원문 보기
We all know what silver is. We all know what gold is. I suggest everybody should have some gold and silver under the bed, in the closet. It will save you if times really go bad. So, if you don't own gold and silver, please learn about gold and silver. Everybody should have some as an insurance policy if nothing else.
And if you know enough and you get Hello everyone and welcome to another edition of Triangle Investor Interviews. I'm your host Lucian Vukovic and before I announce my guest, just a quick reminder of a disclaimer. This interview and all my interviews are not a recommendation to buy or sell any shares, products, or services.
Always do your due diligence and consult with your financial advisor. Today, I'm joined by a legendary investor Jim Rogers, co-founder of the Quantum Fund, creator and the Rogers International Commodities Index, and one of the most respected voices in the global markets. Jim, thank you so much for joining me today.
I am flattered. I am delighted to be here. No, I am flattered and I am delighted that you are here. Uh we have you are for the first time in my show. We have a lot of things to discuss. But maybe let's start let's start with investing in commodities. You have been long a proponent of investing in commodities, especially agriculture and precious metals.
I mean, with the global supply chain disruptions, geopolitics, climate impacts we've seen in the last couple in let's say in 2025, what commodities do you see as the strongest bets for 2026 and beyond? And why should everyday investors pay attention now? Well, but first, let me try you suggested everybody should know about commodities.
I mean, we all you we know what sugar is. We use these things all the time, so I would suggest that everybody should know about them. I mean, we all use oil, we all use copper, we use all this stuff all the time. And they're huge markets in all of them, so I would urge everyone to know about or to learn about all of them.
They may be good investment opportunities. They often are. Yeah, Jim, but any specifics? Do you have any specifics that are on your radar going forward, let's say in 2026? Well, I mean, I own gold and silver, but I always own gold and silver. Uh both have been making new all-time highs recently. So, I don't like buying things at all-time highs, but if they go down, I hope I'm a smart enough to buy more of both.
Everybody should own some gold and silver. Agreed agreed on that. Uh Jim, in your books like Hot Commodities, you predicted the rise of China as a economic superpower. Looking at China's recent advancements in AI and renewable energy as as of early 2026 now we have this interview, how do you assess their position in the global economy today?
And what investment opportunities do you see for Western investors? Well, China is the only country in the history that's been on top three or four times. Rome was great once. Egypt was great once. Britain was great once. China's been on top three or four times. China has collapsed, been disaster several times.
But for some reason, and I do not know why, but after being on the bottom for a few years, few decades, they somehow turn around and rise to the top again. It's happening again. In my view, in the rest of this century, China will be a very important country. Yeah, do you believe that they are playing a better chess game than the West?
If I can if I can use the analogy of a chess game. Well, they [clears throat] often have. Uh yes, as I said, they've often been on top. It looks like they're rising again. Whether we like it or not, and people should at least learn and be prepared, because if they're rising again, it will affect all of us.
Yeah, definitely. Uh you've been critical of US fiscal policies, particularly regarding debt and inflation. With the US national debt surpassing, I believe, as of today it's 38.5, something like that, trillion. Uh do you foresee a major economic correction or crashing or some crash in the near future?
And what steps would you advise individuals to take to protect their wealth? Well, the United States has been going up, has been good since 2009. That's the longest in American history. Never before have we said had such a long period of things being great. Maybe it's going to go on forever. Washington says, "Don't worry.
It will never end." When Washington tells me not to worry, I worry even more. I know that this is going to come to an end someday. I know that when it does, it's going to be serious because the debt is so unbelievably high in the US. So, the next time we have to problem, it has to be a very serious problem.
If you're not worried, you should be. That is a good point. However, let's change roles. If you were on Trump's place, what would you do to stop that or make things better? Resign. Uh resign. Well, I mean, Mr. Trump has been around a long time. Mr. Trump thinks he knows more than everybody else. But if I were Mr.
Trump, I would figure out a way to cut the debt. He's not doing that. He's not likely to. But in my view, that's an extremely important problem for the US and for the world. I hope somebody will do something. If somebody doesn't act, it's going to cause a crisis eventually. And when the crisis comes, it's going to be very serious and painful.
In the real terms, Jim, what do you expect for an average man? How painful? What can he or she expect in this crisis that is coming? Well, I mean, the world has seen these crises many times in the history. The next time it comes, it's going to be serious. Investments will go down 70, 80, 90%. People many people will lose a lot of money because everybody in a panic, everybody sells everything.
And everybody says, "Get me out. Get me out. Get me out." That will happen again. I mean, it's happened many times. I know it will happen again. Yeah. Uh let's return to gold and silver. Gold hit record high as well as silver. I believe as of today it's $94. You've called commodities the place to be for decades.
Is this precious metals bull run just getting started? And why might let's say silver outperform gold even more with the industrial demand exploding? Well, [clears throat] I suggested everybody should know about commodities. I mean, we all use this stuff everyday. We all know what sugar is. We all know what copper is.
We all know what silver is, so we should know about it. There are ways to invest. And at times they're great opportunities. I happen to think that right now agriculture is very is cheap on a historic basis. So, there may be good opportunities. But the main point is everybody should know about commodities, whether you invest or not, cuz they affect everything you do.
Okay. How is your view on the energy commodities? Let's say uranium, copper. How How do you oil? What's your take on those commodities? Well, oil has come down some in in well, in the recent past. So, [clears throat] if you don't know about oil, you should learn, because oil is the single most important commodity.
Everybody needs it. Everybody should know about it. And at the moment, it may be a great opportunity. You mean, it's a good contrarian opportunity right now. Everybody has to decide for themselves, but I do know it's down. Yeah, it's down. That is the true. Uh Jim, during your global motorcycle rides, you traveled, I believe, more than 100 countries.
What were some of the most thrilling or dangerous moments on those trips? There were a lot, I believe, so give me some. Well, you know, I used to spend over 5 years on my two trips driving around the world. I grew up in a very small town where most people never left. So, I wanted to see the world. I was a little crazy.
Still am. So, I wanted to see the world, and so I took off around the world twice, once on a motorcycle, once in a car, because I wanted to know about the world. I still do. I hope that everybody will see as much of the world as they can. Yeah, that is a good thing if somebody can do it, of course. Uh okay, but you've seen a lot of cultures, political systems.
What What was your conclusion after this trip? Uh I mean, you probably have have in your mind East We have East, we have West. So, give me some color on uh on all those 100 countries you attend. Let's say what was the country that really impressed you? And what was the country that really disappoints you?
Well, I mean, there's always somebody rising, there's always somebody declining. China is certainly on the rise again. China has been top three or four times. It's rising again. By the end of this century, they will be number one again. But this has happened many times for many countries. China is now on the rise, but I sure there are other countries.
I mean, North Korea may be a great opportunity. You know, it's not always going to be a disaster. And if one can figure out who's changing and who's getting better, then maybe opportunities. I would urge you to go to North Korea if you haven't been. Interesting. Uh Jim, let's talk a bit about geopolitics.
How do you assess the current geopolitical status of the world? We have Greenland crisis, we have Iran crisis, we have Venezuela. Uh Greenland suddenly become a hotspot. What do you What do you think will happen next over there? Well, [sighs] I mean, these crises are because of the US. I mean, Greenland is sitting there quite happy, doing nothing.
Uh but the US is now is apparently Mr. Trump wants to interfere. So, it doesn't have to be a crisis. We just leave them alone. They've been sitting there for centuries. So, most of these places, it's outside intervention which causes the problems. And I would suggest that's the same with the Greenland.
I mean, if you look at a map, who needs Greenland? Unfortunately, Mr. Trump seems to think he does. I wish we would leave them alone. What do you think Europe How will Europe respond? It actually did respond, but it's early early beginnings of their response. So, what do you think that will happen next?
Well, [clears throat] I mean, the Europeans are much closer to Greenland. And they're going to [sighs and gasps] side with Greenland. They're going to try to protect Greenland. And that if I mean, I mean, it's the same to say, but this could break up the This could break up NATO. Because if all of a sudden America's having hostilities with Greenland, Europe has to help.
Has to help Greenland. For many reasons. And that would be the end of NATO. That would be the end of a lot of things that we have known. Is this good for us? Is it good for anybody? No. But Mr. Trump thinks it is. Yeah. Yeah. Uh Jim, your contrarian investing style has led to a notable success. What's the one investment decision from your career that seemed crazy at the time, but paid off hugely?
And what What current crazy idea are you betting on in 2026? Oh, my first wife. Um you know, I made many mistakes in my life. Uh What I have learned is that if I make a mistake, it's nearly al- always because I haven't done enough homework. I haven't done enough research. When I invest in things where I really do not totally understand and know what I'm doing, it usually leads to a mistake.
I guess the most important lesson I have learned about investing is do nothing unless you really, really know a lot about what you're doing. This is not an easy way to succeed. That's a good point. We didn't touch on dollar. You've predicted shifts away from the US dollar dominance with cryptocurrencies and central bank digital currencies gaining traction.
Do you still hold that view? And how should investors position themselves for a potential multipolar currency landscape? Well, [sighs and gasps] I'm an American, so I don't like what I'm going to say. But America's the largest debtor nation in the history of the world. And the debt is getting higher every day.
Throughout history, this has happened to many countries. And always when it happens, it leads to problems. And I mean, my children are going to have many problems in their life. This happened to Britain once, 100 years ago. Britain was the richest most powerful country in the world, and they collapsed.
I don't like saying it, but I can see that the US is going to have My children will have huge problems as Americans. We all will. Yeah. Jim, it's very important to have approach on the hard assets today. How do you see How can average person on the street protect wealth with physical assets? Okay, you mentioned gold, you mentioned silver.
I got it. Probably farmland. What else? Well, silver and gold are the simple way I guess I think they're the simple ways. We all know what silver is. We all know what gold is. I suggest everybody should have some gold and silver under the bed, in the closet. It will save you if times really go bad. So, if you don't own gold and silver, please learn about gold and silver.
Everybody should have some as an insurance policy if nothing else. And if you know enough and you get your timing right, you might make a huge amount of money. Yeah. What about cash position? Is it wise to have bigger cash position today in in expectation of a market correction where you can step in with this capital and What's your take on cash position?
Many markets around the world are making all-time highs or have made all-time highs recently. Historically, that means one should be careful, one should ask questions. So, as far as I'm concerned, yes, everybody should have a lot of cash. But again, everybody has to make that decision for themselves.
I have a lot of cash. I am worried. I hope I'm prepared. Uh maybe final question. Who are the people that you respect the most in the financial industry? The people that you listen regularly. Well, there's nobody that I listen to regularly. But if somebody says something intelligent, I hope I'm smart enough to listen.
What I have learned is I need to know myself what I'm doing. I should not I certainly listen when when other people say something, but I have learned do not make decisions based on other people. Stay with what I know. I still make mistakes, but at least I know what I'm doing when I make a mistake. That is a very good advice and truth.
Jim, how can people reach out to you? Oh, no. I don't have I don't have anything to sell. I don't have a website. I'm just a simple person trying to pay my bills. That's great to hear. Jim, it was a great chat. I learned a lot from investors investor like you. So, thank you very much for joining me today, and I look forward to host you again.
It's been my pleasure, my honor. We all learn a lot from you. Thank you. Keep up the good work.
Comments 0