Jim Rogers: "Sterling is finished"

jon3001

http://business.timesonline.co.uk/tol/business/economics/article5552136.ece

Sterling continued to plunge today and Jim Rogers, who co-founded the Quantum fund with George Soros, the billionaire investor, told Bloomberg: “I would urge you to sell any sterling you might have. It’s finished. I hate to say it, but I would not put any money in the UK”.

RayWolfe

This was "news" at 6:30 this morning and is as reliable as the Soros funds are for not betting against Sterling.
I guess they made some money today.

jon3001

RayWolfe wrote: »

This was "news" at 6:30 this morning and is as reliable as the Soros funds are for not betting against Sterling.
I guess they made some money today.

Lol - I'm trying to work that one backwards. Are you saying this news is unreliable!?

Degenerate

jon3001 wrote: »

Jim Rogers, who co-founded the Quantum fund with George Soros, the billionaire investor, told Bloomberg: “I would urge you to sell any sterling you might have...”

...so that George and I can close our short positions at maximum profit.

jon3001

Degenerate wrote: »

...so that George and I can close our short positions at maximum profit.

Rogers has sold his sterling. The short selling is yet to come :eek:
http://uk.youtube.com/watch?v=g73kPZ9L3-4

The profits go on buying more bow-ties.

Lokolo

lol I was just started to watch the video and was going to comment on the bowtie- then I actually read you post.

However I shall still tell it: Has no-one told me no-one wears bowties anymore!?

And Euro ftw!

Degenerate

Having now viewed more of this guy's output, I conclude he's just a loon.

jon3001

Yeah - he went open collar for his last book cover. Decided to retain the jeans and jacket look though.

jon3001

Degenerate wrote: »

Having now viewed more of this guy's output, I conclude he's just a loon.

Well he was shorting investment banks from at least a year back and moving his money into Japanese Yen. So something must be working for him.

sabretoothtigger

He's a rich loon and no one cares if your mad when your rich but it helps if you get rich first

Even with this, any expert or even warren buffet, I'd never do something just because they said to. They have their own reasons for investment, from where he stands I dont blame him at all for his comments

tradetime

Degenerate wrote: »

Having now viewed more of this guy's output, I conclude he's just a loon.

A well reasoned counter argument, in that case you'll be taking the opposite side of his trades then? Good luck with that.

Jim Rogers, is somewhat eccentric, very outspoken, but his track record suggests whatever you think of him you'll be the loon if you're on the other side of the market to him for any great length of time. Having said that, he's not short term so his timing allows you to be opposite without too much concern in that time frame, even by his own admission his timing sucks from a traders standpoint.
On the subject of sterling, I would not like to be long sterling for any great length of time, if we are forced to nationalize any more banks we will be skating very close to a sovereign credit downgrade, and that won't be pretty.