Q: What is your reaction to the referendum result in the U.K.?
Jim Rogers : The market in the world does not like it and was confused last weekend. World stock markets declined. Brexit will have a bad impact on U.K. trade deficit, budget deficit and the City of London. The U.K. currency will lose value. Some people have had a bad experience. But some people could earn a lot of money.
World Recession is already starting, and the stock market already has problems, even in the US in 18 months. Smart people have been selling down stocks and anticipation is going down a lot. I suspect it is going to throw up serious problems everywhere in the next couple of years. We have had problems since 2008 because of too much debt. Next time we have problems, it will be worse because of the debt. It is a big debt bubble.
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%.