In Conversation with Jim Rogers
By Kylie Wong
For legendary investor Jim Rogers, life has always been about much more than money.
That might seem ironic, given that he co-founded one of the world’s most well-known, lucrative hedge funds. But if proof is needed, consider this: while his then-business partner, George Soros, went on to become a multi-billionaire, Rogers walked away after just seven years, choosing the road less traveled — quite literally. He circled the globe twice, first on a motorcycle, then in a custom-built Mercedes convertible, exploring places many people have probably never even heard of. (One such example is Uzbekistan, which you will learn later in this article that Rogers believes is in the best position to succeed in the world.)
When I sat down with him in Singapore last month, I made sure to begin the interview by asking if he ever regrets not trying to earn more.
“I’m sure my daughters are probably going to say to me someday: ‘Why didn’t you stay working? You would’ve made a lot more money’. And I probably would have. I mean it’s a cliche but I wanted more than just money. I had more money than I knew ever existed in the world.” Rogers said.
“All my life I wanted to retire early so I could see the world. I grew up in a small village where most people never left. My phone number was 5. It was that kind of a small place. As long as I could remember I wanted to see the world, that was my burning desire.”
If you've ever read one of Rogers’ travel books — which I highly recommend — you would know exactly what an adventurer he is. What impressed me most was not just the riveting writing, but also the fact that he traveled much like a budget traveler would. (To be fair, many of those places he visited back then didn’t even have paved roads, let alone five-star hotels.)
China: “Most Important Country 50, 100 Years From Now”
Being Chinese, I was particularly excited to learn about his love for China. Not only was he the first person ever to have driven across China three times, according to his book The Adventure Capitalist, his affection for the country is also exemplified by his daughters’ education and his choice of residence.
After seeing China's transformation in the 1980s, Rogers returned to New York and shared his observations but everyone shrugged and was instead focused on Japan's rise.
“But I would say to everyone ‘teach your children and grandchildren Mandarin because in their lifetime it’s going to be extremely important,” he said.
Rogers and his wife initially considered moving to a city in China to help their daughters learn Mandarin but found the pollution there too severe at the time. In 2007, they decided to move to Singapore, where both Mandarin and English are spoken, which seemed to be the perfect solution.
To this day, Rogers still sees China as the dominant global power of the future.
“In my view, China is going to be the most important country 50, 100 years from now,” he said.
Alongside China, Rogers believes Uzbekistan is well-positioned to succeed amid rising geopolitical tensions and growing nationalism. He points to the country's historical success, noting: “Uzbekistan in history has been wildly successful. It became a disaster in the Soviet but now it’s opening again. It has a big population, vast resources, rich neighbors… so that’s a name which I will throw out."
When asked what his current investment portfolio looked like, Rogers stopped short of giving a breakdown but said that “it’s a lot of US dollars”.
He expressed caution about the current market: “All stock markets are making all-time highs… I’ve seen this movie before." He highlighted that while most global markets are booming, including Japan hitting new highs after 35 years, he remains wary. "If everybody is happy, then maybe it’s time to think about something else. That’s why I have a lot of cash,” he said.
He also mentioned he is already holding Chinese shares and is actively searching for more opportunities in China, calling it "one of the few places" he’s currently looking to invest, though he hasn’t found any new prospects recently.
Hong Kong: Not Over Yet
Regarding Hong Kong, which sparked debate recently as to whether it is “over” as an international financial hub, Rogers acknowledged that while Hong Kong might not be “over” anytime soon, it probably won't return to its former glory from 50 years ago. This is partly because, Rogers believes, Beijing will focus on developing other cities and regions in China. However, he urged not to give up on Hong Kong just yet: "Don’t sell out, don’t move out… not yet. Hong Kong still has a very promising future and remains an exciting place."
He added that while Hong Kong’s markets are not as cheap as China’s, particularly compared to Shanghai, he remains open to investing there if he finds the right opportunity.
Commodities: Silver over Gold
When asked which commodities might outperform, Rogers kept it simple. He noted that gold is at an all-time high, but if he had to choose, he’d go for silver. With silver down around 40% from its peak, he sees better value there, leaning on the basic investing rule: "buy low, sell high".
On oil, Rogers emphasized that while reserves are still abundant, future supply is contingent on continued drilling. Despite alternatives like solar power and wind energy slowly making headway, in his view, these alternatives are still a long way from replacing oil's dominance.
Meanwhile, Rogers sees agriculture as the weakest part of the commodities market right now. With farmers getting older — average age 66 in Japan and 58 in the US — there's a shortage of younger people stepping in. But he pointed out that agriculture is essential, as the world will always need food and clothing, so agriculture could become a profitable space in the future.
Passing on Wealth Too Early Can “Ruin” Children
When I asked Rogers about his strategy of passing on wealth to his daughters, he acknowledged that many parents struggle with this. He pointed out how giving young people too much money can sometimes spoil them, saying he's seen cases where inheriting wealth too early has "totally ruined" them.
"A lot of people don’t know how to handle large sums of money," he said. To address this, he and his wife have decided that their daughters will not receive any inheritance until they’re over 35 years old, hoping by then they will have gained enough maturity and experience to manage it responsibly.
“No Regrets”
Rogers reflected on his life with a sense of contentment when I asked if he had any regrets. “For the most part I'm happy, and I've had success in different ways," he said.
Looking back, he mentioned a pivotal moment in the '80s when he went to China. "If I had really been smart, I would have stayed. I probably would be even richer now," he mused. But despite recognizing the opportunities he could have seized, Rogers expressed no regrets.
"I went back to America, had a fantastic life. I saw what was happening in China, and maybe I could have stayed, but I don’t regret it. I’m satisfied with the choices I made,” he said.
As our conversation drew to a close, it became clear that Rogers’ success has always been about seeing things differently, be it in his investments or life choices.
As he wrote in his book The Adventure Capitalist: “My success in the market has been predicated on viewing the world from a different perspective.” It’s a refreshing reminder for all of us — true insight often comes from seeing what others overlook.
