Friday, March 8, 2013
Jim Rogers : the old ways usually have to change or get passed by
Tom: It sounds like you’re saying that our political system has a systemic problem, it has too much inertia and can’t change… even if smart people agree that there’s a better way, the switching costs are too high and we can’t get from where we are to where we want to be. You’ve said something analogous with technology, about how emerging countries are leapfrogging the United States.
Jim Rogers : Certainly in some ways, yes, I mean if you go to some countries now, people don’t have telephones with land lines, they just completely leapt over that whole thing. We all used to have telephones with copper wires coming in. Most new countries don’t have land lines, they don’t have all those copper wires, et cetera. They don’t need it, they just completely leapt over all that. That’s been the story throughout history, the way people have developed, something new comes along, people develop it rather than go with the old ways, and people still stuck with the old technology and the old ways usually have to change or get passed by. - in an interview yesterday with investorguide
Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary 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%.
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