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It shouldn’t be surprising that Jim Rogers, who famously moved from New York to Singapore because of his belief in the rise of China, isn’t a fan of U.S. stocks.
Rogers, who co-founded the Quantum Fund with George Soros, does like equities in Japan and Russia. Here’s what else Rogers said in an interview with India’s Economic Times.
“We do not have full-fledged bubbles yet except in bonds, bonds everywhere are a full-fledged bubble. At the moment, if I will buy countries I would buy Japan, I would buy Russia; both are still down dramatically but lots of money is going to pour into both of them because they are cheap and likewise agriculture. I am not buying America, America is at an all time high. So, Japan, Russia, agriculture,” he said.
Rogers made clear his like for Japanese equities wasn’t a view on the Japanese economy.
“By the way, Japan has got a terrible future. I have written three bestsellers on Japan in the last couple of years, talking about the disaster ahead of it. But if the central bank is going to print all this money and buy ETFs [exchange-traded funds], I am doing it too. But no, it does not have a good future,” he said. America now is doing the same thing as Japan, Rogers added.
The Nikkei 225 NIK, -0.58% broke through 30,000 for the first time in 30 years on Monday. The S&P 500 SPX, -0.51% ended at its second-highest level ever on Tuesday.
Russia, he says, will benefit from its exposure to both oil CL.1, +0.47% and agriculture.
He, perhaps not surprisingly, plugged the Elements ETN-Rogers Agriculture RJA, +0.07% ETF as a way to play agriculture. “The number of farmers in America has dropped by 90% in the last 100 years. Everybody has machines now but somebody still has to make this happen. We still have to have human beings and maybe we are never going to have agricultural cycles again. We have had agricultural cycles for centuries and we will again because of weather, humans, diseases, all sorts of reasons,” he said.
