Am I Starting to Look Like Him, Too?
I can’t believe the day has come, but I really sound a lot like Jim Rogers when talking about the markets. This from Bloomberg:
The Fed’s support is “why we’re having a big rally, but
that’s not going to solve the problem,” Rogers, chairman of
Rogers Holdings and co-founder of the Quantum Hedge Fund with
George Soros, said during an interview with Bloomberg Television
from Singapore. “The system is terribly corroded.”The central bank is helping securities firms while delaying
and deepening a bear market and recession, said Rogers, who is
betting against financial shares.********************
“What are they going to do when it’s down 30 percent or 40
percent or 50 percent?” Rogers said. “They’re not going to have
any bullets left. They’re not going to be able to solve the
problems at that point.”********************
He also said the dollar, which has declined 15 percent
against the euro in the past year, is likely to weaken further.
The Fed should stop cutting rates, which would end that decline,
Rogers said.The Fed’s mandate is “to keep a sound currency, not to prop
up Wall Street,” said Rogers. He recommended selling the dollar
in a Nov. 15 interview. The currency has fallen about 6.6 percent
against the euro since then.
What can I say - he and I are in the same macro camp. The Fed is pushing rates too low, a debased dollar is bad, commodity prices are likely to go higher over time, etc. The Adventure Capitalist and me. Pretty cool. Just one thing, please. In addition to the bow tie (which fail to grace my neck except at bar mitzvahs and weddings), please, please don’t tell me I look like him. At least not for a few years.
