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the way to survive is not to listen to me or other people just stay with what you know if people invest in only what they themselves know a lot about then they will know what to do if things go right and they will know what to do if things go wrong if I told you to buy X and it went up you wouldn't know what to do if it went up if you don't know why you bought it and if it went if it went down you'd blame it on me yeah you would know what to do man you blame it on Jim Rogers but you wouldn't know what to do so please if you want to be successful stay with what you know and if you don't know anything do nothing put your money in the bank and wait there will be times well David I I always would just look for cheap things to invest in I didn't care about where they were or what they were uh it never occurred to me I thought everybody did that you know I would find markets that were cheap and I would invest in them some of them were considered stray I can remember when Germany was considered strange to to American investors but I was just looking for for cheap places cheap things and I would invest in it then people heard about it they said oh my gosh you must be crazy but they kept working and so people said oh he's Indiana Jones he goes to places where the people don't go and looks for adventure yes I did look for adventure in my own life as well but also in my investing life but it wasn't looking to have a name it was just looking for something cheap well I could still pay my bills and that's a Holy Grail yes you know uh I did want to retire young I wanted to have more than one life and so I I did achieve that and I certainly didn't I stopped working at an early age not actively working because I wanted to seek Adventure I wanted to see the world and so I did that that for me was a Holy Grail some people think that's crazy some people think I should still be sitting in front of a computer on Wall Street well it's interesting there was a study which non recent land that the number one ambition for people the number one dream not everybody but is to get in your car and drive around the world or your motorcycle or whatever it was my dream too I've done it twice as you know I did it once on a motorcycle and once in a car because I wanted to see the world and I wanted to have Adventure uh has the world changed enormously in my even between my two trips the world changed enormously you know my first trip you could you couldn't use credit cards you know on the first trip we're going around everything was very very complicated and it was the Berlin Wall there was communism there was red China there was Soviet Union all that's gone now Everything Has Changed dramatically yes yes sure whether we like it or not the 21st century is going to be the century of Asia in the century of China you know 40 years ago there was no China now it's the second largest economy in the world etc etc Dynamic changes and prosperity taking place in Asia and I mean I can look out the window and see it anybody who doesn't know about it can just look out the window or come to Asia you'll see it's astonishing the changes that have been taking place but you know the same thing happened in England in the early 19th century astonishing changes took look at America you know America was absurd 150 years ago people thought it was a joke they quickly learned that America was an astonishing success well a lot of the money is flocking to Asia as you probably know China's got the largest foreign currency reserves in the world Japan is number two Korea has huge numbers many Asian countries have staggering amounts of assets that they have built up so people with money is coming to Asia but also some immigration nothing like it was in America the 19th century or even the 20th century but no people are I live in Singapore now and I see more and more foreigners all the time somebody's coming not just with their money but with their bodies as well well I think it'll be a little sooner than 60 I think it'll be sooner than that but it doesn't matter what I think Goldman Sachs are smarter than I am if we all know that we have to listen to Goldman Zach it is certainly happening uh it has certainly happened as I said in the last 40 years the astonishing changes that have taken place and continue to take place and you know the United States is the largest debtor nation in the history of the world I don't like that but it's a fact I have to deal with that 40 years ago America was still a creditor Nation so changes are taking place and the world if you want to be successful you have to recognize changes and adapt to those changes do I like the fact that America is the largest debtor nation in the history of the world no I have two teenage children but those are facts and we have to deal with them well no America developed a huge amount of power the last 100 years been longer than 70 years no question about that and America continues to have a lot of power but history shows that when countries get over extended either economically militarily politically whatever they usually pee can go into decline I'm not talking my opinion this is a simple historic fact you know 100 years ago Britain was the richest most powerful country in the world there was no number two 50 years later it was bankrupt literally bankrupt the IMF had to bail out what had been the richest most powerful country in the world go back in history it has always been changing and it always will yeah when countries get over extended they usually wind up in Decline than many others too Spain France lots of places oh yes you're right what should we do we should we should cut spending with an ax no with a chainsaw you know we we have this gigantic debt and it gets higher every day we should cut spending we should start reducing our debt are we going to do it of course not David come on if you ran on a policy in Washington maybe you would get elected but after a short time people were so admit this is very painful we don't want to do this anymore nobody likes pain even if they know what's good for you so no is America going to do it no I mean I wish we would but I I know simple facts well America is certainly I mean if you said to most people in America where do you want to go they would say America where do you want to invest they would say America but that's because most people still don't know the facts just as many people did not know the facts about the UK or about other countries that peaked and went into a decline yes no American's great we've got great PR for great movies great TV Great lots of things but that does not mean that beneath the surface there are not serious problems developing David I said I have teenage children I don't like it it's a good time to be an old American it is not a good time to be a young American in my point in my point of view well it's what happened was we had the longest bull market in American history you know starting in 2009 but things were great in the U.S that's the longest in American history anyway it doesn't mean it can't last 40 years but it never has countries always get up when things are good for a while people get overextended they get over confident they think it's the new investors come in new investors call their friends and tell them oh I've discovered this new thing called the stock market it's so much fun and you can make money and it's easy it's easy to make money you know and that's always happens at the end of what it hasn't always has happened it's happening again things get over extended things get expensive and we leave we always have a bear Market this is not the first time this has happened any good time this has happened
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