Rogers's Investment Record
Jim Rogers co-founded the Quantum Fund with George Soros in 1973. Rogers retired at 37, by which time the fund was up over 4000 per cent. The S&P did about 47 per cent in the same period.
Rogers has just turned 82. He has sold most of his stock positions around the world and is sitting in US dollars.
He still owns some Chinese and Uzbekistan shares. He owns gold and silver.
He is not adding to any of them at current prices.
Nearly every stock market in the world has hit a record or is near one. Rogers saw all-time highs everywhere, and decided the rational move was to step aside.
After decades of investing, he concluded that euphoric markets are the wrong time to buy.
All-Time Highs and Hidden Fragility
Gold is near an all-time high, and the mood, as Rogers describes it, is one of broad euphoria.
Markets have not been without volatility. Some reports through late 2026 note drops tied to rising yields and inflation data.
The NASDAQ has hit record levels on artificial intelligence enthusiasm.
The NASDAQ dropped 78 per cent during the dotcom crash. Rogers references that figure as a reminder of what happens after prolonged euphoria. The internet was a real and lasting technology, and the NASDAQ still fell 78 per cent.
The Japan carry trade means borrowing yen at near-zero cost to invest in US assets. Japan's interest rates are moving higher.
The trade has shown signs of unwinding. In one session, the market dropped about a trillion dollars in the last 40 minutes.
Fear of the unwind drove the sell-off. Reports from late 2026 confirm the yen carry trade is unravelling, linked to a strengthening yen and Japanese rate increases.
US Dollars Despite Scepticism
Rogers holds his cash in US dollars, though he is sceptical of its intrinsic safety. In a crisis, he expects other investors to treat the dollar as a safe haven.
Their demand will support its value. Rogers does not believe the dollar is safe.
He believes other people believe it is safe. Demand for dollars, in his view, will follow from that perception alone.
He owns dollars because other people will buy dollars when fear arrives. Their buying will support the currency's value when he needs liquidity.
The dollar's perceived safe-haven status has come under scrutiny in late 2026. Some analysts see erosion in that perception, while others note the dollar hitting an 18-month high.
Rogers accepts the dollar may weaken over time. Panicked selling in other currencies will push capital into dollars.
Rogers expects more inflation in the future, and rising prices erode the purchasing power of cash. He accepts that inflation will erode his cash over the period he waits. The erosion is a price he is willing to pay for liquidity when markets fall.
Gold, Silver, and Inflation
Rogers owns gold and silver but is not buying either at current prices. Gold is near an all-time high, and he does not buy at those levels.
Rogers describes gold and silver as inflation hedges. Governments print money, and the resulting expansion of supply leads to higher prices. He has learned not to believe officials when they say inflation is under control.
In his words, it is not always that officials are lying. In many cases they simply do not know. Their role, he suggests, is to project confidence.
Some reports from late 2026 describe silver prices sliding and hitting a year-to-date low. Rogers is waiting for despair to return to the metals market before adding.
Contrarian Positions: China, Uzbekistan, and Singapore
Rogers's two remaining stock positions are in China and Uzbekistan.
Chinese shares are a mixed proposition in late 2026. Some analysts see opportunity in AI-linked stocks listed there. Others flag risks from US-China tensions.
Rogers has not explained why he kept these two positions while selling everything else.
Rogers notes that Uzbekistan was once one of the most prosperous countries in the world. He cites its assets and its geography, surrounded by large neighbours.
Reports from late 2026 confirm Uzbekistan is opening up. The government is putting billions in state assets up for privatisation.
It is offering tax breaks to financial firms.
Rogers moved his family to Singapore because he decided the 21st century might belong to Asia. Singapore's residents speak Chinese and English. Rogers wanted his daughter to learn Mandarin in a city where she would have to use it daily.
Rogers advises staying with what one knows. His counsel is against acting on tips or following the crowd. He includes himself in that instruction.
He acknowledges that facts do not always matter in markets. Rogers argues that emotions matter more than facts in nearly all asset classes. Fear and hysteria override rational analysis, which is why so few outperform the market over long periods.
Rogers's own mistakes, by his account, came when he acted without completely understanding what he was doing. Most of his losses, he says, came from acting before he fully understood the position.
Nearly every stock market is at or near an all-time high. The NASDAQ has hit record levels on artificial intelligence enthusiasm.
Rogers sold and moved to cash. His cash is in US dollars.
Rogers expects investors to flock to dollars when fear arrives, and he plans to spend those dollars on cheap assets. His forecast is for falling valuations and widespread pessimism. He intends to have the liquidity to buy when fear, rather than value, sets the cost of entry.