By Patrick Rupinski
Staff Writer
Published: Thursday, March 1, 2012 at 3:30 a.m.
Last Modified: Wednesday, February 29, 2012 at 11:15 p.m.
Article from Tuscaloosa News
TUSCALOOSA | Internationally known investment guru Jim Rogers dropped a bombshell on an audience loaded with University of Alabama business and finance majors Wednesday. He told them to look for different careers.
The days of lucrative careers on Wall Street are over, he said in a speech at UA’s Ferguson Center. “Banking, finance and Wall Street will be bad places to be for the next 30 years,” he said.
“Finance is not the place to be for a career,” he said. “If you want to make real money, go into real goods, raw materials and commodities.”
Those getting into farming and mining will do well by providing products that the world will need, he said.
“If you want to make a lot money, be a farmer. In the next generation, farmers will be driving the Lamborghinis, and the Wall Street financiers will be driving the taxis.”
Rogers, who grew up in
Demopolis, is a best-selling author and financial commentator. He co-founded the global investment partnership Quantum Fund with George Soros and made a fortune that allowed him to retire in his mid-30s.
But while Soros today is known as a major financial backer of liberal politicians and causes, Rogers, now in his 60s, is known for his conservative, free-enterprise philosophy.
That came through during his presentation at UA, where he said the U.S.’s best days are behind it and more economic calamity will hit the nation during the next few years.
Rogers said the massive debt amassed by the U.S. and Western Europe will cause a financial crisis that could hit in 2013 or 2014.
About 40 countries, including the U.S., France and Germany, have elections this year and their governments will do anything to retain power, he said. “They are printing money and debasing their currencies, so don’t sell your gold,” he said.
Today, the U.S. is the biggest debtor nation in world history, he said. China is the biggest holder of U.S. debt, but the Chinese have started to convert their dollars to other things, he said.
That will worsen the U.S. debt crisis and cause the U.S. to decline as an economic power, he said.
The 19th century belonged to Europe. The 20th century belonged to the United States. And the 21st century belongs to China and Asia, he said.
“The greatest creditor nations are now in Asia — Singapore, Thailand, Japan and most of all, China. The money is now in Asia,” Rogers said.
In the next few years, there will be severe upheavals in the currency markets and the U.S. will be hard hit, Rogers said. He is so bullish on Asia that he and his family moved from New York City to Singapore. And he noted that his two young daughters are fluent in Mandarin and the investment portfolios he has opened for them are concentrated on Asia.
Those who want to make a fortune in the future should learn Chinese (Mandarin) and invest or do business with Asia, he said.
His comments hit home for Katie Mullins, a UA freshman majoring in finance and minoring in Spanish.
“I came here and thought I would be inspired about my future,” she said.
Instead, she said she now has to think about Rogers’ advice.
Article from Tuscaloosa News
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