Friday, May 6, 2016
Jim Rogers : China Cooling Off The Casino
Jim Rogers Says China Right to Cool Casino-Like Trading Frenzy “When people start investing in a lot of things and they don’t know what they’re doing, they’re basically going to the racetracks or to the casino,” said Rogers, who’s tracked emerging markets and raw materials for decades, authoring a handful of books including ‘A Bull in China.’ “Whatever the authorities did, they calmed it down. That’s terrific.” The country’s top financial regulator, the China Securities and Regulatory Commission, pledged last week to prevent the excesses. Bourses must strengthen market oversight and curb speculative trading, Zhang Xiaojun, a spokesman, said at a briefing on April 29. There are signs the push is working as raw materials decline and volumes tumble. Iron ore prices on the Dalian Commodity Exchange that peaked at 502 yuan ($77) a metric ton on April 25 have declined to 412.5 yuan. Steel reinforcement-bar contracts on the Shanghai Futures Exchange nosedived from a peak of 2,787 yuan a ton on April 21 to 2,309 yuan. -- in Bloomberg
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