Stocks, bonds, and real estate are all bubbles waiting to burst, Jim Rogers says.
George Soros' former business partner believes the debt-laden US economy is headed for disaster.
Rogers says he's heavily invested in dollars and spies value in commodities.
Stocks, bonds, and real estate are all bubbles destined to burst, and America is barreling toward economic catastrophe, Jim Rogers has warned.
The legendary investor and travel author, 81, is best known for cofounding the Quantum Fund and Soros Fund Management with George Soros. He rang the alarm on US debt, said he's betting on the dollar and sees value in commodities, and once again predicted the worst bear market of his life in a Wealthion interview released this week.
Here are Rogers' 9 best quotes, lightly edited for length and clarity:
1. "I'm not bearish on the US, I just am not invested there and I am waiting to sell it short. I expect things to go bad in the US before long, but not today — which probably means they will go wrong today because my timing is usually so bad."
2. "The US economy has had the longest period of expansion without a recession in recorded history, and it's coming to an end. You see inflation going higher, interest rates going higher, some stocks go up every day, some bubble stocks. You see all the classic signs that this is nearing the end. I have a huge amount of cash but I'm not selling short yet because bubbles — especially the end of a bubble — can go on for longer than any rational person expects, and that seems to be what's happening now."
3. "The American economy has been expanding, the government has printed huge amounts of money, has borrowed huge amounts of money, and spent huge amounts of money. If you give me $1 trillion, I'll show you a good time. They're showing us a good time at the moment. But I am worried, and you should be worried too."
4. "I know we're going to have huge problems again. I would expect the next bear market would be the worst in my lifetime. Since 2009, the debt everywhere has skyrocketed so the next time we have a problem, it's got to be huge, probably the worst in my lifetime. I hope I'm smart enough to survive it."
5. "I have a lot of dollars because when there's been turmoil throughout history, people look for a safe haven, and people think the US dollar is a safe haven — it's not, but they think it is."
6. "If you look around the world, stocks are near their all-time highs in most countries, bonds have been in a bubble, property in many countries is and has been a bubble. The only assets I know that are still historically cheap are commodities."
7. "When things go wrong, all of us peasants want to have some gold in the closet. We want some silver under the bed. I'm an old peasant, I know how us peasants think."
8. "If you want to be successful, just stay with what you know. Don't listen to internet, TV, don't listen to other people. Everybody knows a lot about something, whether it's fashion or sports or cars, so if you stay with what you know, you're far ahead of everybody else. And wait for opportunities — if your friends say that's boring, be boring. Do not be afraid of being boring if you want to be a successful investor."
9. "I was held hostage for eight days by a sheriff in the Congo once. It was very civilized, we went home to his house for dinner, we went to the nightclubs together, we did all kind of stuff. So if you're going to get held hostage, try the Congo."
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