Thursday, December 29, 2011

Jim Rogers on The Financial Stocks

Jim Rogers : Bank of America has been in trouble the last couple of years and will continue to be in trouble, yes. Bank of America´s made a lot of premature decisions in the past five, ten years, and now they should go bankrupt. I think American bank stocks are going to continue to have serious difficulty. The stocks are not going to do much. They may continue to trade in training ranges. They´ll go up down, up down, up down, but they´re not going to go anywhere for a long time. America made a really terrible mistake in finance in the past 20 years, we?re going to pay for them. Those stocks will not be a good place to be for a long time to come. I have sold short one large American bank. I would not think about buying, unless somebody´s a good trader . I would not think about buying American banks including Bank of America. Now, again, it could trade from five to eight or five to ten. But as far as going up a lot it´s not going to happen with Bank of America or other bank stocks.- in Eleconomista.es

Who is Jim Rogers ?

James "Jim" Rogers was born in Oct. 19, 1942 and grew up in Demopolis, Alabama .Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendry investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%. They ran what is considered to be one of the first truly global macro hedge funds. . In 1964 he got his first job on Wall Street at Dominick & Dominick in the summer between high school and Yale University, that's how he got his first experience with stocks and bonds. He immediately fell in love with the job. After Oxford, he returned to the U.S. and joined the army in 1970 he returned to Wall Street, working again with Dominick & Dominick. That same year he joined Arnold S. Bleichroeder, where he met George Soros, and together founded the Quantum Fund. This has opened a new era of global macrotrading and inspired numerous imitations and spin-offs. In the book "Money Masters of Our Time," Jim Rogers writes about that time "the most important thing in my life was work. I did not do anything until I had completed my work." To emphasize this professional ethic , it is good to remember that he did not made any holiday for ten years. In 1980, Jim Rogers has decided to "retire" at 37 years. Since then he has spent much of his time traveling and supporting the causes of philanthropic and taking on many high profile roles in the media. However, he continues to be an active investor and media commentator

Jim Rogers "the 19th century was the century of the UK , the 20th century was the century of the US , the 21 st century is going to be the century of China "