Jim Rogers, legendary investor, best-selling author, and co-founder of the Quantum Fund, joins Anthony Scaramucci for an insightful conversation on why today’s market euphoria signals danger. With most global markets near all-time highs, Jim draws on his 60 years of investing experience to explain why things will take a turn for the worse. He discusses how human behavior drives bubbles and why now may be the time to protect your wealth by reconsidering your exposure to overvalued markets. Rogers also shares his thoughts on gold, silver, the value of travel, advice for young investors, today’s geopolitical tensions, and why he believes Asia will dominate the 21st century.
Investment Concerns? Get a free portfolio review with Wealthion’s endorsed financial advisors at https://bit.ly/4hfzUVB
Jim Rogers 0:00
When everybody is making a lot of money and everybody’s piling in, it usually means things are going to go bad soon. I have sold shares in most countries in the world. Anthony, nearly every stock market in the world has had an all time high. Somebody better look out the window and get worried. So I look out the window and I’m getting worried there’s too much happiness, too much good times, too much money around the world.
Anthony Scaramucci 0:33
Welcome to speak up. I’m your host. Anthony Scaramucci, it is a real honor for me, someone I’ve known for a very long time, and Jim, I’ve known you before you’ve known me because I’ve read all your books before. You engaged me at the salt conference about 15 years ago. But Jim is a friend. He’s an American investor, a financial commentator. Please welcome Jim Rogers to our show. He’s the co founder of the quantum fund with George Soros in the 1970s it’s also a person that has very deep knowledge of the global markets and commodities. But the thing that’s nearest and dearest to my heart, Jim, about you, and I think you may remember this. I grew up in a motorcycle shop. So my uncle was a motorcycle entrepreneur out here on Long Island. He was known as the ghost, ghost motorcycle here in Port Washington. And so your stories about riding your motorcycle around the world, and your your book called The investment biker and in venture capitalist, these were books that I grew up on that I’m very, very grateful to you for writing. So first, first first thing I want to say is welcome to the show. But then secondly, wait,
Jim Rogers 1:43
wait, I want to say yes, Anthony, I remember ghost extremely well. I and some of my classmates in college bought a motorcycle from Ghost 100 years ago, probably before you were born. So I remember ghost was so famous at one time. I don’t I guess it doesn’t still exist. But ghost motorcycles was very famous all over the Northeast. Well, it’s
Anthony Scaramucci 2:07
very It’s funny, you mentioned that, because so many people, Malcolm Forbes, Billy, Joel, Bruce Springsteen, all, all came to my uncle’s motorcycle shop, and he taught me a lot about life there, sir, because we, I got to meet the likes of people like you, but also the Hell’s Angels. So there’s a very large bandwidth of people. Of course, he taught me about how to think like an entrepreneur, and I appreciate, and I knew, I knew that from our first experience that you had known my uncle, he passed away at the age of 94 in 2021 having served in World War 250, years with that company, we’ve turned his shop into a museum. So if you ever come back out here to Long Island, we’ve got some vintage bikes in there, Harley Davidson BSAS tacos. I mean, it’s a, it’s a, it’s a fun little trip and a piece of nostalgia here on Long Island.
Jim Rogers 3:00
Do they still, still deal in bikes, or just immediately? No,
Anthony Scaramucci 3:04
no, he when he passed, my cousins have his bike collection on display in that shop. Oh yeah, they don’t sell bikes anymore because they’re all on to different types of things, but they’re all motorcycle enthusiasts, but, but I, I, I admire that in you. You remember Jack Sheppard? I know we’re going down. Memory. Remember Jack Sheppard from Goldman.
Jim Rogers 3:26
I don’t remember what I had for breakfast this morning.
Anthony Scaramucci 3:30
He covered you guys in the 70s. He loved my uncle. But anyway, so I want to take you back there, though, if you don’t mind, I want to, I want to go back to the early part of your career. Why tell tell the audience, why know where you’re from, but tell the audience where you’re from and tell you, tell the audience your Odyssey to getting to Wall Street and some of the things that led to you embarking upon this sort of career. Well,
Jim Rogers 3:54
I grew up in a small town in Alabama. My phone number was five. That’s not a typo. My phone number was one digit five. And I went to college in the east and had a lot of fun. And I learned about motorcycles when I was a teenager, motor scooters, and I was hooked. And I had a motorcycle in college, which we bought, a group of us bought from coast motorcycles, and I, more or less had motorcycles for a long time. I had a long time keen desire to go around the world on a motorcycle. And one of the reasons I retired Young was so that I could do it well. Anthony, in those days it was you may remember Red China, the Soviet Union. You couldn’t just get on a motorcycle and drive across Soviet Union or Red China or places like that. It took me years to get permission, but finally I got permission, and I did it and loved it. Well,
Anthony Scaramucci 4:51
I love that part of you, sir. How did you meet George Soros?
Jim Rogers 4:56
How did I what?
Anthony Scaramucci 4:57
How did you meet George Soros, sir? Oh. Well,
Jim Rogers 5:00
I was a young man. I was looking for a job. He was looking for someone to hire. He needed a young man. And so we hit it off. And it worked. It was successful. And
Anthony Scaramucci 5:10
why investments, sir, what was it about your college days in the early part of your career? Why did you make the decision to go into the world of investments, Anthony,
Jim Rogers 5:22
I was like a lot of other college kids. I was going to go to law school, medical school, business school. I was a confused young man. I had no clue, but I got a summer job once because I liked the guy and he liked me. I knew nothing about Wall Street. I thought stocks and bonds were the same thing. All I knew was it was in New York, and something bad had happened in 1929 but I got down there and I loved it. I couldn’t believe how much fun and exciting it was, because I love knowing about the world. I didn’t know that at the time, but I realized that I loved knowing what was going on in the world. And if you could do that. Well, on Wall Street, they would pay you, and they pay you a lot of money if you could do a good job. And my gosh, I didn’t go to law school, I didn’t go to business school, I didn’t go to medical school, I went to Wall Street as soon as I could. So
Anthony Scaramucci 6:13
this is a, you know, am I right in saying this is about six and a half decades of investing? Is that? Is that fair to say? Well,
Jim Rogers 6:20
it’s a long time I could add it up. Maybe, I don’t know if I can add that high, but it was, it was probably 1964
Anthony Scaramucci 6:28
five, yes, 60 years of investing. So, so what have we learned, sir, what have we learned about markets and cycles and geopolitical risk? What are some of your general thoughts about how people should think, in terms of the framework of their investing ideas and philosophy.
Jim Rogers 6:47
Well, the most important and the simplest lesson is we’re all human beings, and human beings. Maybe they change because they use telephones, maybe they use computers or something, but basically we’re all the same. I mean, we still get scared, we still get greedy, we still make the same mistakes that people have been making for two or 300 years in the investment world. That’s the main thing. It’s all happened before. And so when somebody comes into you, Anthony and says, Oh, it’s different. Now send them out of the room. It ain’t ever different. It’s all the same human beings making the same mistakes that we’ve made for centuries. Okay,
Anthony Scaramucci 7:30
fair enough. So take, take us a little bit around the world. Give me a Give me your snapshot view of East Asia, China, the beautiful country that you live in, Singapore, tell us how you feel about that part of the world, and then we’ll bring ourselves over to Europe and North America.
Jim Rogers 7:48
Well, whether we like it or not, the 21st century is going to be the century of Asia. I mean, it’s already happening, especially because of what’s happening in China, but there are a few billion people in Asia. They’re all smart, save their money, work hard and save for the future, and love investing. And if they start a successful company, many people will invest in that company. I mean, you’ve heard of Sony, for instance. But when, when I was a kid growing up, Japanese cars were a joke. Japanese motorcycles were a joke. Not anymore. The world changed a lot, and the world learned, and the world adjusted, and that’s going to continue. As far as I can see, the next few decades are going to be the decades of Asia. Yes, other places will do well, but the future is Asia.
Anthony Scaramucci 8:44
Jim. Jim, we have thankfully avoided a global conflict. Not that there haven’t been wars, and there’s some wars going on right now, but we have thankfully avoided a global conflict since the Second World War. Assessed that for us. Are we going to be able to continue to do that? Or do you think global tensions are rising among some of the superpowers? Well,
Jim Rogers 9:08
Anthony, I read the same press you do, and I can see that there are various and sundry small wars. But if you look back in the past, that’s how big wars started. There would be a small war here and a small war there, and people would ignore it. The next thing you know, those small wars turned into big wars today, 1974 1975 look terribly similar to what happened before the Second World War, when all these small countries were hitting at each other, and the next thing you knew was out of control. Now I hope it’s not out of doesn’t get out of control again, because if we have another war, oh my gosh. But you know, as well as I do that we have a war in you, in suit of Ukraine right now, we have a war in various other places. So. So, I mean, I am not not saying I am not optimistic that we’re going to avoid wars certainly in your lifetime.
Anthony Scaramucci 10:08
Yeah, no, I sort of I feel that way. I feel that way as well. So what, what country and what economy are you most excited about right now?
Jim Rogers 10:19
I wish it were that easy. I certainly wish you were that easy. I have sold my shares in most countries in the world. I’m still long Uzbekistan, and I would hope I will buy more Uzbekistan. I still am long China, but I have sold shares in most countries in in the world. Anthony, because I mean, nearly every stock market in the world has had an all time high, or near an all time high. Now I’ve been around long enough to know that when everybody is making a lot of money, somebody better look out the window and get worried. So I look out the window and I’m getting worried just too much happiness, too much good, times, too much money around the world.
Andrew Brill 11:01
Hi everyone. I’m one of your hosts here at wealthion. Andrew brill, in these weird economic times where the market is up, then it could go down. A lot of people calling for a correction. Some people think it’s just going to keep going up. But if you need help being financially resilient, head over to wealthion.com/free. And we’ll give you a free, no obligation. We don’t expect anything from you. We’ll just help you evaluate your portfolio and let you know what we can do to help. Again, head over to wealthion.com/free for a free, no obligation portfolio review, and let us do the heavy lifting for you. So
Anthony Scaramucci 11:39
what I mean, we never know this, sir, but over the course of your career, what are some of the things that prick that bubble? We never know exactly what it’s going to be. I’m not suggesting that, but you know, when you feel the euphoria, what are usually some of the psychological things, or some of the fundamental things that change direction.
Jim Rogers 12:01
Well, what always happens is, everybody gets very happy. Many new people get drawn into the markets. Lots of you know, young people, they call their friends and say, I’ve discovered this new thing called the stock market. And it’s fun. You can make money, and it’s easy. It’s easy to make money, you know. And we’re seeing a lot of people now talking about how easy this is to make money, not just in the US, just about everywhere. Look at Japan. Market was down for 35 years. That’s not a typo. 35 years now it’s making all time highs. So just about everybody in the world has joined in now. And Anthony, who knows what’s going to happen, but I’ve been around long enough, or have read enough to know that when everybody is making a lot of money and everybody’s piling in, it usually means things are going to go bad soon. Now I have not started selling Sure, not yet, because the madness doesn’t seem enough yet, but I am certainly very worried. I so my shares in many countries, I’m not sure yet, but I’m looking and watching.
Anthony Scaramucci 13:12
You know, my career has been that cycle, sir. You know, I was 27 thought I knew everything. I had my comeuppance in the middle of that that, know it all megalomania moment that you’re referencing, if you were talking to a young investor. And we get a lot of young investors on here, you know what? What cautionary tale would you tell them, or what advice would you give them, from your perspective, having gone through all of these different market cycles,
Jim Rogers 13:44
Anthony, that’s remarkable. When I was 27 I knew everything in the world too. We were the smartest kid you’d
Anthony Scaramucci 13:53
ever seen. I was right, yeah. And I had my come up, and shortly after, I had that brilliant thought about myself. Well,
Jim Rogers 14:01
I did too. I one point, I did a genius move. I tripled my money when everybody else was losing their shirts. Needless to say, I knew I was the best there was, and six months later, I lost it all. So the market has a habit of teaching what you don’t know, and that’s what I would say to new investors, young people, as you mentioned, be very worried, be very careful. And what I learned was, while I knew a lot, there was always something I didn’t know. And the thing I didn’t know at that time was much about trading. I knew about fundamentals. I could do great research, but I didn’t know much about trading and the thing that I learned, I assumed everybody knew what I knew. I found out very quickly they didn’t, and it cost me money, because they invested on what they thought and what they knew. So my advice to everybody is, please don’t listen to other people. Don’t listen except maybe Anthony, don’t. Into hot tips. Avoid Hot Tips and invest only in what you yourself know a lot about now, Anthony, I tell some people this, and they said, Well, that’s boring. And my advice is, be boring. If you want to be a successful investor, don’t worry. Be boring and you’ll probably be successful. It’s
Anthony Scaramucci 15:20
so funny you say that, sir, because I was in the UK talking to a group of young people, and I said, this is how I made my money. I put a little bit in the market every month. I put it in a couple of diversified things. And I never look at it and people say, Well, you didn’t trade the oil market. You didn’t day trade this or day trade. I said, Well, no, I did. I did do all of that until I got my face blown off, and now I don’t do that anymore. But, but, but, but my question, sir, when you think about the United States, a country that you and I love, we have this unconditional love affair for the United States and our system, there’s things that I’m worried about. I’d like to get you to react to sanctions us, using sanctions all over the world against our adversaries, tariffs, the trade the impending or potential trade war that we’re having right now with some of our most important trading partners, including China. And so the question is, around the yuan and the US dollar, what do you think that relationship is going to look like over the next decade? Well,
Jim Rogers 16:24
you bring up some remarkably insightful points, unfortunately, because the world is changing and those things are possible. Flash points. No question about that. I own some room in the I own the one as you mentioned, but I’m not buying a lot more right now, because history shows that when you had two top powers and one stable or stagnant and maybe even declining, they have often clashed. That’s what history shows. I’m not suggesting America and China will be at war, but they have often, in the past, done so, just because politicians always want to hit somebody else and show how tough they are. And conceivably, that could happen, and we’ve often had conflict between two countries that are on top, and I don’t know why Washington thinks they have to control the world. I don’t know why they think they have to put sanctions on everybody. I don’t know why we have to have trade wars, but somebody in Washington thinks that’s good, Anthony, you know, the United States has been around since 1776 in all but 19 years since then, we have been at war with somebody. Has been a small war, big war, some war, somewhere. Now Washington seems to like war. I don’t particularly like it. It doesn’t do us any good. But conceivably, if America and China worked together, as we did for 20 or 30 years. China made a lot of money. We made a lot of money. Everybody would be better off, but for some reason, somebody gets angry and starts slapping other people. My view is that America and China could make fortunes together as we did before. I hope that happens again.
Anthony Scaramucci 18:23
I’ve been always fascinated about this approach that you’ve had to the world. I grew up, you know, in a middle class family. My dad was a blue collar worker. I was a little bit more narrow minded than you. Frankly, I didn’t get to travel until my mid to late 40s, you know, I was a I was that typical American serve you. Don’t mind me saying so, you know, I was here in the United States, you know. You know, we have a tendency to get, uh, focused on America, or American centric. How did you get the travel bug, and how did you get so comfortable with so many different countries and cultures growing up the way you did? Well,
Jim Rogers 19:08
I guess I got the travel book because I grew up in a town where my phone number was five, and I knew there was something else out there, and I wanted to see it. I guess that’s where it comes from. But it’s certainly been around in me for a long time that I wanted to see other places and see the rest of the world. It’s been a long time problem with me. I’ve always wanted to see the world. I’ve been to many, many countries. I’ve driven around the world twice, as you know, yet I did it because I wanted to see I wanted to know what was out there. I’m sure that someday my children are going to say to me, gosh, why did you do all that adventure, all that travel? We could be really rich if you had spent so much time and money to having your adventures and seeing the world. But Anthony, I can tell you, Hey, why. Way to learn about the world is to travel, but also a way to learn about investing is to travel, because you will see other things. You will see new opportunities. It’s hard to see sitting in New York or San Francisco or something. If you’re going out there around the world, you’re going to see things and you’re going to say, oh my gosh, look at that. I didn’t know people did things like that. It’s going to lead you to new experiences and new ideas. That’s all my only answer, that I wanted to see the world because I I had never been anywhere except Birmingham. Yeah,
Anthony Scaramucci 20:37
no, it’s amazing. It’s an amazing part of your story. So, so let’s, let’s go to some ideas. I know that you like silver right now more than gold and some other precious metals. So give us your thesis there, if you don’t mind. Well,
Jim Rogers 20:48
I always hear some right here, just to prove it to you. But I mean, you know as well as I do that gold is making all time highs, and silver still down 40 or 50% from its all time high. Now, they often move together. They move in tandem at times. So in my view, buying something that’s down 40 or 50% from its all time high is better than buying more coke. So it’s that simple. I know from history and you too, that the world is going to have problems again of some kind, whether we like it or not. And when the world has problems, I mean, Anthony, I’m an old peasant, I’m going to backwards of Alabama. I know when there’s a problem, it’s nice to have some gold under the closet, or in under the bed, have some silver in the closet. Because no matter what, many people will turn to gold and silver in times of turmoil, and me too, I hope I’m smart enough never to sell my gold and silver. I’m Hope I’m smart enough to buy more in the future, not so much as a hot investment idea, but as a way to its insurance. It could be a hot investment idea, but it’s certainly insurance, if nothing else. Okay,
Anthony Scaramucci 22:05
yeah, well said, and I, and I’m in your camp. Have you thought at all about digital assets, sir, like Bitcoin, or is that out of your realm?
Jim Rogers 22:13
Well, I guess I’m not smart enough. I have never figured out the rationale or the logical use of Bitcoin and cryptocurrencies. They’re great trading vehicles. I know a lot of people who trade them, because many of them have already disappeared and gone to zero. But if you’re a trader, it’s wonderful. I am not a trader, Anthony, I don’t particularly like it. I’m not any good at it because of that. So I do not have long or short any crypto currencies, and never have, yeah,
Anthony Scaramucci 22:47
well, said, I assume that much. I just thought I would bring it up. All right, we’re going to, we’re going to bring in some audience questions now, so they’re going to pop up on the screen. I’ll read them out. And do you have any thoughts on the libertarian Argentinian President Javier millet, and what he’s going to do in the country, or what he’s doing in the country? And this is from Antonio from Argentina. And so the question to you, Jim, is Argentina investable?
Jim Rogers 23:19
Well, Antonio, thank you very, very much, Argentina. A little over 150 years ago, was the great success story in the Western Hemisphere. You know, people in Paris, if somebody rich came in, people would say, oh my gosh, that guy’s as rich as an Argentinian. Argentinians were unbelievably rich at times, at times in history, they’ve also been unbelievably poor at times and bankruptcy, they have politicians at times worse than we do. That’s hard to believe that anybody could have politicians worse than we do. But at the moment, the people running Argentina are doing a very good job. My only problem is, I’ve seen this before. I’ve certainly invested in Argentina at times. I don’t have anything there. I admire what he’s trying to do. I hope he can pull it off. My problem is, there have been four or five times in the last 100 years when Argentina has done extremely well and then collapsed. I’m not predicting it’s going to collapse again. I’m just reminding people this has happened before.
Anthony Scaramucci 24:29
I understand. You know, these are fragile, fragile systems, but it does feel like it’s moving in the right direction. Let’s go to the next question, Jim, what would be the best way to invest in agriculture today? This is Luke from Canada.
Jim Rogers 24:45
Well, Luke, that’s a very good question. The best way is to become a farmer. I mean, if you, if you like being out in the hot sun, getting dirty and sweaty, you’ll make an absolute fortune. You’ll own the land, which will go up a lot in price. You’ll make. A lot of money from the products, you’ll be one of the richest people. You know, that’s the best way. Now, I’m lazy, I’m not going to come, not going to become a farmer. So another way is to invest in companies. There are companies like John Deere, there are fertilizer companies or seed companies. There are companies all over the world that are big in agriculture. There are many plantation owners that are publicly traded around the world. I mean, so that’s one way. But if you really know what you’re doing, if you can trade futures, I mean, if you can buy cotton futures at the right price or wheat futures at the right time, oh my gosh, you’ll be unbelievably rich. You can get rich in two hours if you get the timing right. You can also get bankrupt in two hours if you get the timing wrong. So the best way is futures, if you’re good at it, or become a farmer, or find the stocks. Or another way, of course, is to buy countries, invest in countries that are agricultural countries. Australia has a lot of Agriculture Canada. You’re from Canada. Canada’s got a lot of huge agricultural provinces and spaces. So that’s another way to participate. Terrific. Thank
Anthony Scaramucci 26:14
you, Jim. Let’s go to another question. So Jim, you’ve written several successful books. What inspired you to write about your experiences and what advice would you give aspiring authors? It’s good question from Stanley from New York.
Jim Rogers 26:31
I didn’t plan to write a book my The first night I got back from my motorcycle trip around the world, I was at a dinner, and at my table was the head of Fortune magazine. He said, Where you been? I haven’t seen you in a while. I just went around the world a motorcycle. He said, Don’t tell anybody. I want to do an article in Fortune. So we did, and that led to a book. And the publisher said, Oh my gosh, this could be an interesting book. So it was truly accident, and that happened, but I did it and loved it. And then I’ve continued, from my other trips and from some other ideas, I’ve learned to write them down. So
Anthony Scaramucci 27:10
sir, before I go to another question, I want to wish you a happy birthday, because I know your birthday is coming up and but on your birthday in 1987 the 19th of October, we had a stock market crash. What were you doing on that day? If you don’t mind me asking so well, that’s
Jim Rogers 27:31
funny. That was one of the that was probably the birthday, best birthday I ever had, because I had been shorting the market, and I’ve been talking everywhere about the market was going to collapse? What did I know? So I had been shorting the market, and Anthony, lo and behold, it happened. The March, the 19th of October, was the biggest one day market collapse in history, at that time, and I’m sitting there short the market. I think I know what I’m doing, but it was because I could see that markets everywhere were very over exuberant. There was a lot of speculation, a lot of everything. A lot of people talking about how easy it was. Prices multiples got very, very high. So I shorted the market. Who knew? I certainly didn’t know it was all going to collapse on my birthday, certainly the best birthday I’ve ever had.
Anthony Scaramucci 28:23
Amen, I had to ask you that question. I wish you a wonderful happy birthday, sir. Let’s go to the next question, Jim, could you share a mistake or regret from your career and what you learned from it? This is Rachel from California.
Jim Rogers 28:40
Oh, rachel, you want to hear about my first wife? What a horrible mistake that was, you know, oh my gosh. And at the time, I was unhappy about it. Now I look back and say, Thank gosh, I’m not married to her anymore. Thank God, I got out of it. But that was a terrible mistake. I mean, I guess many people have a first marriage. That’s a mistake. Mine certainly was. Both of us were too young, too inexperienced, and didn’t know what we’re doing. Caused me a lot of pain. I learned a lot. Fortunately, if one has a bad love affair, it can be useful. You can learn a lot, but, my goodness, it’s a horrible, horrible way to learn. I don’t, I don’t suggest it to anybody. There was another time. I mean, there have been times I was once in the early 70s, I made a huge profit. I tripled my money when everybody around me was going I owned puts. The market collapsed. I made a lot of money, so I waited for the market to rally, which I thought I knew it would. This time, I decided I’m not going to buy puts their expense. I’m just going to sell short. So I put all of my money, after three or four months on the short side. It, and you know the rest of the story, when three or four months I was wiped out, I lost everything. The market was smarter than I was. What that taught me, and fortunately, if you learn from your mistakes, it can be useful. What it taught me was that I didn’t know much about trading or market actions or how markets acted. I didn’t realize there were a lot of people who didn’t know about the markets. A lot of people made a lot of mistakes. Now I know that I’m not the only one who makes mistakes, that many people are in the markets, and you have to take that into account too if you’re going to be successful as an investor. Okay,
Anthony Scaramucci 30:41
let’s go to another one. You’ve traveled the world extensively as an investor and an adventurer. How has your travel shaped your philosophy on life and investing? This is James from Colorado. Well,
Jim Rogers 30:56
thank you, James, one of the things I learned was that I love adventure, and so that is certainly shaped me. Yes, if you can propose adventure to me, that’s going to be educationally Well, one of the great things about travel is seeing the world. You learn a huge amount about the world, and therefore about yourself too. So I will tell you, if you have the time and the money, I encourage everybody to do as much travel as you can. You don’t have to go first class. You don’t have to stay in five star hotels. There are lots of ways to travel the world, but you will be astonished how much you will learn about yourself and about the world. And if you’re an investor, you will probably also find some good investors, because you will see things and you’ll say, oh my gosh, look at that. How do I invest in that? You won’t see that sitting in your apartment in New York.
Anthony Scaramucci 31:56
Great answer, sir. Thank you. Let’s go to the next question. Mr. Rogers, could you give one piece of advice to young investors who are just starting? What would it be? This is Carlos from Florida. We we get a lot of young investors that that tune into us. Jim
Jim Rogers 32:13
Well, thank you, Carlos. That’s an extremely good question, and one I wish I had learned when I was young to it, but to repeat, what you need to know is you must learn as much about the markets as you can. The first answer is, do not listen to hot tips. You’re going to hear a lot of hot tips in your investing career. Ignore them. Only invest in what you yourself know a lot about. You’re going to go to the restaurant on Saturday night and hear a lot of hot tips. Please ignore them. The best advice I can give anybody is only invest in what you yourself know a lot about. Don’t listen to hot tips. Hot Tips will ruin you. Hot Tips are wonderful, exciting, great. They will ruin you. So stay away from Hot Tips. And people will say you’re boring. You only invest in what you know be boring. Avoid hot tips.
Anthony Scaramucci 33:10
Well said, Let’s go to the next one. All right, my friend, we’re out of questions. It’s been great to have you on I hope that we can do this again soon. I do miss you, Jim. You’re You’re an incredible person and somebody I’ve learned a lot from over the years. Well,
Jim Rogers 33:27
thank you very much. I would be very keen to do it again when, when I realized that I we were going to do this show, I was so excited, because I was seeing you in a long time, and I knew it would be fun, educational and fun as well. So, and
Anthony Scaramucci 33:43
I have to tell you, so you really touched me by bringing up my uncle. You know, I miss him, and we learned, we learned a lot from him over the years, and we had a lot of fun in that motorcycle shop. And really appreciate you bringing him up.
Jim Rogers 33:55
Well, I remember ghost motorcycles. I cannot tell you how important it was to many people, mainly young men in those days, but now women, too. Ghost was so famous, so important to lots of young males in those days. I can still remember the first time I went to ghost. I was shocked. I was nervous, because I knew these guys were way ahead of me, way in over my head, but Anthony, what a marvelous place I was. You said they turned it into a museum that is wonderful for the world and for New York and for Long Island, so
Anthony Scaramucci 34:36
I appreciate it, sir. Okay, hopefully I’ll see you soon. Thank you for joining. Speak up. That’s
Andrew Brill 34:40
a wrap on another discussion here on wealthion, thank you for joining us. If you need help being financially resilient, please head over to wealthion.com and sign up for a free no obligation portfolio review with one of our registered investment advisors, and remember to follow us on social media for the latest news and information to help you invest wisely. If. You could like and subscribe to the channel. We greatly appreciate it. Don’t forget to hit the notification bell so you can find out when we post new videos to the channel. Thanks again for watching and until next time, stay informed. Be empowered and may your investments flourish. And if you like this content, please watch this video next.