Jim Rogers may sell off his assets, but he's holding on to his Chinese stock for his daughters, the billionaire American investor said at a precious metals forum in northeastern China's Liaoning province on Friday.
The 71-year-old billionaire, co-founder of the privately owned hedge fund Quantum and one of the Chinese economy's biggest advocates, told the audience in attendance that the first time he bought Chinese shares was in 1988, and he subsequently made more purchases in 1999, 2005 and 2008, and most recently following the generational leadership change at the 18th National Congress in November 2012. He said while he may start selling off some of this other assets, he will hold on to his Chinese shares for his young daughters, 10-year-old Happy and six-year-old Baby Bee.
Rogers also remained optimistic about the future of the renminbi, which he said will only become more and more valuable and will eventually take over the US dollar as the world's primary reserve currency.
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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%.