Thursday, May 12, 2011

Mr. Rogers doesn't want US bonds in his neighborhood

So on Tuesday, veteran investment guru Jim Rogers said he planned to short US early as that afternoon.
Well, yesterday, Rogers told an audience at a conference in Edinburgh the same thing.
"In my view that's coming to an end...the bond bulll market is coming to an end. If any of you have bonds I would urge you to go home and sell them. If any of you are bond portfolio managers I would get another job," he said.

Addressing one bond portfolio manager among conference delegates, Rogers said: "If I were you I would think about becoming a farmer. You buy land and learn how to farm."

"In my view it’s going to be a spectacular way to make money," he said, adding: "This is where the great fortunes are going to be made in the future."

He went on to say that he is still into the US dollar, but was strongly considering selling:
"I would expect to see some serious problems in the foreseeable future….By 2011, 2012, 2013, 2013, I don’t know when, we’re going to have an economic slowdown again," he said. "This time it’s going to be a real disaster because the US cannot quadruple its debt again. Dr Bernanke cannot print staggering amounts of money again."

"How much more can they print without a serious collapse of the US dollar?" he said.