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Hedgeform manager besteller Jim Rogers. Foreimist feels collapse. Foreign silver contractor. Fore detailed mastering the finance podcast. Medulia Kistner. First of all, I'm so thrilled to welcome you back at this moment, dear friend Jim Rogers. Welcome, Jim. I'm really impressed by your ability to predict market move.
At the end of 2024, to get to it, most analysts were optimistic about the stock market year 2025. You warned in our New Year's episode of Great Me that the crash was imminent. So you said you held few equities and were even considering soft short positions. So I assume you shorted already, right? No, I I have no I have virtually no stock positions anywhere in the world.
Few in Usbakistan, a few in China, but I've sold out. I have sold everything. So, you know, I mainly am sitting here in a lot of cash in US dollars. So, what are you doing with the It's sitting in US dollars. I have it in US dollars because Yeah, I have it in US dollars because things get turbulent.
People look for a safe haven. They think the US dollar is a safe haven. It's not. It's not, but they think it is. So, that's why I have my money in US dollar. and you wanted to change it in another currency or something else. It's not the time yet for running away. You're correct. I'm waiting. I don't know what's going going to go up, but I suspect something will the US dollar will go up a lot when things get bad.
And I hope I'm smart enough to sell and the US dollar goes up a lot. And how long will this take? You think? Oh my gosh, Julia. You You think I know you're the smart one. It's going to take a while. Going to take a while because right now people don't know what to do and they don't know where to put their money that people are putting their money into the US dollar because they don't know what else to do.
Not the best thing to do, but they don't know what else. So, they're sitting here waiting like me to see where to put their money. What's really interesting from outside, Warren Buffett has also been reducing his stock holdings significantly in the second half of last year, especially Apple and uh Bank of America.
And is there any secret bidders where legends like you compare notes? No, I I haven't seen Warren in a long long time. I usually don't talk to other investors because I don't want to know what they're doing. It confuses me. Me confused. So, I'd rather have to think for myself. So, I don't talk to other investors.
You you are in cash, but Buffett now holds most of the world's US Treasury bills. Is this a thing that makes sense right now since the the interest rate went up for the long-term bonds on the April and it seems to be very risky to be in bonds also. It is this also a global sign of losing confidence in the US market or even in the US dollar.
Well, I don't have many long-term bonds. Maybe you're right. I would suspect that soon people are going to get lose more confidence in the US dollar. The US, it's unbelievable to me how much the US debt goes higher every day. It's gets worse and worse and worse. And I don't I don't know how I don't know how the US can survive.
In August in our conversation you said you didn't want to be the last one out of the stock market even you couldn't have predicted Trump economics at this time would the crash have been also happened without Trump and what are the reasons you said the dep or primarily the debt is bad enough worse than four or five Trumps the debt is unbelievable Mr.
Trump of course has come along and he's throwing himself around. Mr. Trump doesn't know what he's going to do. Mr. Trump watches television every morning and decides what to do. You know, he doesn't know what he's going to do. Uh but they he will do something. I don't know if it'll be good or bad for the US, but I know the world is going to have problems.
I told you last time problems were coming. They are coming. We're not worried. The problems are coming even to Austria. But is it a a good thing being cash then? Because currency might have no worth anymore then if really the troubles are coming like you think of. You ask me next time we talk. Okay.
I don't know. I'd rather be in cash in US dollars right now than other things. I am looking. I am looking. I have silver. I have gold. I bought some more silver recently. If I were buying something, I would buy more silver right now. But I am not doing much of anything except looking, watching, looking.
This is also very important to to have enough time and to be patient. All this is a very important thing you have to have if you're an investor. You certainly have to have time and patience. Yes, I have patience. And what what is what I really appreciate is that about your insights you told us on gate mastery before it always or often hold up in in h in hindsight.
So back in late 21 you invested in coal and uranium while others were obsessed with green energy and it paid off. And then the year before you bet on Japan ETFs when few others did did already and arguing that as long as the government buys them, you you dried the rally. So where do you get your ideas as a contrarian investor?
I mean now you don't have much ideas as I get but it can can just be going against the crowd. I don't know what to do. I'm being Austrian. Go go go go go down to to the hotel. See if you can find me an Austrian girlfriend. Smart. I need a smart Austrian girlfriend. Very smart. Okay. As I get you right, we didn't see already the worst or there there could be further downsides.
There's going to be much worse to come. Yes. Much worse. Oh. Oh. And there you always say there's no government anymore which has the money to keep us safer. That is correct. There is no government that has enough money now. But Julia, this is good for you. Somebody has to write about it. Somebody has to tell us all the bad things that are happening.
Julia, to tell us all the bad things. But I don't want to just write about what's off the table. I would write to also to buy to about what's on the table. So there's no personal thing you invested in lately. No, I don't think so. If there is, I do not remember. I've sold I told you I was selling before.
I've sold a lot of things and I'm not I'm not buying yet. I bought a little bit of silver but I have not bought much of anything. It's going to be very bad. Julia, let me tell you again. It's going to be very bad. We will need Julia so she can write about it and tell us what's happening. You must tell us.
But what what is newsful on the truth if you have no recipe? Well, at least you know what to do if you ever get a recipe. Suppose you know you find something. Are you in defense stocks? I be honest, I personally can't invest the web in weapons because of ethical reasons. But would this be a place to be just of thinking of well it's probably a place to be but I when you say ethical reasons I wonder because you know you remember when Mr.
Hitler came marching into Austria. I was not born yet. I wasn't born yet either, but I've read about it. It would have been very ethical for the Austrians to be prepared to try to be stopped Mr. Hitler. Mr. Hitler came marching into Austria. Nobody invited him. Though it might have been good if the Austrians had had a lot of guns to stop him.
Whom should we stop right now? There are many Trump. No, right now the world as you know is having a few wars. What worries me is I have read about before the second world war and before the first world war there were lots of small wars in the world. Nobody paid much attention but the small wars got bigger and bigger and bigger and became big wars.
I'm afraid that is happening again. Nobody paid attention before and I'm afraid very few people are paying attention now. But wouldn't be then the time to to to enjoy life right now and throw everything out of the money and and throw everything out? What are you going to do? What are you going to do?
Said just sit down in in Vienna and wait. But you also wait with cash. There's no difference. I know. But I don't have I'm not waiting in Vienna. waiting in other places. I'm going to tell you a quick story. 38 before you were born, smart man in Paris saw that things were going bad. He got out his globe and decided he found a small island in the South Pacific and he fled.
He fled Paris and he went to the South Pacific to escape what was coming. And he was right. It did come. But he went to a small Pacific island called Guada Canal. You may know the Guad Canal became the site of the longest and bloodiest battle in the Pacific war theater. So he was a genius, but it ruined him.
It destroyed him. So be careful. So I just can believe in my karma. Be very careful. Do not go to Guad Canal. Maybe Lynn. You see the financial apocalypse upon us yet? Well, I know we're going to have a very bad bare market. Mhm. But Julia, we've had very bad be bare markets for hundreds of years. This is not the first time.
And this it's going to happen again. It's going to be very bad. It's going to be a one of the worst in my lifetime. But I hope I survive. Some people will survive. Some people have survived previous bare markets. So I hope I survive. Still I don't get how do you protect your beloved daughters financially then?
It's a very good question. At the moment we have a lot of cash in US dollars and if we have silver and gold we will buy more silver. I don't know. I have to I ask that question every day. I worry every day about what do I do? Silver the right answer? Is gold the right answer? Are US dollars the right answer?
I don't know. Every day I ask myself these questions. And you still think diversification is a thing which fund managers invented? I know it's something fund managers invented. Yes. That's not a way to make money. Do you still believe we are living in a Chinese cent century right now? I know. I mean, look out the window.
Don't you see all those Chinese in Austria now? Many many Chinese in Austria. Do you see them? They're there wherever they are. You know, if they're down at the pub, wherever they are, there are lots of Chinese in Vienna. There are lots of Chinese in France, lots of Chinese everywhere in Europe. More are coming.
When is it time to give up any investment? Like for example, Russian investments you have or you had? Well, well, I I I have sold nearly everything. So, I guess I have given up my Russia, all of my investments in most of the world. But I I want to buy back. Well, no, I I have not I have not sold Beckistan.
I have not sold China. So, I guess I'm still some invested, but I have sold nearly all investments in the world. Why didn't you sell I mean Speakistan is something very special but why didn't you sell China because they they are attacked by different sides right now. Well I didn't sell China because first of all it didn't go up as much as other countries.
China had the had the virus and they had a property bubble so they didn't go up as much as other countries. So that's the main reason I didn't sell China yet. Hey, if China goes up a lot, I'll probably sell it, but not yet. Can you give suggestion to a private investor who lost now 30% of its uh income or of of its investments and doesn't have enough money to uh to be patient like you and to compensate this smart ch a smart Austrian woman, come see me.
No, there's nothing one can do, Julia, except wait. Be patient. Be unhappy. Be very unhappy. Learn from your lesson, but all you can do is wait. Try to be very careful. Well, careful means to be in cash. That's what I'm I am in cash in US dollars. You have to be in the right cash. Cash, you could lose everything.
I have a lot of US dollar cash. So why don't you believe in the European currency? Yeah, I just think the US dollar is better. You know, when people get worried all over the world, they look for a safe haven. And many people think the US dollar is a safe haven. It's not. It's not, but people think it is.
And why don't you see real estate as a safe haven? My situation with real estate is I I like to think I can sell whatever I own. And real estate, you may not be able to sell. And it's just it's not liquid and it's big and it's bulky and I just want something I think I can sell. The same goes with private equity.
So this is not a solution that I say if the market's getting too rough, I get into equity. says the same for private equity. Yes. And to to be your own entrepreneur. You never thought of. Well, I I am my own entrepreneur because I invest in entrepreneurs around the world. Yeah, you're right. No, I'm not going to start a a restaurant.
I'm not going to go down and competing with raffles. And what about commodities? I mean you have the commodity still there's existing the Ricky commodity index. Don't you believe in your own index? Well I own I own some I own gold and silver and I looking at to buy more agriculture. I want to buy agriculture and commodities are one of the few places where I'm looking to put new money now.
They have not gone up like US stocks. And what kind of investments like you don't invest directly with futures into sugar or what else? You you go into machineries or what are you doing? Or do you buy land? Sometimes I buy a futures. No, I I don't have any at the moment. But if I can find a cheap future, I hope I'm smart enough to buy futures.
Yes. Any special agriculture? No, I don't have one right now, but I'm I'm looking at the end. I always say money doesn't buy happiness unless you spend it in a horse. So, tell me, Jim, what you interested in? What brings you joy? Beautiful Austrian women. Smart, smart Austrian women. So I hope we can talk to each other again and find new solutions out of this uh apocalypses, financial apocalypses or we find our islands in in in yoga or in sand or whatever.
I hope we can talk many times and I hope we can find many solutions for many years. Many greetings to Singapore and see you soon maybe in Vienna. Bye. Fore! Foreign! Foreign!
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