Archives of “jim rogers” tag

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Steven Drobny, Inside the House of Money (Book Review )

  
  Education
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If you haven’t read Steven Drobny’s Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets, newly revised and updated (Wiley, 2014) you should immediately add it to your “to do” list. It doesn’t matter whether you’re a global macro trader or not. I’m not, and yet it’s one of the very few books I keep returning to and learning from.

Originally published in 2006, the book is a collection of twelve interviews with top global macro practitioners. Although times have changed—the interviews were conducted before the financial meltdown and since then global macro has gone mainstream—the book remains a font of trading wisdom.

Few of the interviewees are household names; notable exceptions are Jim Rogers and Peter Thiel, and Thiel has since closed down his fund. The other named traders (one is anonymous) are Jim Leitner, Christian Siva-Jothy, John Porter, Sushil Wadhwani, Yra Harris, Dwight Anderson, Scott Bessent, Marko Dimitrijevic, and David Gorton and Rob Standing.

It’s, of course, impossible to summarize this book, which is one reason it’s so valuable. But, just to give a bit of its flavor, here are a couple of excerpts. (more…)

Street Smarts

  
  Education
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Street Smarts is a new book out by the South Alabama bowtie man. There is an interesting video discussion here on being humbled by the market.STREET SMARTS

1. “Jim Rogers on When He Lost Everything“

2. A bit about his new book follows: Street Smarts by Jim Rogers

and an excerpt:

‘Today, I wish I knew how to instill this characteristic in my children. I wish I could call my father or mother and say, “What pill did you give us?” Call it discipline, call it diligence, call it work ethic—­we all have it, my brothers and I. I do not know where it comes from. I wish I could find the gene. I am certainly not alone in recognizing the value of persistence—we all know smart people who are not successful; we all know talented people who are not successful. Persistence is what makes the difference.’

Why is Jim Rogers Sceptical of India's Future?

  
Analysis, Economy, Education
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Investor and Adventure Capitalist Jim Rogers remains deeply sceptical of India’s future. In an interview with Forbes India, he argues the country is sitting on a fiscal time bomb.
 

The finance minister has changed the direction of India’s budget deficit by reducing the target for 2010-11 to 5.5 percent.
You really believe it will happen? Go back over the years and see their previous claims.

He has got a lot of praise for that in India. Still you are not impressed. Why?
Even if it happens, it is not being done by sound budgeting. It is from selling off the family jewels if it happens.

Don’t you think a high deficit was justified last year when the government had to spend and help the economy revive?
No. They are just trying to push the problems out into the future rather than solving the underlying problems. Do you really think the solution for a problem of too much debt and too much consumption is more debt and more consumption?


Are we not living in extraordinary times when we have to follow such flexible policies?
We are indeed. They are making the problems worse in extraordinary times which require tough measures to correct decades of abuse.

The finance minister rolled back some of the economic stimulus measures he had announced last year. Would you have preferred to see a complete rollback than a partial one?
Yes. And more.

If you were to set an agenda for the government, what would that be?
Cut spending and subsidies dramatically. Many studies have shown that countries start having serious growth problems when debt is 90 percent of GDP (gross domestic product). India is now [at] 80 percent and will be [at] 90 percent soon under this budget. The subsidies distort the economy in less productive areas.

Full Interview: LINK

Jim Rogers Video Interview – How I See The World Today

  
Analysis, Economy, Education, Video
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Very interesting video interview with Jim Rogers doing a question and answer session with Lew Rockwell and Ludwig von Mises Institute members in Alabama. The video is rather long but well worth your time. Here’s a chronological list of all the subjects Jim Rogers addressed:

  • Protecting yourself with sound currencies and hard assets / real assets
  • Learn from history
  • Rice, Silver, Gold, Farmland, Timberland, Bonds, Paper Money
  • Why he moved to Singapore —> Education + Learning Mandarin
  • Debtor nations vs. creditor nations
  • Conventional wisdom
  • The US going the same way as the UK when it was an Empire
  • Leaving the US and seeking opportunity elsewhere
  • Why children in the 21 st century must learn at least a second language
  • Giving up American citizenship and implications on paying taxes
  • Rare Earths and China
  • Austrian Economics
  • Brazil and its natural resources
  • European Union and the likelihood of EURO disintegration
  • Canada will do better than the US
  • Renminbi might replace the US Dollar as reserve currency
  • Ben Bernanke monetizing debt
  • Fort Knox and the Fed should be audited

Once the video starts playing change the settings to watch in HD quality. Enjoy!



The Virtue of Patience

  
  Education
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The Virtue of PatienceWaiting for the right opportunity increases the probability of success. You don’t always have to be in the market. As Edwin Lefevre put it in his classic Reminiscences of a Stock Operator, “There is the plain fool who does the wrong thing at all times anywhere, but there is the Wall Street fool who thinks he must trade all the time.”
One of the more colorful descriptions of patience in trading was offered by Jim Rogers in Market Wizards: “I just wait until there is money lying in the comer, and all I have to do is go over there and pick it up.” In other words, until he is so sure of a trade that it seems as easy as picking money off the floor, he does nothing.

Mark Weinstein (also interviewed in Market Wizards) provided the following apt analogy: “Although the cheetah is the fastest animal in the world and can catch any animal on the plains, it will wait until it is absolutely sure it can catch its prey. It may hide in the bush for a week, waiting for Just the right moment. It will wait for a baby antelope, and not Just any baby antelope, but preferably one that is also sick or lame. Only then, when there is no chance it can lose its prey, does it attack. That, to me, is the epitome of professional trading.” (more…)

The Dollar Meltdown: Book Review

  
Analysis, Economy, Education
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090-1008121154-dollar-meltdownI had the pleasure of reading a final finished copy of The Dollar Meltdown by Charles Goyette.

Congressman Ron Paul offers an opinion on the front cover to which I certainly concur: “Goyette does a great job explaining why America faces a looming financial crisis and outlines commonsense strategies for individuals to protect themselves and their families. This book truly is a must read.”

Before publication, I read a preliminary copy which explains this quote on the back jacket “The Dollar Meltdown is the definitive guide to where we are, how we got here, and what the best investment opportunities are looking ahead, regardless of one’s personal views on the raging inflation/deflation debate”

Others on the back jacket endorsing the book include Jim Rogers, Lew Rockwell, and Peter Schiff.

Step by step Goyette outlines Where we are, How we got here, and What to do. The book is a nice blend of facts, humor, and practicality. It is easy reading and very difficult to put down. (more…)

Jim Rogers' Keys to Success

  
  Education
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JimRogerJim Rogers’ Keys to Success (taken from the titles and sub headings of each chapter of the new book, “A Gift to My Children: A Father’s Lessons for Life and Investing“)
1. Do not let others do your thinking for you
2. Focus on what you like
3. Good habits for life & investing
4. Common sense? not so common
5. Attention to details is what separates success from failure
6. Let the world be a part of your perspective
7. Learn philosophy & learn to think
8. Learn history
9. Learn languages (make sure Mandarin is one of them) (more…)

India is not a place for investors, but it’s a fabulous country for tourists-Jim Rogers

  
Analysis, Education
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Rogers is not as optimistic on the other Asian giant, India. He believes the country needs to open up its retail market and make its currency convertible.  He argues that politicians need to address the nation’s problems now instead of pushing them into the future:

 “India has a horrible economic system. Indian politicians are of course now talking the right concepts and are trying to implement them, but a lot goes wrong when they are put into practice and run up against the country’s thoroughly anti-capitalist bureaucracy.”

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