Posted on 03/05/2008 5:59:19 AM PST by TigerLikesRooster
Investor Jim Rogers says Singapore to lose money on US banks
Reuters - Wednesday, March 5
SINGAPORE, March 5 - Investment guru Jim Rogers believes that U.S. bank stocks could fall further and predicts that Singapore's state investors will lose money on their multi-billion dollar investments in Citigroup and Merrill Lynch.
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"I'm shorting investment banks on Wall Street," the long-time commodities bull told reporters on Wednesday at a launch event for ABN AMRO certificates linked to commodities.
"It grieves me to see what Singapore is doing. They are going to lose money," he added, referring to investments by Government of Singapore Investment Corp and Temasek [TEM.UL] in Citigroup , Switzerland's UBS and Merrill Lynch .
Rogers, an American who co-founded the Quantum Fund with billionaire George Soros in the 1970s, now lives in Singapore as he wants to raise his four-year-old daughter in an environment where she can learn Mandarin Chinese.
Rogers, who also writes investment books, said Wall Street had to work off 10 years of excesses and predicted that losses linked to risky mortgages will eventually spread to credit card bills, student loans and other debt.
Ping!
“wants to raise his four-year-old daughter in an environment where she can learn Mandarin Chinese.”
Jim ought to fess up that he really moved there to avoid the sky high US taxes. The Chinese thing is just an excuse he uses for media consumption.
There’s the buy signal for banks. Rogers is a buffoon.
With friends like this...
Rogers record speaks for itself. He’s one of the greatest investors of all time. And by the way he has not been associated with Soros for nearly 30 years. He was the only person I know of who told people to start investing in commodities back in 2000. Get your facts strait.
Sure - you go right ahead. I’ll continue shorting.
The banks have a long, long, long way to go before all their toxic crap stops showing up on their balance sheets as writeoffs.
Rogers knows whereof he speaks. What gives additional weight to his opinion, in my book, is that all the talking heads and ignoramuses routinely revile him for no quantifiable reason.
Rogers is good with commodities, which if the world was perfect would never be considered investments. Other than that he is a loud mouthed buffoon, and China can have him.
In Jimmy's case, that would be The Strait Times?......LOL.....
I’d like to see Jim Rogers lose his money.
What a sellout.
I would not want our own US government becoming major shareholders in US corporations. Singapore may not be a worry in and of itself, but the idea of any government money being invested in the stock market troubles me. More worrisome to me is when Saudi royals and tin-pot dictators from countries like the UAE, which has served as a conduit for terrorism financing and was one of only a few nations to recognize the Taliban regime in Afghanistan, start becoming major shareholders in US firms...
I’d place my bets with the Singapore government - their track record in the last 40+ years is not too shabby.
“He was the only person I know of who told people to start investing in commodities back in 2000.”
.....based on Jim Roger’s comments I started investing in commodities in the summer of 2003....my only regret was that I didn’t start earlier.
A good portion of my net worth is due to Jim Rogers. He got me investing in oil at $25 a barrel, silver at $5 an ounce, gold at $290 and wheat at $3 per bushel. Cramer and the rest of the folks at CNBC were pushing Internet stocks at their all time highs. He was telling anyone who would listen to buy commodities.
Super great investor, pleasant personality...but off. If he or Buffet died tomorrow, it would effect nothing.
Rogers advised shorting tech stocks the entire 1990's, and screamed inflation during a 5 year deflationary spiral. That's the "strait" facts. He was a great source of humor on CNBC for the whole decade he was so wrong.
When a person recommends commodities for 20 straight years, eventually they'll be right. You can make a lot of money, unless you go broke first, which is what would have happened if you took his advice during the 1990's.
I started following his advise in 2002. I’ve made a ton of money.
You would have been very smart to follow his advise in the 1990’s. The NASDAQ and nearly all tech stocks are well below their 2000 highs.
Close. From 1991 to 1998, the Nasdaq rose from 353 to 2200. Up 700%. Both Jimmy and Fleckenstein came on Squawk Box from 1993 to 1998 and said that inflation was rampant, and they advised shorting all the big tech stocks. You would have gone bankrupt several times over taking Jimmy's advice. They were used as comic relief they were so wrong. You must be young.
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