I like Jim Rogers (http://en.wikipedia.org/wiki/Jim_Rogers), "The Indiana Jones Of Finance," for his unconventional approach to doing things. He made a fortune in the 70s but then quit the company (Quantum Fund) he set up with George Soros. He became a professor but told his MBA students at Columbia U the best way to learn is to quit the MBA program and then backpack around the world. He practiced what he taught and traveled around the world first by motorbike and then by car, wrote investment books, and applied his first-hand knowledge in countries he visited to investing. In the 90s he was already predicting the rise of China. He was so convinced about this trend that he sold his mansion in New York and moved his whole family to Singapore. His two daughters can now speak perfect Chinese. He is a straight talker and he explains issues in plain English.
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Video: Debate on a Chinese TV
This program was broadcasted on a Chinese TV in 2004. In this program, Jim Rogers debates with a Chinese professor on how to succeed in investing and whether markets are manipulated to disadvantage small investors. (Just concentrate on what Jim Rogers has to say but ignore the Chinese conversation if you don't understand the language.)
Here are the major points.
Be skeptical
Don't listen to other people. Listen to yourself and do you own research. Think far ahead. Be willing to go against the crowd to make money. When everybody is selling, it's time to look at it as opportunity. "You have to think far ahead, and that's the success of being a good investor."
Be curious
"The way to make money is to figure out what is going to happen before other people do." Be curious about life. Go and see what's happening close to the ground and you will be able to predict the future. Invest only in something you know a lot about.
Be persistent
From time to time you may make mistakes and incur losses. Be persistent and move on. Also, be willing to spend time to do your own research.
Be patient
Wait until there is great buying opportunity.
Three mistakes most investors make:
1. Buy when the prices are high.
2. Sell when the prices are low.
3. Invest in something that they don't know.
Debate on a Chinese TV on Investments pt 1/7
From: http://www.youtube.com/watch?v=0QayB-226Ic
Debate on a Chinese TV on Investments pt 2/7
From: http://www.youtube.com/watch?v=cdZYGtOTUyQ
Debate on a Chinese TV on Investments pt 3/7
From: http://www.youtube.com/watch?v=Abx7F_BLw_o
Debate on a Chinese TV on Investments pt 4/7
From: http://www.youtube.com/watch?v=DNOW96em7Zc
Debate on a Chinese TV on Investments pt 5/7
From: http://www.youtube.com/watch?v=hW9m0uqHg0g
Debate on a Chinese TV on Investments pt 6/7
From: http://www.youtube.com/watch?v=41C9OdjYORY
Debate on a Chinese TV on Investments pt 7/7
From: http://www.youtube.com/watch?v=o09kni_JeHs -
I like reading Jim Rogers..............his book the investment biker was a brilliant readThe mission of any business enterprise should include the aim to develop economic conditions rather than simply react to them.Comment
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Video: The Simple Life of Jim Rogers
This interview with TalkAsia was probably done in 2008, and here are the major points.
- Be a simple person." I don't really have much use for money."
- Be true to yourself and make sure you enjoy what you do. (His passion is studying the world and uses this knowledge in investing.)
- Be unconventional (He invested internationally in the 70s when few would think about it.)
- Do your own research. "See the world from the ground up."
From: http://www.youtube.com/watch?v=1UGz3CW8OPwComment
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Fudo, it sounds like discovering JR has been a revelation for you. I also take great interest in everything he says publically, and a large part of my own investment strategies (particularly industrial commodities, energy, Asian equities, and precious metals) are based on the same foundation that he preaches.Comment
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He just came out with a new book titled "A Gift to My Children: A Father's Lessons for Life and Investing." I had a quick read. From my memory, he talks about very basic things such as doing what you really enjoy, and never following the crowd but developing independent thinking.I like reading Jim Rogers..............his book the investment biker was a brilliant read
I'm not sure about that, but I feel his thinking is well ahead of many people and is worth listening to.Fudo, it sounds like discovering JR has been a revelation for you.Comment
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Video: "A Gift to My Children"
This interview was probably done on April 20, 2009. In this interview, Jim Rogers introduces his new book "A Gift to My Children: A Father's Lessons for Life and Investing" and says the biggest lesson he has learned is:
"The main thing is think for yourself. Be an independent thinker. Do not believe what you see in the press. Do not believe what people in the street tell you. Find out for yourself, think for yourself, be an independent thinker, and -- be careful of the boys."
From: http://www.youtube.com/watch?v=Ga0V0oOeV-kComment
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Article: "Jim Rogers Bares Secrets of Investing: Eat Snake, Beware Boys"
From Bloomberg:
This will apply well in any type of investment, I think.April 21 (Bloomberg) -- Jim Rogers has three hot tips for investors: "Question everything, never follow the crowd, and beware of boys!"
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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.
Source: http://bloomberg.com/apps/news?pid=2...8_Q&refer=muse
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Article: "Jim Rogers: How He's Investing After the Crisis"
From BusinessWeek
I particularly like his comment "The people you're describing should not be investing at all, unless they invest in things they know a lot about." It involves constant study and research, so investing is never easy.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.
Source: http://www.businessweek.com/investor...414_131044.htmComment
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I suppose that if he'd had two sons, the
advice would've been: "beware of girls."Comment
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Video: Jim Rogers Biggest investment Mistake
The date of this interview is not known, but here are the major points.
- Information comes faster and faster these days, but more important is judgment.
- What does Jim Rogers read? Financial Times, Wall Street Journal, Economist, and Barons
- Do your homework before making any investment.
From: http://www.youtube.com/watch?v=SmGRgPl74w4Comment
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Thanks for the brief summaries, fudosan.Comment
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Video: Charlie Rose interviewing Jim Rogers
In this interviw done in December, 1995, Rogers was already predicting the rise of China and directing his attention to investment opportunities there. This shows the importance of understanding what's happening in the world and the macro economic environment where we invest.
Source: http://www.charlierose.com/view/interview/6479Comment
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Chinese Renminbi, Next Reserve Currency
Here's what Jim Rogers said recently.
Far fetched? Should we start looking East (or north-west from Aotearoa) in terms of investment?I own the Chinese renminbi. It's not that easy to buy and sell the renminbi because it’s a blocked currency. But I own it and every chance I get to get some more renminbi, I do so.
The renminbi is eventually going to be the next reserve currency of the world. Twenty years from now, perhaps fifteen years from now, the Chinese are opening up there currency more and more every month, every year. And that’s going to continue ... who knows how high it will go.
China has not made many serious mistakes in the past two to three decades but this is one of them. I don't know why they still have a blocked currency. This is not 1979, it’s not even 1999. It's 2009 and China doesn't need to do that any more.Comment
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Figure out what you enjoy doing first
In this presentation, Jim Rogers talks about parenting children. He says:
We are trying to figure out what they like, what they gravitate to, and that's the competitive advantage we are trying to give them. Emphasize, focus on, and encourage the things that they like.
From: http://www.youtube.com/watch?v=0qGUUXZg8ko
Isn't it also true when deciding our investment style? If you don't like playing with tools, then renovating properties yourself may not be your competitive advantage. If you are not a people-type person, then it may not be a good idea for you to deal with tenants directly.
We must first find out what we enjoy doing, and then focus on that area. Rely on other capable people to take care of our weak areas.Comment
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