RAOUL PAL: Jim, welcome back to Real
Vision. It's always a pleasure and an honor to chat to you.
JIM ROGERS: Well, it is my pleasure. It is my honor. I am a fan.
RAOUL PAL: Thank you. Listen, Jim, you're one of the people I love to reach out to when the world
is getting pretty confusing. We're all trying to think through what's going on. We've got these
crazy markets and everybody's scratching their head trying to think, okay, how does this play
out from here? How are you conceptualizing this right now? What are you thinking about markets?
JIM ROGERS: Raoul, if you don't know what to do, you should watch a Real Vision. They can tell
you. They can tell you what's happening. If you're busy, well, then get somebody to watch it
for you. How's it all going to play out? Well, it seems to me that what's happening is because
of the gigantic amounts of money being printed, it takes a while to build a factory, but it
takes 10 seconds to go online and invest. A lot of money is going into investment
for markets all over the world, and I don't see any reason for this to end.
I see bubbles forming, but I don't see full-fledged bubbles in stock markets yet. Some
stocks never go down. Tencent never go down. Samsung never goes down. Apple never goes down,
but there's still a lot of stocks that aren't up so it's not a full-fledged bubble. It is a
full-fledged bubble in bonds. Bonds have never been this expensive in the history of the
world, at least the recorded history of the world. So, bonds are definitely in a bubble.
Property in some cities, Seoul is a gigantic bubble. Look around our cities where property is
a bubble. Commodities, the only thing I know that aren't, that are still cheap compared to the other
assets around the world and some stock markets. I'm investing in China, I'm investing in Japan,
because the US is at an all- time high, but some markets are still down from their all-time high.
RAOUL PAL: I want to unpack some of these things. You said something interesting about
companies like Tencent and Samsung, do you think we've got a secular trend
change in how people value these high growth, high margin companies? Is there a change going on
that we're having to get our heads around, because the bond market basically is not a market anymore?
JIM ROGERS: This is not my first rodeo, Raoul. I've seen this movie before. Many times, people
get very excited. I can remember the late '60s, if it had computer in the name, the stock went
through the roof, even if it was a laundry, it didn't matter. Didn't matter what it was. We've
all seen this before. We're seeing it in Japan, we've seen in America in the late '90s. This
has happened before and it's happening again. Whatever the hot technology is of the day, those
stocks for whatever reason are very, very hot. 150 years ago, it was railroads. There
was a gigantic bubbles in railroads, and you know, Raoul? Railroads are still
around, but you never made money in the stocks if you bought them in the bubble.
You remember 1929? 1929, Radio Corporation of America, RCA, became unbelievably expensive.
Well, we still have radio. Radio merged with CBS, etc., and they're still there but you never
made money if you bought it in the bubble, so be careful. You ask how it's going to
play out, we've had bubbles before, we're going to have them again, and they always
end badly. If you buy the bubble stocks, you're probably never going to make money.
RAOUL PAL: Something that I've noticed this time around, ---
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think it's something you can afford to be without. JIM ROGERS: going to have them again, and they
always end badly. If you buy the bubble stocks, you're probably never going to make money.
RAOUL PAL: Something that I've noticed this time around, I'm now noticing this bubble behavior
built up. We've seen retail speculative activity, the option activity. It's probably less than
in Asia, but it's very predominant in the US. We're seeing mutual funds with record low cash
holdings, and we're seeing record margin debt, all of the big market stuff, they're not
great for timing, but they start to stack up. It feels that somewhere, maybe in the next 12
months or even shorter, we run the risk of a 1987 event. By that, I mean a non-economic event but
a market-based event because everybody's over those key tips. Well, any thoughts on that?
I was speaking to Philip Zulauf about this as well last week, and Philip had the same view on
this, that it feels like it's heading that way. JIM ROGERS: Well, it's surely does. You see a lot
of new investors piling in, talking about how easy it is to make money, how much fun it is to make
money. I say, well, it was sure easy. SPACs. You see SPACs coming in. SPACs often come in
at the end of big long bull markets. Remember the Mississippi land company, the South
Sea land company, that was 300 years ago, same thing. They've been SPACs long ago.
All this has happened before, and it is happening again now. Your question and mine
and everybody's is when is it going to end? I don't see an ending yet, but something may well
happen. One thing that always happens is they just get so expensive than it is, or a central bank
or two starts cutting back, or war breaks out or something happens, and various and sundry thing,
but I don't see any of those things happen yet. If everybody were buying stocks, when you go to
the dentist, Raoul, if the receptionist wants to talk to you about stocks, that's a bad
sign. That's a very bad sign. Those sorts of things are beginning to happen. I went to my
chiropractor the other day and then besides, the lady wanted to talk about stocks. It wasn't the
receptionist yet, but it's starting to happen. RAOUL PAL: You've got a lot of great stories,
I'd love you to tell a story of 1987. How it affected you, your observations at the
time, and how you dealt with that, because I just think experience is really important for
people. Whether that event happens again or not is irrelevant, but I think it's really great
for people to share some of the experience JIM ROGERS: Well, I'm delighted to talk about
that. I've had a few winners in my life, that happened to be one. I don't know if you know
but I was short the US market, and it all happened on my birthday. The best birthday, October
19th was my birthday. I couldn't believe it. RAOUL PAL: I'll never forget that
now, too, because I know that day [?]— JIM ROGERS: Yeah, I won't either.
Don't forget my birthday, but me, I won't forget October 19 , 1987.
I've been babbling on and on and on about how this is all crazy and out of control, and that
Greenspan didn't know what he was doing. Then it started happening. It started about six weeks
before. How did I know that the thing started coming apart six weeks before October 19th?
Then again, you had all the people buying on margin, speculating was very easy,
stocks went straight up for nine months or something. Raoul, you've been around, you
know these things have happened before. RAOUL PAL: What tipped at that time? Because
that was a weird one. Because the central bank didn't raise rates, bond yields were going up and
the dollar was bouncing off the falling sharp, those kinds of things? Any idea what tipped
it, or is it just the crowd? It just changed. JIM ROGERS: Well, there's
portfolio insurance in those days, there are all sorts of new wonderful inventions to make sure stocks never went down or that
nobody ever lost money again. I don't remember a specific trigger. I do remember
that it started, like August 25 , I was having dinner with a friend of mine,
the head of the Wall Street Journal at the time, and we're talking about it and I was telling
him, blah, blah, blah, and lo and behold, that was today. He still remembers, I still remember,
but I don't remember anything specific happening that caused it. It just got too overheated. You
don't have to have a specific ringing of the bell or shooting of the pistol,
but it can happen that way. RAOUL PAL: Let's flip it to the bond market where
you said there is a huge bubble that's being built. How does that end? Why does it end, because
the central banks won't let it end essentially? We've seen it in Japan, they can buy unlimited
amounts of bonds. How does this stop? JIM ROGERS: And they are buying them, and the
head of the central bank says-- his word is "we will print unlimited". That's his word,
unlimited amounts of money and put it in the investment market and he's doing it.
Raoul, he buys ETFs every day. Well, I own Japanese ETFs. He's got more money than
I do. If he's going to buy ETFs, I am too. The Japanese market is still down 35% from its
all-time high. US market is making all-time highs. There's a chance, I don't know, you
watch Real Vision, they'll tell you but there's a chance that the Japanese
market may go back to its all-time high of over 30 years ago because of all the craziness
that's going on in Japan and in the world. I do not know what the trigger will be. I can
feel what's happening. I see all the signs, we've talked about some of the signs, but
it's not as though there's total madness yet. As I said, there are a lot of stocks that are
still down, or still aren't participating. Now, in the bond market, everything is participating.
Junk bonds, foreign bonds, everything. Unless you have a special situation bond, I
would not own bonds anywhere in the world. I do own, full disclosure, I do own
some Russian government bonds in rubles, but they're short term. They're a year or two.
RAOUL PAL: When you're allocating risk now, what are you looking for? You talked like
Japan a bit, and I understand, A, you've got the central bank on your side, and B, it's a
discounted market and it's not wildly expensive, what else is interesting to you right now where you're more comfortable taking risk?
JIM ROGERS: Well, I will be buying agriculture. In fact, I have orders in at the moment to buy
more agriculture because agriculture is still very-- as I said, commodities are the only thing
that I know that is still cheap. Silver's down 45% from its all-time high. Sugar is down
75% or 80% from its all-time high. Some of this stuff is still very cheap.
Fundamentals are improving. Russia, everybody hates Russia. I'm buying Russian stock
as we speak, but I don't want to buy Apple. Now, if you know what you're doing, then you're going
to make a fortune in Apple this year, not me. I'm not on the long side, maybe the short side
later this year but no, that's not the thing that I'm any good at investing in.
RAOUL PAL: When you're trading the agricultural commodities, are you trading
the future's contracts? Are you trading equities that have exposures to them, or a bit of both?
JIM ROGERS: Mainly I'm buying the ETFs because ETFs are a miracle. For lazy people like me,
they're great, but, Raoul, I'm sure you've seen all the studies and studies show that if you
invest in the index, you're going to outperform most investors, professional and otherwise.
For me, I'm buying an agricultural index, ETF, ETF to be exact.
RAOUL PAL: What about gold and silver? You mentioned silver,
they've had a slightly ugly year. Gold has been chopping lower for six months or
so and can't really get its traction. What do you think gets that market going again, and the miners
as well which is very cheap have been struggling? JIM ROGERS: Well, I have not been buying
and probably will not buy. I'm waiting for the correction to work its way out.
Listen, my market timing is horrible. I'm the worst market timer in the world, Raoul,
so don't listen to me for short term trading. Somewhere along the line, I hope that I'm smart
enough to buy more silver and more gold, probably, more silver than gold because silver is down
45%, gold is only down 10% from its highs, so no. Before this is over, Raoul, both of them
are going to go through the roof, because history shows that whenever people lose
confidence in governments and money, all of us peasants buy gold and silver. Listen,
the politicians and the academics would say, forget gold. It's a barbarous
relic, whatever their term, but Raoul, peasants like me have some gold in the
closet. We like to have some silver under the bed. Because we peasants know, okay, maybe it's not
any good, but we want some, but I'm not buying it now. I own a lot, but I'm not buying now.
RAOUL PAL: Have you ever caught the Bitcoin bug? Have you got an interest in that yet? A
lot of people have started to get right in, and I've been very involved with it for a
long time now. What's your thoughts on that? JIM ROGERS: Well, I wish I had bought
Bitcoin. I will point out that many cryptocurrencies have already disappeared and gone
to zero. We all hear about Bitcoin. We don't hear about the dozens that don't exist anymore.
There's no question that money is going to be on the computer. You cannot take a taxi in
China with money. You cannot buy ice cream in China with money. You got to put it on your phone.
Some countries, every country is working on it, including the US. Chinese are here. Raoul, my
view is this is going to be their money. Let's use the Bitcoin, if Bitcoin ever becomes a viable
currency, not a trading vehicle but a viable currency, they can outlaw it. Governments don't
want to lose control. They like their monopoly, and once they all have their own government
money, do you think they're going to say, okay, here are US dollars and they're on the computer,
but if you want to use something else, you can? That's actually not my experience
with governments anytime in history, but most times in history, and I can't imagine
the US Government's going to let people do that. RAOUL PAL: No, a lot of people now try not to
think of Bitcoin as a replacement to currencies, but more as a store of value like gold plays,
but in the digital world. In which case, the authorities, yes, occasionally they ban
gold here and there but generally speaking, they allow it to exist alongside
saying, if you want a store of value, that's okay, just don't let it become money.
JIM ROGERS: Well, as I said, if it's just a trading vehicle, I don't see any reason if they
would outlaw it, unless it's money laundering or something like that. No, if people aren't trying
to use it to compete with government money, why not? I'm not a very good trader, so I can't
imagine that I would ever try to buy and sell them but there are plenty of guys who are
very good at it who are doing it. As a store of value, I don't-- well, yeah,
considerably, but I don't know what the value is. Listen, if we have a store of value of silver,
I know that silver can be used in solar panels, and electric cars, etc., etc. I don't know what
Bitcoin can be used as except for trading them. RAOUL PAL: One of the things that I'm
looking at is the underperformance of emerging markets versus developed markets
and particularly versus the US, it's all-time underperformance. When we talk about cheap,
some of these markets are really, really cheap in comparison. They're not super cheap in price
terms, but generally very cheap in comparison. How are you thinking about emerging
markets? It's got to be on your radar screen. You're a big emerging market fan, and
you obviously allocated some cash to Russia, but what are you looking at in that? Do you
think there's a big opportunity setting up? JIM ROGERS: I know they're huge
opportunities. I mentioned Russia, which most people consider an emerging market. China.
I'm buying Chinese shares, and Japan's another emerging market. It will be again someday, but not
now. Those are a couple that I have on my list. I'd like to be buying Myanmar, but I
cannot do it now. You have to go there, which is I'm not interested in going to
Myanmar at the moment. I'm looking,, but I don't have anything other than maybe Russia
and China that I'm buying at the moment. RAOUL PAL: Last time we talked, we chatted
a bit about India, and you were like, no, everyone gets burnt in India, because it's
full of promises and no answers. How are you thinking that one through? Because
it just still keeps going up regardless of all of the governments and the bureaucracy
and all the other terrible things that go on? JIM ROGERS: Well, it's at an all-time high.
Yes. Again, back to my earlier statements, I'm not particularly interested in rushing out.
You want me to tell you things about 20 years ago? I don't want to waste your time, and you
don't want to hear it. You want to hear what I'm buying tomorrow. You want to buy what
you want, you want to know what I'm buying next week. India's not on the list at the
moment but if you drive it down 50%, it'll be on the list again.
RAOUL PAL: Now, you're in a unique situation being in Singapore, the world is very Western [?]
centric right now. What do you feel the mood is on the ground in Asia? How are people in Asia
thinking through because they generally have a very good COVID-- they managed it well. Economic
growth is returning faster than elsewhere. There's a lot going on in the region. What's the sense on
the ground there, and what people are thinking? JIM ROGERS: Well, one of the main things
that I sense and is happening is America, Donald Trump pulled out of Asia. He pulled out of
the Trans-Pacific Partnership. Everybody said, oh, wait a minute, that leaves Asia for us. Then a
month or two ago, there was another 15-nation trading partnership without
the US, including a lot of our allies like Japan, Australia, places like them.
They're moving on here. America, I hope somebody in Washington has now said, wait a minute, we
better do something. They're moving on without us. The sense I have here is that's exactly
what's happening. Asia's saying, okay, see you, we're going to move on. We want to
trade, we know there's a lot of money here, a lot of trade here, a lot of energy here,
and they're moving on. The US in the end, I don't want to overstate this, but many people
are realizing not that the US is irrelevant, but that we can get along without the US if we
have, and they're doing it. They're moving on. I even said, in Korea right now, they would
like to do something about North Korea. They haven't been able to because of the US,
but I get a strong sense. [?] are now saying, well, maybe we should do something on our own.
RAOUL PAL: It feels that the world is splitting, that an Asian bloc is forming, as you say.
Everyone seems quite comfortable with it. One of the issues for everybody is the Asian
trade was always in US dollars, which is crazy. JIM ROGERS: They say that, too.
RAOUL PAL: The Chinese digital currency is the start of a big change, I think.
JIM ROGERS: I noticed in the last few weeks or days that Angela Merkel is [?] more and more. We
got to be nice to the Chinese. Mr. Trump smashed the Chinese, but wait a minute, wait a minute,
we should be doing business with China. Even the prime minister in England today said,
I love China. I'm very, very keen on China, because he's starting to get
the pushback among companies in England. Wait a minute, what are you doing?
It's the second largest economy in the world, huge creditor nation, etc. I'm beginning to
sense that other people are starting to say Mr. Trump can bash them all he wants, the
democrats can bash them all they want, but we know where our bread could be buttered.
RAOUL PAL: Yeah, it feels to me, I get interested when the narrative is
all one way. The narrative, particularly in the US is extremely China negative. It's
from both sides of the political spectrum, and that often feels to me like an opportunity.
When the narrative has gone too far one way, you see the continued growth in China, the continued
rise in what's going on the technology, the amount of money pouring in from the government, and even
from foreign capital. It feels that people are going to get politics confused with markets.
JIM ROGERS: Well, throughout history, when a country has problems, the politicians blame
foreigners. That's what Trump was doing. He was saying, those evil, yellow people with black eyes
and black hair, and they speak a funny language, and funny food and funny clothes. That's
what politicians always do, Raoul, go back and read history. Not just America,
everybody, all politicians throughout history blame foreigners when they have a problem and
it's easy to blame foreigners for many reasons. That's what Trump was doing, and he certainly
raises the rhetoric and the Democrats joined in. I sense that the Democrats at the moment
anywhere else say, wait a minute, guys, let's start over. Let's think about this for a while,
but certainly, other countries in the world, I get a strong sense, are starting to say,
well, maybe, maybe we can figure out a way to do something about this. One reason I'm interested
in buying Chinese shares, they are below US, below most other stock markets, and certainly
on a historic basis, and they certainly seemed to have handled the virus much better than most
countries did. I don't believe any government, but I see it on the internet. I see what's
happening in the streets and in the restaurants and the people. I see they're going to dance
halls and gym classes and everything else. The Asians seem to have done a less bad
job, especially China, and the rhetoric, this crazy rhetoric has happened throughout
history and sometimes it has led to war, shooting war, not just trade war. Let's hope it
doesn't happen again, but I'm investing in China. RAOUL PAL: You actually are a huge influence on me
when I read Investment Biker for the first time, and I just started out in investment banking in
the early 1990s. It made me realize, and I think you really got people to think about this, is
that what you hear is not necessarily the truth. What you see when you go there, speak to
people, that's closer to the truth. There is no truth in financial markets or
economies, but it's closer to the truth and that was a huge lesson I learned from you.
JIM ROGERS: Well, it's a huge lesson I taught myself, I learned from it too, by going. First
time I went to China in 1984, I always assumed I was going to get shot. American propaganda all my
life. It said they're evil, vicious, bloodthirsty, dangerous, poor, disgusting people. It didn't take
me long to see from the ground up. Wait a minute, wait a minute. There's another story here,
but I learned that many times, Raoul, in my life. You better see it for yourself and certainly
don't believe propaganda. Don't believe Chinese propaganda, American or anybody, don't believe
anybody's propaganda. Check for yourself. RAOUL PAL: That's why Russia periodically
becomes so cheap because Westerners shun it. It's once every 10 years, Russia becomes just
a phenomenal trade. I guess you sensed that with commodities starting to go up in price,
Russia pretty much shunned by foreign investors, and I don't speak to anybody who's got anything
in Russia right now. There's other times when everybody's investing in Russia, nobody's got
anything right now. Is that your sense as well? JIM ROGERS: I have Russia, I'll buy more.
They've got agriculture, they've got oil, both of which have been disasters for a while,
and as you know, everybody hated Russia, still do, still hates Russia. I
hated Russia for many decades, but in the last four or five years, I think I've
seen a change in the Kremlin for whatever reason, and they understand investing. They understand
capital, they understand entrepreneurship now. This is not Switzerland. This is not
the Netherlands, but it seems to be a chance. My goodness, this is cheap. Raoul,
nobody would lend money to the Russians, and so they don't have gigantic debts, like
the US or Japan or the UK or other people. RAOUL PAL: What about in the currency world,
anything interesting, or are you just thinking, well, the dollar probably slowly falls from here?
Anything particularly interesting? Personally, I find a lot of interesting in the currency world,
but I don't know if you were seeing anything. JIM ROGERS: My view is that if there's going to
be turmoil sometime in the next year or two, big turmoil for reasons we discussed earlier. Whenever
that happens, people look for a safe haven, and for historic reasons, many people still think
the US dollar is a safe haven. It's not. America's the largest debtor nation in the history of the
world, Raoul, but people don't think that way. I certainly see problems in the UK
and Europe etc. I'm not going to buy the Russian ruble. The Chinese renminbi, they
cannot buy because it's not convertible yet. I own a lot of US dollars on the assumption
that in the next turmoil, it's going to get very overpriced, it could turn into a bubble as well.
At that point, I'm going to have to sell it. Well, for economic reasons, it's the largest debtor
nation in world history, but also for political reasons, if Washington gets angry at you, they
cut you out, I keep saying, they cut you off. Well, people are starting to say, wait a
minute, wait a minute, that's not what an international currency is supposed to be,
it's supposed to be neutral. It's supposed to be usable anywhere. Now, they're looking for
a competitor. They're working on competitors, India, China, Brazil, Russia, various countries
are working on competing currencies to compete with the US dollar, and I suspect it will happen.
RAOUL PAL: The one place that nobody talks about bizarrely is Europe. Everyone has just given up
entirely. Have you given up entirely as well? I have, I don't really bother to follow it. It's interesting they're going
into a digital currency and stuff, but Europe, I don't know, what do you think?
JIM ROGERS: Well, as you said those words, I said, Russia is right. Many of those markets are
up, of course, because they follow the US market and the Euro as a currency, to
me, is not wildly exciting for the
reasons we all understand. I suspect there are
going to be more separatist movements since the British pulled it off at some point but there
are politicians in other countries now saying, I could make my name by being in favor of
separatism, and they're starting to do it. I would expect to see more turmoil of that
sort in Europe, but as you said those words, I own a few shares in Europe, but no, I'm not
buying anything. I guess because I'm not looking. RAOUL PAL: We'll just ignore the
third of the world's economy. JIM ROGERS: I have noticed that Mrs. Merkel is
starting to be nicer about the Chinese. I noticed that the Prime Minister Boris Johnson is starting
to be nicer about Chinese. These things I noticed, because I'm in Asia, those are only recently that
is starting to happen. That, again, is Chinese centric or Russian centric. That's what attracted
my attention, because they're starting to talk about changing their views towards the East.
RAOUL PAL: One of the things that obviously endlessly comes up and you'll have heard it a
thousand times before is Taiwan and the risk of something, a conflict there.
Do you see that risk is rising, just same as it ever was, or just
the rhetoric keeps going up and down, how do you get to grips with that?
JIM ROGERS: I see the rhetoric rising, especially when Trump was there, and they were
doing everything they could to bash China. That rhetoric, I have this sense, is calming down
now but again, all these passions and views have been inflamed in the last two or three years.
RAOUL PAL: I just want to go back to commodity markets. You've been very actively involved
in commodities over the various cycles. Do you think this is a reflation idea, it's two to
three years, we can make some good returns out of it, or are we seeing something bigger? Obviously,
I remember when you wrote the book about commodities, that was China coming in, so there
was a huge demand shift to the world, and you were dead right in that. It doesn't feel like we've
got a demand shock here. It feels like it's more a cyclical commodity play. What are your thoughts?
JIM ROGERS: I'm starting to see a lot of people talking about a new supercycle in commodities. I
wish they weren't saying that, because when a lot of people are bullish, it worries me. I don't
like them. I wish they would seriously, oh, it's crazy. I do know that on the supply side,
there are many problems partly because of the virus, and I do know there are some demand shifts
that we're all going to have electric cars, apparently. Well, electric cars use five
times as much copper as regular cars. Some of this stuff like zinc and lead, they
need it. Silver, they are for solar panels, they're for electric energy, you need a lot of
these things. There are demand shifts taking place, but nothing like the coming out of China
20 years ago, but there are things happening and the supply side is down because of the virus
and the problems it has caused. I'm bullish. I'm long commodities. I hope I'm buying some
more yesterday. I don't know. I'll have to see what's happening, but absolutely not selling.
RAOUL PAL: There is also the upside chance that there's fiscal stimulus that's still to come,
not the ones to get rid of cash flow problems over the virus, but the infrastructure projects
that both the EU and the US have talked about, and they're generally going to be green
infrastructure projects I'm guessing. That could be a demand shift that nobody's
really factoring in yet, particularly in some of these commodities that it's not iron
ore this time around, as you said, it's silver and copper and other stuff, lithium.
JIM ROGERS: It's the things that people use for electricity. Electricity has been
around a while. You're not reinventing the world here. We're using it in more and
more demand intensive ways or so it seems. No, I see it but I also see that they-- oil is
down gigantic amount for various and sundry good reasons. That too, if you ask me, oil is making
a complicated bottom, the frackers came in, huge bubble. Now, that bubble popped. Well, if you
could spell fracking, people would give you money. They would give you all the money you want it.
Now they realized, oh my god, you got to make money, got to pay your bills. When the fracking
bubble burst, there's still fracking, going to be but it's not such a huge new source of supply as
we had before. In the meantime, known reserves of oil continue to decline and these are simple
straightforward facts, but only some miracle here. Oil is cheap. Hydrocarbons are cheap, it seems.
Anyway, commodities are certainly the cheapest asset class I see right now.
RAOUL PAL: Final question, silver which you've mentioned a couple times. I
know a lot of people are interested in silver. We talked about ETFs, just getting exposure to the
metal itself or owning the physical metal itself, do you look at silver miners as well?
Is that something that interests you, or do you just keep it simple?
JIM ROGERS: I'm lazier than I used to be. I have always been very lazy, but if you
have a silver miner, send me an email, I'll look at the name and gold miners but again,
Mark Twain who is a great American writer once said the definition of a goldmine is a hole in the
ground with a liar standing at the top. There are hundreds of silver and gold miners in the world.
There's only one of these, so, it's simple. RAOUL PAL: Keep it simple and stupid.
JIM ROGERS: Yes. It's simple, easy to buy this, the ETF or the stuff, the real stuff
but if you know, Raoul, if you know a silver miner is going to find a big deposit in Berlin,
you should buy all you want and send me an email, I want to buy it too. You'll make a fortune.
Unfortunately, there are hundreds of those out there.
RAOUL PAL: And you don't know who's telling the truth.
JIM ROGERS: Yes, I'm keen. I'm keen. I'm keen, but certainly on silver and
gold, better silver, but I don't have any. I don't have any silver
mines at the moment in my portfolio. RAOUL PAL: Jim, look, as ever, real pleasure
to speak to you, to pick your mind, to get your perspective of what's going on, I really
appreciate your time, and brilliant to catch up. JIM ROGERS: Well, I am still a big fan of what
you guys are doing. I hope you keep it up. It's remarkable. It's remarkable what you have
done and are doing, and I hope you continue. RAOUL PAL: Thank you so much, Jim.
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Jim is a gold bug.