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%.
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