Thursday, September 11, 2014

The Financial community has got problems

 Historically we have had long periods when the Financial types were in charge, followed by long periods where people who produced real goods were in charge. Then the financial types come back. 

When I went to Wall street and when I was in Oxford in the 1960's. It was a backwater, New York Stock Exchange who cares, big day in NYSE was 3 million shares. Now that's not even a trade, we do that 3 million shares before breakfast. It really was a backwater and nobody wanted to go to Wall Street or the city of London. 

When I was in Oxford my professors used to say whats wrong with you, nobody cares about the city of London, its not significant even in the UK economy, why are you so interested in London. Now of course every kid in Oxford wants to start a hedge-fund in their dorm room or whatever. 

So its all changed dramatically, 50's and 60's and 70's it was a waste land and along came the long bull market and everyone wanted to go into Wall Street. 

Now more and more of them are now trying to go into technology because many people are starting to understand the financial community has got problems and my view its a terrible place to go unless you really love it.

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).