Investing: How To Lose Everything
After I was in the business for a couple of years, I made a lot of money
and I thought, this is easy. I was selling short, I waited for the
market to rally, I took all of my money and I sold short. Within 2
months, I was wiped out, I lost everything. I knew what I was doing
about the companies, they all went bankrupt eventually. But in the
meantime they all skyrocketed and I did not have staying power so I lost
everything.
I realized how much I did not know about markets, about other people`s
emotions. I realized there was a great deal that I needed to learn.
Markets are not rational and you have to factor that in. Eventually they
are rational, but there are times when they are not.
Jim Rogers is a bestselling author, financial commentator and successful international investor. Rogers was a co-founder of the Quantum Fund (considered to be the first truly international fund of its kind) and is the creator of the Rogers International Commodities Index (RICI).