Friday, February 8, 2013
Jim Rogers on Street Smarts and outsized investing returns
Jim Rogers has a new book out called Street Smarts and he's out talking about it, along with a few other favored subjects.
Here are a few highlights from his recent interview with Open Currency:
1. Asked about Germany's repatriation of gold from American vaults, Rogers says they're right to do it and he's surprised they haven't done it sooner. Recently, the Federal Reserve refused the Germans an audit of their own gold, and according to Rogers "it's clear some of that gold has been lent out, or something, as it will take 7 or 8 years to move the gold."
2. Nearly all governments are printing money, for the first time in recorded history. All major banks are "printing" and debasing their currencies, which brings us to Rogers' favorite safe haven - hard assets.
3. We are destroying all the people who save and invest. People are getting wiped out because interest rates are zero and below the rate of inflation. Those who borrowed huge amounts of money and went bust are being bailed out at the expense of those who saved. This is disastrous for society.
4. Is it possible for this generation's investors to replicate Quantum Fund's investment returns of 4,200% over 10 years? Rogers says such returns are entirely possible for those who work hard and are great investors. Of course not everyone will do it, but "there's gotta be someone who is smart enough and ambitious and driven enough" to achieve that.
5. His new book, Street Smarts, contains much of what Jim has learned over the years and reflects on many of the things he has done. Jim's thought processes, mistakes, and successes are shared, along with his thoughts on how the world will look over the next 10-20+ years.
I've just received a review copy of Rogers' latest book, and I look forward to reading it. Look for a follow-up post on Street Smarts in the near future. Until then, you'll find a whole lot more from Jim Rogers in the posts below.
1. Jim Rogers' case for the Asian century (at CFA Atlanta via Jeffrey Tucker).
2. Jim Rogers interview: lessons on life and investing.
3. Jim Rogers interview with UK's Channel 4.