Saturday, July 30, 2011

Notes from Jim Roger's presentation on July 21, 2011 - GuruFocus.com


On July 21, 2011 investor Jim Rogers gave a presentation titled “The Keys to Success” to a packed audience in Singapore.


Here are my notes from the event, Jim Rogers spoke for about 20 minutes before doing Q+A for about an hour. He kept having to deflect hot tip type questions. I think he has a very good memory, as he remembered one Q+A person from another presentation a couple of years back. Also, prior to the presentation I heard him ask another attendee about his mother whom Jim had met once before.

On being successful- “Find your passion, focus and persevere”. He was fortunate enough to discover Wall Street when everyone else thought it was a backwater. He loved the game and would have worked for free if he could have afforded it. As it turned out, it paid very well and he was able to “buy his freedom”.

He said the financial market has had its run, and for young people to get involved in farming and mining as there are shortages in both.

On thinking differently– Don’t just listen to people, investigate for yourself. Do the homework and learn the truth about a situation on the ground if possible, and from many different sources. He is raising his children to be independent thinkers.

On hot tips- He won’t give any! Need to do the work yourself or you won’t understand when to sell.

On having kids- “Get on with it!” Best thing he’s ever done.

On the US Dollar- "It’s a terribly flawed currency". But everyone including Jim Rogers is down on it, and when everyone goes one way, it’s often the case that the opposite actually happens. So he’s long US dollar.

On the Yen- Says he's done well with it and it may have a little more to go.

On China- Still very bullish on China. They have had 5 major leadership positions in world history. No other country can claim this, Rome was 1x, Britain was 1x and the US will most likely be 1x. China has proven itself over the long term- although they also have periods of destruction.

On gold and Silver- still likes them both. Thinks Silver has more chance to appreciate as its farther behind its all time high whereas gold has already hit it.

On commodities- Still in a bull market for commodities. Hard assets will continue to do well. He’s an advisor for a European firm that’s buying land in Brazil to farm.

On the US vs. other places- Go to where the money is. The US is now the worlds greatest debtor nation. You should go to where the creditors are. No one ever said, "They owe a lot money lets go there". Everyone's family moved to Singapore at some point- they shouldn't be afraid to move to a more opportune location if needed.

Jim Rogers

Warren Buffett

Nouriel Roubini