While I am not optimistic short term, I am not nearly as dire as Rogers. But, in the interest of giving readers multiple points of view, here you go.
Jim Rogers on Glenn Beck
Disclosure (“none” means no position):
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While I am not optimistic short term, I am not nearly as dire as Rogers. But, in the interest of giving readers multiple points of view, here you go.
Jim Rogers on Glenn Beck
Disclosure (“none” means no position):
4 replies on “Friday Viewing”
Interesting interview – never heard this one. I always like listening to Rogers even though I don’t necessarily agree with him.
Lets listen to what Jim says. First he says if you listen to the Obama or Bernanke that you are going to go bankrupt….ok. Buffett has said now is the time to invest. Lampert certainly isnt pulling his money out. Ackman, nope. I guess all these guys are wrong. And if you are invested in anything along with these guys you must be wrong too.
Next he says civil unrest in the US…. OK. Sure. Higher taxes and some inflation sure. Civil unrest really? If what Jim Rogers says is going to happen your better off buying guns, stocking up on lead and finding a boot camp class so you can get in shape. Something is telling me that thats not going to happen. We do have it very good in America there is nothing holding you back from perusing your dreams we have rule of law, we have privacy and individual rights. You won the ovarian lotto by being born in america. I would bet that no one would take the 1 in 45 odds at being reborn again in a different country.
Then they go into that whole Japanese style bubble. I don’t really buy that argument from anyone that we are in the same thing. First off. Business cycles and bubbles differer in many many ways. They are way too complex to accurately predict. Theres just way too many variables that need to be accounted for. Plus, the culture and the way business is done is different than here in america. I just have a problem to this heres one example this is the way we are heading w/o a large enough sample size. Its way too simplistic and doesen’t elaborate with sufficent support on his points.Plus it was posted here on VP a few days ago. History is bunk.
Then he says sell the rally in the stock market. I actually think he took this one from Jim Cramer. You never hear Buffett say sell the rally. Never. Rodgers then says buy commodities. Ok sure…..remember these are also susceptible to bubbles….. the problem I have with investing in commodities is there is no way to judge their value. You cant price it. Can anyone tell me what a barrel of Oil should be price at? Anyone? I do know where to begin to value a company based on(as graham put it) “rational tests of underlying soundness.” I haven’t found one person provide a good argument other than “it should be higher”, Rodgers doesn’t even do that. But i digress.
Rogers gives no substantive argument for commodities and against America.
On key thing that Rodgers fails to see is that the US makes up 25% of the worlds GDP. Now these are 2007 statistics so there may be some contraction but the gdp for the US was $13,807.550mm. The world was
$54,584,918mm
In 1913, it was 19%. 1998 it was 21% and it fluctuates…like everything. For what its worth I got the info from wikipeia so I’ll let you visit the cited sources in it. Here is the page. America is a leader in the world. It doesnt mean we can willy nilly do whatever we want but I would hardly say that its waning like Rogers says it is.
well said ryan…
Is he getting desperate? Why no one is following him to China/Singapore?
I have read all his books and still do not know how to value commodities? If I do not know the value how can I buy or sell a product? I wonder if he knows or anybody. It is just talk. Why do we even listen to these commodity traders – a flaw in our character?