Monday, December 19, 2011
U.S. Credit Rating should be BB
Jim Rogers : We are the largest debtor nation in the history of the world and the debts are going higher and higher by trillions, every two or three years. I don’t know. I don’t quite know how the ratings agencies work because I don’t pay any attention to them. You shouldn’t pay attention to them either. Nobody should pay any attention to them. They have proven many, many times in the last few years, they don’t know what they are doing. They have made huge mistakes, but I don’t know, BB or something like that. You know you’ve got a huge, huge debtor, the largest in the history of the world, getting deeper and deeper into debt. That’s not something that’s worth AAA. That’s not something that’s worth A in my view. - in the street.com
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