Famed investor Jim Rogers has made his fortune several times over by investing where others fear to tread. He’s now a fixture on the international speakers’ circuit as well as a man in constant demand for his investment tips.
He’s nothing if not blunt, but his views have a habit of paying rich financial dividends. CNNMoney recently caught up with Rogers to ask about his latest investment targets, and whether the Singapore-based American would ever consider returning to his home country. The answer, right now, a resounding no.
What follows is an edited transcript of the conversation.
Are you still optimistic about China, even as economic growth slows?
I’m still very bullish. I’m still buying more China stocks as we speak. We are supposed to buy when things are difficult.
Right now for a variety of reasons the Chinese are trying to encourage their capital markets, the population is pouring into the market, so is the rest of the world and so am I.
What about the dollar?
It’s my largest currency position, at the moment, but I emphasize at the moment.
I own a lot of dollars and have done for the last couple of years, but it has gone straight up. Anything that goes straight up you have to start worrying about.
People perceive the dollar as a safe haven. It’s astonishing that the biggest debtor nation in history is going to have a bubble in its currency.
What about Russia?
Russia is the most depressed stock market in the world. It’s hated. I’m buying Russian shares. I recently bought into agriculture, I’m the director of a fertilizer company. I bought some Russian government bonds — in rubles. Since the ruble collapse, interest rates are very, very high.
Where else are you looking?
I’m not buying oil, even though it’s depressed. I’m not buying gold and silver, even though I will eventually.
I’m buying markets that are depressed. China is down 40% from its all-time high, Japan is down 50% from it’s all time high. Places you could also look now are Iran, some African countries and Kazakhstan. They are not big markets and they are just starting to open up and change.
Would you buy North Korea?
Yes! I’m very excited about North Korea. If I could put all of my money into North Korea, I would. Massive changes are taking place there. I would not have invested in Kim Jong Un’s father or grandfather by any stretch of the imagination, but that’s like saying that in 1980 you shouldn’t invest in China because of Mao Zedong.
Mao was dead and Deng Xiaoping was making huge changes. They are making huge changes in North Korea. The kid is making astonishing changes.
Will you ever move back to the U.S.?
When I go to New York I’m so happy that I live in Asia. New York is a third world city, with a third world airport and a third world tax.
Living in Singapore compared to living in New York? Living in Hong Kong compared to Chicago? No I don’t miss it. I’m still an American citizen, an American taxpayer, an American voter, but I’m glad I live here in Asia.
