SINGAPORE, June 25 (Reuters) - Investor Jim Rogers said on Thursday that he sees prolonged economic problems and while he did not see much worth buying, he is not shorting any assets either.
He repeated a previous comment that he is selling his U.S. dollars and that commodities were the best investment bet.
“I have no shorts for one of the first times in my life,” Rogers, a co-founder with George Soros of the Quantum Fund, told Reuters TV in Singapore. “On the other hand I don’t see much to buy.”
He said huge borrowing by governments, particularly in the United States and Britain, would hurt their currencies and lead to future problems, though he picked the Canadian dollar CAD= as one of the "soundest" currencies. "I've got out of my pounds. I will be getting out of my (U.S.) dollars soon," he said, repeating his view that commodities were the best place to be with metals having gained more than stocks this year and long-term potential for soft commodities.
“I’d rather be a farmer than a stockbroker for the next couple of years,” he said. “No-one you went to school with became a farmer... so we have a shortage of farmers.”
Rogers, who lives in ethnically Chinese Singapore, co-founded the Quantum Fund in 1970. The fund, since closed, returned 4,200 percent in the next decade, compared with a 50 percent gain in the S&P 500 index.
“If you’re in London you’re in the wrong place at the wrong time... You gotta move east.” (Writing by Neil Chatterjee; Editing by Neil Fullick)