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here's move stocks towards the worst week since the financial crisis so what is the key to navigating the sell-off well joining me today a very special guest legendary investor Jim Rogers Jim this does not happen often that we are in the same room you're exactly right it's been a few years delight and what a day to be in the studio a market sell-off here and obviously with all your wisdom and advice you know what should investors be doing here well it probably should be buying I know it's attributed to the virus but remember the virus has been around for three months now and the virus has been spreading a lot of places you asked me what's going on the marquee got overbought in a market went up 15 or 20 percent with Murchison yoke down days got overbought and now we're having a sell-off of course whenever there's a sell-off journalists find a reason I always have to have a reason they just like Oh was over about so here we have a reason but it's also important to keep in mind Jim you know and maybe you disagree or agree that just because the stock market is down is not a reflection of the economy necessarily no no fluctuates all the time I'm not the first to know that you're not the first to know that no we've had many fluctuations this one is a severe one but they're up the run-up was this a big one as well Jim you're in New York today I know you're based in Singapore can you give us insights us to you know what we're getting from the news were getting from Asia is is it correct is a trustworthy was the situation really like I wrote it I would say they're such panic here in in the West if I can put it that way everybody's scared I'm on a couple of boards they don't want me to come to the meetings they won't quarantine for 12 days that's amazing see I have no fear and I'm pregnant good for you do you know there's no reason for you to have any fear that's the point I'm drawing you but you know so far this year in America stuffing about 20 or 30 thousand people have died of the flu I don't see anybody panicking here running around because of the flu two or three thousand people have died of this particular flu but living in Asia yes the shops are empty yes the restaurants are empty because everybody's in panic but very few people are sick okay is this the danger to the economy though is not the behavioral change we'll see on the consumer yes everybody's panicking right so people are not going to go to restaurants people are not going to go to movies and whatnot so is that the real cause for concern yes data that is the cause the flu the virus is more or less it speaking certainly in China speaking because they took draconian measures I mean they closed the whole place down which you probably couldn't do in most countries but they did it so it's it's in decline it's in decline in Asia but still the effects are gonna go on planes or empty restaurants or empty rest hotels or maybe where I go no there's nobody there so it's having an effect so will we have a global recession because of it probably yeah we're overdue as as you know it's been over ten years the longest in American history without a recession so we're certainly overdue what's happening in Asia is having a big effect on the economies of Asia that's not going to get even if the flu is over if the record repercussions are gonna go on for a while it might tip us into a recession we're overdue so even if the Fed starts cutting rates right that's not going to save anything really because of the behavioral changes again well what you have in Asia and other places our government's panicking cutting rates printing money spending money the u.s.
is probably going to do that too if they get more and more panicked if you start seeing cases in New York or LA or places where the media is washing oh my God if it's washing them they're gonna cut rates you're gonna spend more money and print more money and that might lead to the last big you know blow off it blow for Ali now the question is Jim well Gold supposed to be a safe haven and look at gold today as we're speaking last time I checked about gold was down you know fifty five dollars I don't know which is good cuz I want to go bus I know I know you've always said Daniella you know I like when gold goes down cuz that's my office you need to buy good now I'm relieved you can go buy so go but is it just a reaction are they just are people selling gold for cash to me margin calls what's going on here well of course everything is going down and you go back to previous bear markets 2008 for instance everything went down including gold for a while go went down a lot for a while usually in bear markets people have to sell and they sell everything in sight including gold and that's when you buy gold so you'd be buying here I'm gonna go buy this afternoon how about the pgms do you like platinum palladium rhodium which has had a crazy run-up I'm too too lazy gold and silver well platinum I mean palladium has been a skyrocket no I don't think I would buy palladium platinum probably not even platinum because they've you know all those those precious metals have gone up strike rockets amazing I don't think I've ever seen well silver back once or twice but you rarely see this kind of moving anything much less precious metals so I don't think I'll buy you buy could go KidCo I'm saving for the twins jump let me ask you said you would be buying you know equities here what companies in particular like insurance companies perhaps or no do you like goodbye Asia because Asians down the most I mean Americas down 14% I mean that's big deal but you know China is that like 60% from its all-time high Japan no I would probably buy airlines in Asia because they have been decimated totally decimated things like Airlines tourist companies hotel chains airports yes yes remain you were liking India last time we spoke is that still are not buying India but if India hasn't gone down enough yet the place I like to buy places at Russia I would be I there's a company in Russia I want to be buying in the next day or two places that are decimated but who is getting a bounce is Bernie Sanders so let me get your thoughts on politics here are you know people just liking him more not because of this is there any correlation you think to the stock market drop scared he's got simple answers he's going to make everybody make sure you don't get hurt you and have plenty of money but I don't think he'll win don't Trump will win it's very difficult to defeat a sitting president in America you know because and the reason is sitting presidents if they need votes over here they spend money over here the opposition cannot spend money over if they need money over here the votes are we and they spend money over you so it's very very difficult historically to defeat a sitting president so overall how do you you're you're in New York now you didn't come here for refuge from Singapore I'm assuming as much as safe haven but you feel you know how do you feel well I what I have does I say the main thing I've noticed on this trip is that everybody's in a panic about the virus the fact that I think I've been in Singapore three days in the last month but people know you live in Singapore you must be oh my god oh my god don't come close they don't come to the media I'm here for board meetings don't come to the meetings phone in you know say haven't even been in Singapore except two or three days yeah it's panic what was everyone wearing masks what many people were I wasn't but I I don't have a mask too much trouble too lazy and too lazy so for I haven't gotten a virus Jim Rogers thank you so much it's my delight and thank you for watching this very special edition of kick Co news with Jim Rogers we'll have much more for you on koco.com
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