Thursday, April 30, 2015
Rating Agencies rarely get it right about Anything
Jim Rogers : Rating agencies rarely get it right about anything. If you base your investment on what the rating agencies say, you will probably go bankrupt. The public pays attention to what they say, reporters have to pay attention, and politicians have to pay attention to what rating agencies say. But I’ve not seen the situation change on the ground. Indian debt is over 90% of GDP (gross domestic product) and it is difficult to grow rapidly when you have high debt—no matter what you do, you’ve got to pay previous debt. Basic situation is the same, and I have no idea why rating agencies have changed their opinion. They have probably been just listening to Modi, which is why they might have changed their ratings. I pay no attention to them. The saving grace for India is that the head of its central bank is the least bad of all the central bank heads in the world. He understands what is supposed to happen, and he understands what needs to be done. But he is just the head of the central bank, and he can’t do everything India needs. I wish he was running the American central bank or many other central banks, because he understands how the world economy works. I am not saying he is great—all central bankers are bad—but, he is certainly the least bad.
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