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i'm here with jim rogers here in singapore jim thanks so much for uh for joining me today the american market went up for over 10 years which is it never happened before without a without a setback so america has set a new record on the upside it was certainly overdue for something to go wrong the debt got stretched higher and higher and higher not just in the u.s but all over the world but less more or less focus on the u.s because that makes it simple and the u.s is the biggest the debt went skyrocketing and it's because the federal reserve was just kept printing money and and flooding the world with money as did other central banks so the world was ready as you know you and i have discussed i told you we're going to have another bear market someday another problem someday and it's going to be the worst in my lifetime i didn't know about the virus but i certainly knew the conditions were fraught the debt was unbelievable we had a huge problem in 2008 because of debt what by two thousand nine ten or sorry nineteen twenty the debt was staggering staggering so he had to have a serious problem whatever caused the problem kim i know you're aware there's an election in november in the united states it's less than six months away these guys don't care about you or me or your readers or your kids or my kids are certainly not young people care about the election that's all they are thinking about right now the dead before this the united states was the largest debtor nation in the history of the world oh my gosh since then just in the last two or three months the debts have skyrocketed it's going to continue someday somebody's going to have to sit around and say well wait a minute what do we do next what happens now i would suspect the markets will continue to be fairly strong the u.s just made its all-time high because the money there's so much money being printed and there's so much money being spent it's got to go somewhere i don't think it's going to be a lot of fun but it is going to end i assure you the market's just going to say okay we've seen this movie before we're not going to play this game anymore but that doesn't preclude a bubble that doesn't preclude a blow-off markets frequently have blow-offs after a long period of rising i have no idea i'm not any good at market timing or short-term trading they're setting you know trends like that but i i have seen throughout history after markets go up for a while they'll frequently have a bubble and all the ingredients are in place right now for a bubble and bubbles always in finally when somebody says now somebody all these smart old guys get out you know all the smart young guys stay and make a lot more money but then even the smart young guys say wait a minute we got to stop this uh young women too young old women too that's the way that's the way most bubbles end as i look around the world bonds are certainly not cheap bonds never in world history been this expensive so bonds are a bubble that doesn't mean they can't go higher but bonds are certainly not cheap at any measure or any historical time stocks in the us are making all-time highs well that's probably not cheap at an all-time high doesn't mean they can't go a lot higher japan stocks are down 60 about 40 or 50 percent from their all-time high doesn't make them cheap but it's cheaper than being at an all-time high china stocks are down uh 40 or 50 percent i bought i told you about japanese about etf sexy because that's what the old man running the bank likes to buy uh so chinese shares i bought the russian shares i mean everybody hates russia there's still things that may be cheap going forward about russian government bonds in rubles recently nobody likes russia nobody likes rubles but bonds and short-term bonds especially very high yielding right now ruble collapsed so there are things that might present opportunities as you know anything to do with travel has been smashed i bought a russian shipping company recently because everything airlines restaurants hotels they're empty if we you and i live in singapore where the singapore airport is closed essentially so all these things are nobody's paying any attention but kim i do know we are going to continue to fly someday we're not all going to take the bus around around europe around america we're not going to all take the boat to to london in the future i do know that airplanes will come back i do know that things can do having to do with travel and the world will come back someday listen kim if somebody's watching this and they can't find russia on a map please do not go buy russian shipping stocks if you don't know how to buy russian shipping don't buy russian shipping because some guy you saw on the internet said he's buying russian shipping if you look at commodities commodities are certainly probably the cheapest asset class around right now because they've been going down for a while doesn't mean it's the bottom doesn't mean you should buy them but if you look at any historic bases i mean sugar is down 80 percent from its all-time high bonds are making all-time highs the highest they've been in world history sugar's down 80 percent so commodities just looking around the world at asset classes commodities are certainly the cheapest i guess the farmland farmland in some countries is very cheap because it's been such a disaster for so long if you go to japan they'll give you farmland because nobody wants to be a farmer the problem is who's going to farm it you know and that's why it's so cheap because all the farm the average age of farmers in japan is 66.
they give you a farm if you show up but then unless you know how to farm you're going to be in trouble like everybody else who's going to fart i got this cheap farm what am i going to do with it i still expect china to be the next great country in the world i don't see any other country on the horizon you know as we have discussed the 19th century was the century of the uk the 20th century was the century of the us 20th is going to be the century of china whether we like it a lot not a lot of people don't like it if you want to succeed put all of your eggs in one basket it's got to be the right basket and you better watch that basket very very closely but that's how you succeed you don't get rich diversifying i understand the story but but most people who are investing are there to get rich they want a hot tip and they want to get rich this week which is horrible a horrible way to invest but that's the reality unfortunately that's the reality i of course say don't do that don't do that don't do that at all don't listen to me don't listen to other people stay with what you know and don't diversify my advice is do it it's extremely educational it's extremely fun but better be sure you mean it because it's not easy it looks easy oh yeah i get on my motorcycle drive around the world anybody can do that get in my car and drive it's not easy many people not many try because it is hard to even try many get killed many go home many have accidents or injuries or whatever so do not even think about it unless it's a deep passion it's like starting a business do not even think about it unless it's a deep passion because these things are not nearly as easy as they look but if it's your passion i'll tell you there's nothing better you cannot get a better education you cannot learn more about yourself and and back to what we were talking about earlier it's a good we need to find out about ourselves first good way to find out about the world no there's nothing quite like it it's magic but it ain't easy you might very well get killed so be careful go wash your hands take care bye you
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