People’s Finance News, August 2nd – On August 1st, legendary investor Jim Rogers stated at the “Global Chinese Wealth Management and Heritage Summit” held by Noah Holdings in Singapore that he currently holds only stocks from two countries worldwide, one of which is China, having cleared all US stocks. He believes that the next US crisis will be the most severe of his life.
He has cleared all US stocks! Legendary investor Jim Rogers delivers a powerful statement, “The next US crisis will be the most severe of my life” (China Fund News).
Jim Rogers
At the Noah Holdings-hosted Global Chinese Wealth Management and Heritage Summit in Singapore, he mentioned that he currently holds stocks from only two countries worldwide, one of which is China, having cleared all US stocks. He believes that the next US crisis will be the most severe of his life.
China will become a major force on the global stage.
“Jim Rogers
stated that whether people agree or not, China is rising and becoming strong.
Jim Rogers
was born in , a year when he founded the Rogers International Commodity Index. Over the following decade, the index rose by . Moreover, he set numerous Guinness records by cycling around the world.
Jim Rogers
expressed holding stocks in multiple industries in China, particularly optimistic about the tourism sector’s prospects.
All sectors in China have potential, especially tourism. In the past few centuries, Chinese rarely traveled abroad. Nowadays, Chinese can travel abroad. They are eager to see the world, and foreigners also wish to understand China. The tourism and hotel industries have good prospects.
Despite the lackluster performance of China’s stock market in recent years, Jim Rogers believes China’s future is bright, with the government taking measures to support economic development.
Jim Rogers
On the importance of advocacy. He stated that railways have changed many countries and cities across the world. Similarly,
Jim Rogers
expressed his holdings in gold and silver. Historical experience has shown that gold and silver have always been safe havens during crises. Considering the historical highs in gold prices, he has not continued to buy gold. However, compared to historical levels, silver is undervalued, and he is buying more silver. He further stated that if gold falls, he would buy more gold.
Jim Rogers
Reflected on China’s tremendous changes over the past decades.
When I first visited China in , I saw a world that was completely different from what it is now. China will be
the most important country in the century, already so in many areas. People should ensure their children and grandchildren speak Mandarin to prepare for the future.
The crisis will be the most severe one I have ever experienced.
Jim Rogers
Expressed deep concerns about the U.S. debt issue.
Most people ignore the U.S. debt problem, which will lead to serious consequences.
In response to the view that most of the U.S. debt is denominated in dollars, thus its default risk is limited,
Jim Rogers
stated that the U.S. might not always be at the forefront. Once its leadership position is no longer there, people’s concerns about its debt issues will become more prominent.
Jim Rogers
said that people once thought Britain’s dominance would never change, hence they did not consider its debt problems to be a cause for concern. It turned out they were wrong.
OMFIF, 1976
Britain had fallen into a debt crisis in 1976. The British government faced a massive fiscal deficit and a continuous rise in public debt levels. By the fall of , British government bonds—
if there was debt, it had to be repaid, as history dictated.
“Jim Rogers
Jim Rogers
Criticizes Washington for believing that the United States is the wealthiest and most powerful nation in the world, thus dismissing the importance of debt as incorrect.
Currently, Jim Rogers holds a pessimistic outlook on the prospects of U.S. stocks. He stated: “Since 2009, U.S. stocks have been strong, experiencing the longest bull market in history. Washington claims this time is different from the past, with a bull market forever.” He further noted that for a long time, the Federal Reserve has printed money extensively, once bringing interest rates down to historical lows. However, this cannot be sustained. “When everyone is excited, it’s usually a time to worry.”
Explaining his reasons for holding large amounts of dollars, Jim Rogers anticipates that when a crisis occurs, people will seek refuge. Although he does not believe that dollars are a safe haven, many would. He hopes to sell dollars at that time.”