Jim Rogers: The US Bear Market Is Not Over
Jim Rogers talks with Dan Mangru about the Greek debt crises, the financial reform bill in the US, and the incompetence of Fed chairman Ben Bernanke. He also offers advice to baby boomers on retirement.
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The legendary investor believes the US bear market is not over and problems are going to come back in the foreseeable future. “If America and Europe get into trouble, the rest of the world is going to suffer too,” says Rogers. However, he does not believe an EU collapse would be the end of the world.
“The best place to have your money is in either sound currencies or real assets. For my money, real assets are a better place to be because, throughout history, when governments have started printing a lot of money, the money has gone into real things — whether that's silver, or cotton, or natural gas — something that's real that people can use. Putting into paper money at a time when paper money is being debased all over the world is usually not a good thing to do.”
Rogers calls the financial reform bill “a waste of time, energy, money, and everything else.” He predicts that many problems will come from this bill and says we need competent regulators, not more regulations. Rogers advises investors to be skeptical of everything, do their homework, and use common sense.
Reprinted from Bullsource.
May 26, 2010
Jim Rogers has taught finance at Columbia University's business school and is a media commentator worldwide. He is the author of Adventure Capitalist, Investment Biker, Hot Commodities, A Gift to My Children, and A Bull in China. See his website.
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