, however trivial they seem.
This sounds easy, but isn’t. His idea of due diligence involves reading every financial statement a company publishes, including the notes. Next step: Verify the statements.
“Talk to customers, suppliers, competitors and anyone else who might affect the company,” he says.
His plans for his daughters are so ambitious that I’m not sure whether to envy or pity them. They should learn philosophy, history and languages -- yet temper this education with travel aimed at seeing how different people live. Rogers has already started their education by moving his family to Singapore, where a Chinese governess talks to the girls in Mandarin."
Bloomberg printed an article about Jim`s latest book, “A Gift to My Children: A Father’s Lessons for Life and Investing”:
"Much of Rogers’s advice will be familiar to anyone who wants to get ahead. Be a self-starter, think for yourself and pursue something you’re passionate about. Do your own research and pay attention to details, however trivial they seem.
This sounds easy, but isn’t. His idea of due diligence involves reading every financial statement a company publishes, including the notes. Next step: Verify the statements.
“Talk to customers, suppliers, competitors and anyone else who might affect the company,” he says.
His plans for his daughters are so ambitious that I’m not sure whether to envy or pity them. They should learn philosophy, history and languages -- yet temper this education with travel aimed at seeing how different people live. Rogers has already started their education by moving his family to Singapore, where a Chinese governess talks to the girls in Mandarin."
Skeptical About the Rally
I am skeptical about the rally, and the world economy for the next year or two or three.
April 20, 2009
Latest Interview with Barrons
Recently, Rogers talked to Barrons.com by phone from his Singapore home.
Q: When you last did a lengthy interview with Barron's magazine a year ago (see "Light Years Ahead of the Crowd," April 14, 2008) you were lightening up on emerging markets investments. Well, you called that one right. But now that many of those markets have fallen from their highs of recent years, are you more optimistic?
A: No. I've sold all emerging markets stock except the ones in China. I bought more Chinese shares in October and November during the panic, but I have not bought China or any other stock markets including the U.S. since then. I'm not buying anything in China right now because the Chinese market ran up maybe 50% since last November. It's been the strongest market in the world in the past six months and I don't like jumping into something that has been that run up. Still, I'm not thinking of selling these stocks either. I think if it goes down I'll buy more. I think you will find that it's the single strongest market in the world since last fall.
Q: In your latest book, you talk of China as the great investment opportunity of the 21st century, just as the U.S. was in the 20th century. What percentage of a typical American investor's portfolio should be in China?
A: If they can't even find China on a map, I don't think they should have anything in China. They should know something about China before they invest there. If they have the same convictions that I do then they should probably have a lot. If you asked me that question in 1909 about the U.S. stock market, I would have said to put 100% of your money in the U.S.
Q: Might it make sense to have a greater weighting in a diversified mix of Chinese stocks than in U.S. stocks?
A: Well yes. Just as in 1909, if you were German or Chinese, you should have had the largest percentage of your money in the United States. The idea of investing is to make money, not to have some sort of political agenda.
Q: That being said, you currently think Chinese stocks are bid-up now, so you're not buying at these levels. So what have you been buying lately?
A: I have been buying commodities through the Rogers commodity indexes I developed because my lawyer won't let me buy individual commodities. I recently bought the all four Rogers indexes – the Elements Rogers International Commodities Index (ticker:RJI) as well as the three specialty indexes, the International Metals (RJZ), the International Energy (RJN), and the International Agriculture (RJA.) That's how I invest in commodities and that's what I bought last week. I have been buying these shares since last fall and up to last week.
Q: Though you got out of emerging markets last year before they fell hard, you seemed be caught by surprise by the fall-off in commodity prices last year. Is that right?
A: Yes, I was surprised. I did not expect commodities to go down that much and in retrospect it was a period of forced liquidation for many (professional) investors. You know AIG went bankrupt, which was huge in commodities. Lehman Brothers was big in commodities.
But at least I was shorting the investment banks at the time and other financials such as Citigroup and Fannie Mae. So I was hedged by being long commodities and short the other things such as financials and as you know most of them were down from 80% to 100%, so I more than made up on my shorts than I lost on my longs. So thank God for (the stock decline in) Citigroup and thank God (for the decline) in Fannie Mae.
Q: Now despite the recent stock-market rally that started in March, many U.S. stocks are trading well off their 2007 highs. How come you see no value to this market?
A: I am not buying U.S. companies mainly because I think we may have seen a bottom but I don't think we have seen the bottom. I am skeptical about the rally, the world economy for the next year or two or three. But if stocks go down, I can make money with commodities. In the 1970s, commodities went through the roof even though stocks were a disaster. In the 1930s, commodities rallied first and went up the most long before stocks pulled it together.
Q: Can you summarize the reasons for your bullishness about commodities?
A: It depends on the supply and demand. And we have had a dearth of supply. Nobody has invested in productive capacity for 25 or 30 years now. The inventories of food are the lowest they have been in 50 years and you have a shortage of farmers even right now because most farmers are old men because it has been such a horrible business for 30 years. And as for metals, nobody can get a loan to open a mine as you know. Who is going to give you money to open a zinc mine? It takes at least 10 years to open a mine so it's going to be 15 or 20 years before we see new mines come on. Nobody has been opening mines for 30 years and they are not going to. And in the meantime reserves are declining. As for oil, the International Energy Agency came out recently with a study showing that oil reserves worldwide were declining at the rate of 6% or 7% a year.
That does not mean that if suddenly the U.S. goes bankrupt that everything won't collapse in price. But I would rather be in commodities because it's the only thing I know where the fundamentals are improving. They are not improving for Citibank or General Motors but the supply situation in commodities is such that when demand comes back, then commodities are going to be the best place to be in my view.
Q: What do you think of bonds?
A: I am anticipating shorting bonds -- the U.S. long bond. It's about the only real bubble around that I can see right now -- other than the U.S. dollar. I am not shorting bonds at this moment because I've shorted plenty of bubbles in my day, and I have learned that you better wait because they go up higher than any rational person can anticipate. But my plan is to short the long bond in the U.S. sometime in the foreseeable future.
Q: I've read that you think the penchant of the last two presidential administrations for bailing out failing U.S. companies is a big mistake and will contribute to prolonging this recession. You argue that it's best to let these companies all go bankrupt. How bad can the economy get?
A: Yes, politicians are making mistakes. In Japan, the problem has lasted for 19 years. I hope that it doesn't last 19 years in the U.S. The approach that works is to let them (U.S. banks and automakers) collapse and clean out the system. The idea that phony accounting is the solution (through changes in mark-to-market rules) is ludicrous. And the idea that a debt problem and an excessive spending problem can be cured with more debt and more spending is ludicrous.
It's laughable on its face, but politicians think they've got to do something. Unfortunately, they are doing the wrong things and they are going to make it worse.
Q: Thanks for your time.
In the Jim Rogers Blog you can read all of Jim`s comments on the economy and investing, plus all his video appearances on Bloomberg, CNBC and FOX Business, and his media interviews.
Q: When you last did a lengthy interview with Barron's magazine a year ago (see "Light Years Ahead of the Crowd," April 14, 2008) you were lightening up on emerging markets investments. Well, you called that one right. But now that many of those markets have fallen from their highs of recent years, are you more optimistic?
A: No. I've sold all emerging markets stock except the ones in China. I bought more Chinese shares in October and November during the panic, but I have not bought China or any other stock markets including the U.S. since then. I'm not buying anything in China right now because the Chinese market ran up maybe 50% since last November. It's been the strongest market in the world in the past six months and I don't like jumping into something that has been that run up. Still, I'm not thinking of selling these stocks either. I think if it goes down I'll buy more. I think you will find that it's the single strongest market in the world since last fall.
Q: In your latest book, you talk of China as the great investment opportunity of the 21st century, just as the U.S. was in the 20th century. What percentage of a typical American investor's portfolio should be in China?
A: If they can't even find China on a map, I don't think they should have anything in China. They should know something about China before they invest there. If they have the same convictions that I do then they should probably have a lot. If you asked me that question in 1909 about the U.S. stock market, I would have said to put 100% of your money in the U.S.
Q: Might it make sense to have a greater weighting in a diversified mix of Chinese stocks than in U.S. stocks?
A: Well yes. Just as in 1909, if you were German or Chinese, you should have had the largest percentage of your money in the United States. The idea of investing is to make money, not to have some sort of political agenda.
Q: That being said, you currently think Chinese stocks are bid-up now, so you're not buying at these levels. So what have you been buying lately?
A: I have been buying commodities through the Rogers commodity indexes I developed because my lawyer won't let me buy individual commodities. I recently bought the all four Rogers indexes – the Elements Rogers International Commodities Index (ticker:RJI) as well as the three specialty indexes, the International Metals (RJZ), the International Energy (RJN), and the International Agriculture (RJA.) That's how I invest in commodities and that's what I bought last week. I have been buying these shares since last fall and up to last week.
Q: Though you got out of emerging markets last year before they fell hard, you seemed be caught by surprise by the fall-off in commodity prices last year. Is that right?
A: Yes, I was surprised. I did not expect commodities to go down that much and in retrospect it was a period of forced liquidation for many (professional) investors. You know AIG went bankrupt, which was huge in commodities. Lehman Brothers was big in commodities.
But at least I was shorting the investment banks at the time and other financials such as Citigroup and Fannie Mae. So I was hedged by being long commodities and short the other things such as financials and as you know most of them were down from 80% to 100%, so I more than made up on my shorts than I lost on my longs. So thank God for (the stock decline in) Citigroup and thank God (for the decline) in Fannie Mae.
Q: Now despite the recent stock-market rally that started in March, many U.S. stocks are trading well off their 2007 highs. How come you see no value to this market?
A: I am not buying U.S. companies mainly because I think we may have seen a bottom but I don't think we have seen the bottom. I am skeptical about the rally, the world economy for the next year or two or three. But if stocks go down, I can make money with commodities. In the 1970s, commodities went through the roof even though stocks were a disaster. In the 1930s, commodities rallied first and went up the most long before stocks pulled it together.
Q: Can you summarize the reasons for your bullishness about commodities?
A: It depends on the supply and demand. And we have had a dearth of supply. Nobody has invested in productive capacity for 25 or 30 years now. The inventories of food are the lowest they have been in 50 years and you have a shortage of farmers even right now because most farmers are old men because it has been such a horrible business for 30 years. And as for metals, nobody can get a loan to open a mine as you know. Who is going to give you money to open a zinc mine? It takes at least 10 years to open a mine so it's going to be 15 or 20 years before we see new mines come on. Nobody has been opening mines for 30 years and they are not going to. And in the meantime reserves are declining. As for oil, the International Energy Agency came out recently with a study showing that oil reserves worldwide were declining at the rate of 6% or 7% a year.
That does not mean that if suddenly the U.S. goes bankrupt that everything won't collapse in price. But I would rather be in commodities because it's the only thing I know where the fundamentals are improving. They are not improving for Citibank or General Motors but the supply situation in commodities is such that when demand comes back, then commodities are going to be the best place to be in my view.
Q: What do you think of bonds?
A: I am anticipating shorting bonds -- the U.S. long bond. It's about the only real bubble around that I can see right now -- other than the U.S. dollar. I am not shorting bonds at this moment because I've shorted plenty of bubbles in my day, and I have learned that you better wait because they go up higher than any rational person can anticipate. But my plan is to short the long bond in the U.S. sometime in the foreseeable future.
Q: I've read that you think the penchant of the last two presidential administrations for bailing out failing U.S. companies is a big mistake and will contribute to prolonging this recession. You argue that it's best to let these companies all go bankrupt. How bad can the economy get?
A: Yes, politicians are making mistakes. In Japan, the problem has lasted for 19 years. I hope that it doesn't last 19 years in the U.S. The approach that works is to let them (U.S. banks and automakers) collapse and clean out the system. The idea that phony accounting is the solution (through changes in mark-to-market rules) is ludicrous. And the idea that a debt problem and an excessive spending problem can be cured with more debt and more spending is ludicrous.
It's laughable on its face, but politicians think they've got to do something. Unfortunately, they are doing the wrong things and they are going to make it worse.
Q: Thanks for your time.
In the Jim Rogers Blog you can read all of Jim`s comments on the economy and investing, plus all his video appearances on Bloomberg, CNBC and FOX Business, and his media interviews.
April 19, 2009
Is Gold a Good Store of Value?
Gold has been one of the great mystical elements of finance for hundreds if not thousands of years.
Back in the seventies its price went through the roof. Investors were sure all paper money was going to lose its value. However if they had done their homework and tracked the price of gold back through the centuries, they would have seen long periods when its price went down and stayed there, or did not move up with other prices.
Later on gold would catch up, but then so would wheat, so would lumber.
For centuries gold`s true believers have said that gold alone is a good store of value. On the other hand, over the centuries a lot of things have been a good store of value, including wheat, lumber and iron ore.
(originally on Investment Biker)
Back in the seventies its price went through the roof. Investors were sure all paper money was going to lose its value. However if they had done their homework and tracked the price of gold back through the centuries, they would have seen long periods when its price went down and stayed there, or did not move up with other prices.
Later on gold would catch up, but then so would wheat, so would lumber.
For centuries gold`s true believers have said that gold alone is a good store of value. On the other hand, over the centuries a lot of things have been a good store of value, including wheat, lumber and iron ore.
(originally on Investment Biker)
April 17, 2009
Inflation, Maybe in 2011
History suggests that whenever you have a huge amount of currency created it always ultimately leads to higher prices and inflation. And I expect it this time to.
You can`t have so much money chasing so few goods, and remember the supply of most hard assets, commodities, natural resources is under duress. So the combination of less supply and huge amounts of money being printed, in my view its going to lead to inflation down the road. Maybe not this year or even next but I would be prepared.
Site Suggestion: Crude Oil Analysis and Projections on the Oil Traders Blog.
You can`t have so much money chasing so few goods, and remember the supply of most hard assets, commodities, natural resources is under duress. So the combination of less supply and huge amounts of money being printed, in my view its going to lead to inflation down the road. Maybe not this year or even next but I would be prepared.
Site Suggestion: Crude Oil Analysis and Projections on the Oil Traders Blog.
April 16, 2009
Chinese Central Bank Buying Commodities?
If I were running the Chinese central bank, I'd buy oil, wheat and zinc. Which is what folks there are already doing.
(Newsweek, April 2009)
(Newsweek, April 2009)
China`s Impact on Commodities
China is tiny in comparison to the U.S. economy. Anyone who thinks that the commodities story is driven by China needs to do more homework. In the 1970s, everyone was in recession, and you still had declining supply [in oil] and higher prices. Asia wasn’t even in the game then. China was run by Mao.
But now, of course, there are those 3 billion people in Asia who are in the game. It’s just another factor.
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim invests in commodities, stocks, futures and currencies all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders like the Investment Biker. His latest book is a A Gift to My Children: A Father's Lessons for Life and Investing.
But now, of course, there are those 3 billion people in Asia who are in the game. It’s just another factor.
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim invests in commodities, stocks, futures and currencies all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders like the Investment Biker. His latest book is a A Gift to My Children: A Father's Lessons for Life and Investing.
April 15, 2009
Agriculture Commodities
The prices historically are still very depressed, compared with most other commodities. I bought all commodities recently, but I probably bought more agriculture than anything else.
Latest Interview: Business Week
Jim Rogers: How He's Investing After the Crisis, April 2009
As the global investor and adventurer offers lessons to his daughters in a new book, he still favors commodities and scorns diversification.
Veteran investor and world traveler Jim Rogers' new book, A Gift to My Children: A Father's Lessons for Life and Investing, will be published by Random House on Apr. 28. BusinessWeek investing reporter David Bogoslaw spoke by telephone with Rogers, who now lives in Singapore with his wife and two young daughters (ages five and one). Here's what he had to say about investing, the financial crisis, and lessons learned.
In your book, you advise people to thoroughly educate themselves about a subject before they ask for advice from reputed experts so that they can truly evaluate the worth of the advice. How practical is that for investors who aren't professionals like yourself?
The people you're describing should not be investing at all, unless they invest in things they know a lot about. If you're an auto mechanic, you'll know much more about your field than anyone on Wall Street ever will. You'll know when new products or processes are coming out. Those people can get extremely rich by just staying with what they know. It could be products that go into cars, like tire companies, or glass companies, rather than [only] auto companies. They shouldn't try to compete with Warren Buffett.
So you reject the advice about diversified portfolios?
Diversification is something that stock brokers came up with to protect themselves, so they wouldn't get sued [for making bad investment choices for clients]. Henry Ford never diversified, Bill Gates didn't diversify. The way to get rich is to put your eggs in one basket, but watch that basket very carefully. And make sure you have the right basket.
You can go broke diversifying. Ask anyone who's diversified in the last three years. They've lost money. Nonprofessionals are always jumping around, thinking they have to do something. If they have a big success, they think they need another one right away. That's when hubris sets in at its worst. That's when people really should go to the beach. It happens to me too.
You believe there is a need for more restrained spending and a higher savings/investing rate in the U.S.—closer to what you observed in China two decades ago. But economists warn that if everyone opts for higher savings at the same time, it will kill consumer spending completely and hamper economic recovery.
You'll never see America save one-third of its annual income [the way the Chinese once did]. Even Japan is down to a 15% savings rate. America should increase its savings rate. Thirty years ago, America was saving 9% or 10% of its income.
The reason we're having this crisis is everyone borrowed too much. The idea that you can solve a period of horrible borrowing and spending with more borrowing and spending is not going to work. We've had the worst credit excesses in world history, mainly in the U.S. You can't end a problem like that with no pain. Somebody's got to suffer.
You've been very vocal in criticizing the government policy responses to the financial crisis. Doesn't the Lehman example show how much harm would have been done if the government had allowed other big financial institutions to fail?
It would be better to let some of them fail now, rather than wait for six or eight of them to happen all at once. The system can recover from bankruptcies. After Lehman went down, the stock market didn't really collapse right away. It happened a month later, but people started blaming it on Lehman in hindsight. We've got to have some pain. Even if AIG (AIG) and Fannie (FNM) and Freddie (FRE) and Lehman all went bankrupt, it cleans out the system.
South Korea went through this in the late 1990s. They didn't have anyone to bail them out, and they had to go through the pain. Sweden did it in the early 1990s, Mexico did it, Russia did it. The list goes on and on. Competent people take over the assets from incompetent people and rebuild from a solid base.
You've spoken a lot about the 21st century belonging to China and the investment opportunities there. As the Chinese middle class grows, do you expect a big change in Chinese savings habits as they become more able to afford consumer goods?
Look at Japan's and Korea's extremely high savings rates. Those have come down as those countries have become more prosperous. China is developing [social] safety nets now. When you have safety nets, there's less reason to have very high savings. That will happen in China as well.
China is maybe one fifth the size of Europe's economy. China can't save the world, no matter what they do. They are investing in their own economy and have huge reserves and huge savings, The World Bank has predicted that in 2020, China will be the world's largest economy. But the World Bank has never been right about anything. It could well happen in the next 10 or 20 years, but on a per capita basis probably not within my lifetime, unless the U.S. really collapses and China really booms.
Do you think the up cycle for commodities has farther to run?
If history is any guide, we have further to go. The only sector of the world economy where the fundamentals are getting better is commodities. Farmers can't get loans for fertilizers [which is constraining crop supply]. It takes 10 years to open a new mine. Stocks peaked in October 2007 and commodities kept going up until July 2008.
If the world economy is going to revive, commodities are going to lead it back up. If the world economy is not going to revive, commodities are still the place to be—especially with governments printing so much money. Look at the 1970s. The world economy was in the tank, but commodities did very well. We have supply constraints. Oil production is declining.
How are you investing in commodities?
I use my indexes [he created the Rogers International Commodity Index in 1998] because my lawyers won't allow me to buy individual commodities because I'm always talking about them in public. Most of my indexed products use futures, Ultimately, you'll be buying futures, even if you buy an ETF or ETN.
Your favorites are agricultural commodities?
The prices historically are still very depressed, compared with most other commodities. I bought all commodities recently, but I probably bought more agriculture than anything else.
Can you share an example of an investing insight your experience on the ground in foreign countries has given you that most economists and top-down strategists miss?
Crossing into Botswana by motorcycle, there was no hassle from guards at the border. It was perfectly efficient and straightforward. I filled out forms and nobody asked me for bribes. In the country there was no black market for the local currency. There were real roads and real hotels and stores with real products in them. When I got to the capital, there were real traffic lights and office buildings. I did more homework and found that Botswana had a huge trade surplus and a balanced budget, compared with many other countries. There was a democracy where they have elections and a stock market. It's been one of the greatest stock markets in the world for the past 20 years.
As the global investor and adventurer offers lessons to his daughters in a new book, he still favors commodities and scorns diversification.
Veteran investor and world traveler Jim Rogers' new book, A Gift to My Children: A Father's Lessons for Life and Investing, will be published by Random House on Apr. 28. BusinessWeek investing reporter David Bogoslaw spoke by telephone with Rogers, who now lives in Singapore with his wife and two young daughters (ages five and one). Here's what he had to say about investing, the financial crisis, and lessons learned.
In your book, you advise people to thoroughly educate themselves about a subject before they ask for advice from reputed experts so that they can truly evaluate the worth of the advice. How practical is that for investors who aren't professionals like yourself?
The people you're describing should not be investing at all, unless they invest in things they know a lot about. If you're an auto mechanic, you'll know much more about your field than anyone on Wall Street ever will. You'll know when new products or processes are coming out. Those people can get extremely rich by just staying with what they know. It could be products that go into cars, like tire companies, or glass companies, rather than [only] auto companies. They shouldn't try to compete with Warren Buffett.
So you reject the advice about diversified portfolios?
Diversification is something that stock brokers came up with to protect themselves, so they wouldn't get sued [for making bad investment choices for clients]. Henry Ford never diversified, Bill Gates didn't diversify. The way to get rich is to put your eggs in one basket, but watch that basket very carefully. And make sure you have the right basket.
You can go broke diversifying. Ask anyone who's diversified in the last three years. They've lost money. Nonprofessionals are always jumping around, thinking they have to do something. If they have a big success, they think they need another one right away. That's when hubris sets in at its worst. That's when people really should go to the beach. It happens to me too.
You believe there is a need for more restrained spending and a higher savings/investing rate in the U.S.—closer to what you observed in China two decades ago. But economists warn that if everyone opts for higher savings at the same time, it will kill consumer spending completely and hamper economic recovery.
You'll never see America save one-third of its annual income [the way the Chinese once did]. Even Japan is down to a 15% savings rate. America should increase its savings rate. Thirty years ago, America was saving 9% or 10% of its income.
The reason we're having this crisis is everyone borrowed too much. The idea that you can solve a period of horrible borrowing and spending with more borrowing and spending is not going to work. We've had the worst credit excesses in world history, mainly in the U.S. You can't end a problem like that with no pain. Somebody's got to suffer.
You've been very vocal in criticizing the government policy responses to the financial crisis. Doesn't the Lehman example show how much harm would have been done if the government had allowed other big financial institutions to fail?
It would be better to let some of them fail now, rather than wait for six or eight of them to happen all at once. The system can recover from bankruptcies. After Lehman went down, the stock market didn't really collapse right away. It happened a month later, but people started blaming it on Lehman in hindsight. We've got to have some pain. Even if AIG (AIG) and Fannie (FNM) and Freddie (FRE) and Lehman all went bankrupt, it cleans out the system.
South Korea went through this in the late 1990s. They didn't have anyone to bail them out, and they had to go through the pain. Sweden did it in the early 1990s, Mexico did it, Russia did it. The list goes on and on. Competent people take over the assets from incompetent people and rebuild from a solid base.
You've spoken a lot about the 21st century belonging to China and the investment opportunities there. As the Chinese middle class grows, do you expect a big change in Chinese savings habits as they become more able to afford consumer goods?
Look at Japan's and Korea's extremely high savings rates. Those have come down as those countries have become more prosperous. China is developing [social] safety nets now. When you have safety nets, there's less reason to have very high savings. That will happen in China as well.
China is maybe one fifth the size of Europe's economy. China can't save the world, no matter what they do. They are investing in their own economy and have huge reserves and huge savings, The World Bank has predicted that in 2020, China will be the world's largest economy. But the World Bank has never been right about anything. It could well happen in the next 10 or 20 years, but on a per capita basis probably not within my lifetime, unless the U.S. really collapses and China really booms.
Do you think the up cycle for commodities has farther to run?
If history is any guide, we have further to go. The only sector of the world economy where the fundamentals are getting better is commodities. Farmers can't get loans for fertilizers [which is constraining crop supply]. It takes 10 years to open a new mine. Stocks peaked in October 2007 and commodities kept going up until July 2008.
If the world economy is going to revive, commodities are going to lead it back up. If the world economy is not going to revive, commodities are still the place to be—especially with governments printing so much money. Look at the 1970s. The world economy was in the tank, but commodities did very well. We have supply constraints. Oil production is declining.
How are you investing in commodities?
I use my indexes [he created the Rogers International Commodity Index in 1998] because my lawyers won't allow me to buy individual commodities because I'm always talking about them in public. Most of my indexed products use futures, Ultimately, you'll be buying futures, even if you buy an ETF or ETN.
Your favorites are agricultural commodities?
The prices historically are still very depressed, compared with most other commodities. I bought all commodities recently, but I probably bought more agriculture than anything else.
Can you share an example of an investing insight your experience on the ground in foreign countries has given you that most economists and top-down strategists miss?
Crossing into Botswana by motorcycle, there was no hassle from guards at the border. It was perfectly efficient and straightforward. I filled out forms and nobody asked me for bribes. In the country there was no black market for the local currency. There were real roads and real hotels and stores with real products in them. When I got to the capital, there were real traffic lights and office buildings. I did more homework and found that Botswana had a huge trade surplus and a balanced budget, compared with many other countries. There was a democracy where they have elections and a stock market. It's been one of the greatest stock markets in the world for the past 20 years.
April 14, 2009
Is This the Bottom?
I don't know if this is going to be as bad as the 1930s - it may well be. But a rally is not unusual at a time like this. We've certainly seen a bottom. Is this the bottom? I don't think so. I think we're going to see more bottoms in the next few years.
Jim Rogers is a legendary investor known for his ability to predict major long term trends in financial markets. Jim trades and invests in commodities, stocks, futures and currencies in stock exchanges in 5 continents. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a A Gift to My Children: A Father's Lessons for Life and Investing.
Jim Rogers is a legendary investor known for his ability to predict major long term trends in financial markets. Jim trades and invests in commodities, stocks, futures and currencies in stock exchanges in 5 continents. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a A Gift to My Children: A Father's Lessons for Life and Investing.
April 13, 2009
Latest Bloomberg Interview, April 13
Live on Bloomberg, April 13 2009.
Topics discussed:
- Jim Rogers new book
- Inflation in a couple of years
- There will be more wars in the future
- Expect more bottoms in the market
PART 1
PART 2
PART 3
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim trades and tracks commodities, stocks, futures and interest rates all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a Bull in China, a book about the chinese stock market.
Topics discussed:
- Jim Rogers new book
- Inflation in a couple of years
- There will be more wars in the future
- Expect more bottoms in the market
PART 1
PART 2
PART 3
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim trades and tracks commodities, stocks, futures and interest rates all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a Bull in China, a book about the chinese stock market.
The IMF is Selling Its Gold
The IMF is trying to sell its gold. The IMF is one of the largest holders of gold so you’ve got this huge supply overhang.
(Bloomberg, April 13, 2009)
(Bloomberg, April 13, 2009)
April 9, 2009
It Will Be a While Until We See The Final Bottom
The global stock market might have hit rock bottom but it is possible that the bottom is in fact deeper. It will be a while until we see the actual bottom.
April 8, 2009
Final Bottom is Not In
Investor Jim Rogers said today the global capital markets haven’t reached “the final bottom” yet echoing sentiments of fellow investors Marc Faber and George Soros, who predicted this week that the stock-market rally will falter.
(Bloomberg, April 08, 2009)
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim trades and tracks commodities, stocks, futures and interest rates all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a Bull in China, a book about the chinese stock market.
(Bloomberg, April 08, 2009)
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim trades and tracks commodities, stocks, futures and interest rates all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a Bull in China, a book about the chinese stock market.
April 7, 2009
I am Not Buying China Stocks Now
The only stocks I have bought in the last year were in China. I bought chinese stocks in October and November but I am not buying right now.
China has huge reserves for a rainy day. Now its raining and they are starting to spend some of it. They seem to be spending the money on intelligent things, they are building for the future to make themselves more competitive down the road.
China has huge reserves for a rainy day. Now its raining and they are starting to spend some of it. They seem to be spending the money on intelligent things, they are building for the future to make themselves more competitive down the road.
April 6, 2009
Where to Live?
Moving to London in 1807 was brilliant, Moving to New York in 1907 was brilliant. If I might, moving to Asia in 2007 will be brilliant - you can ask me in 8 years if I was right.
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim trades and tracks commodities, stocks, futures and interest rates all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a Bull in China, a book about the chinese stock market.
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim trades and tracks commodities, stocks, futures and interest rates all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a Bull in China, a book about the chinese stock market.
April 5, 2009
Famous Quotes
“Index investing outperforms active management year after year.”
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim trades and tracks commodities, stocks, futures and interest rates all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a Bull in China, a book about the chinese stock market.
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim trades and tracks commodities, stocks, futures and interest rates all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a Bull in China, a book about the chinese stock market.
April 3, 2009
300 Million Americans are Propping Up a Few Guys
We had automobile companies, airlines, retailers going bankrupt for hundreds of years. We still have cars, we still have planes, we still have shops. What do you expect them to say? Off course they say there is systemic risk, then they panic Washington and say "give us more money". And they keep their Lamborghinis and their houses.
That is not the way is supposed to work. 300 million americans are propping up a few guys so that they can keep their Lamborghinis. Its outragous economics and morality.
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim trades and tracks commodities, stocks, futures and interest rates all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a Bull in China, a book about the chinese stock market.
That is not the way is supposed to work. 300 million americans are propping up a few guys so that they can keep their Lamborghinis. Its outragous economics and morality.
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim trades and tracks commodities, stocks, futures and interest rates all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a Bull in China, a book about the chinese stock market.
Capitalism Did Not Fail
Capitalism and free markets did not fail - they weren't allowed to work by Central Banks, which wouldn't let people fail, starting with the bailout of Long Term Capital Management in 1998.
April 2, 2009
Stock Market Rally and Commodities
The rally is very powerful and looks as though its the kind of thing that might go on for a while. I am not participating, I think we may have hit a bottom but not the bottom. I am sitting and watching.
I have been buying more commodities because if we have hit bottom commodities are going to lead the way out of it, and if we haven`t, commodities are not going to go down that much.
I have been buying agriculture products, if you look to what has happened since November, December, commodities have done the best, some of them are up 20 to 25%. The only place I know where the fundamentals are getting better continues to be commodities. Farmers cannot get loans for fertilizer. Nobody is going to open a new mine. So the supply of all commodities continues to go down. The fundamentals for General Motors are not improving, the fundamentals for Citigroup are not improving but they are improving for commodities.
I have been buying more commodities because if we have hit bottom commodities are going to lead the way out of it, and if we haven`t, commodities are not going to go down that much.
I have been buying agriculture products, if you look to what has happened since November, December, commodities have done the best, some of them are up 20 to 25%. The only place I know where the fundamentals are getting better continues to be commodities. Farmers cannot get loans for fertilizer. Nobody is going to open a new mine. So the supply of all commodities continues to go down. The fundamentals for General Motors are not improving, the fundamentals for Citigroup are not improving but they are improving for commodities.
Maria Bartiromo CNBC - April 1, 2009
Listen to Jim Rogers latest video interview on CNBC with Maria Bartiromo.
(April, 2009)
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim trades and tracks commodities, stocks, futures and interest rates all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a Bull in China, a book about the chinese stock market.
(April, 2009)
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim trades and tracks commodities, stocks, futures and interest rates all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a Bull in China, a book about the chinese stock market.
April 1, 2009
The Price of Oil Has to Go Much Higher
Oil prices may advance to record levels in the future because of depleting reserves and a lack of major field discoveries.
Reserves of oil are going down all over the world. The price of oil has to go much, much higher.
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim trades and tracks commodities, stocks, futures and interest rates all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a Bull in China, a book about the chinese stock market.
Reserves of oil are going down all over the world. The price of oil has to go much, much higher.
Jim Rogers is a legendary investor known for his ability to predict major long term trends in several markets. Jim trades and tracks commodities, stocks, futures and interest rates all over the world. Jim has travelled extensively around the world and has written some of the best investment books available for traders. His latest book is a Bull in China, a book about the chinese stock market.
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