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book cover
My recommendation: 7/10

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Summary of notes and ideas

In the book, Jim Rogers, takes a very broad perspective on markets, countries or his investments. He mixes his personal perspectives of the former with stories about his past, his family or the move from New York to Singapore.

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Above and beyond: the 21st century will the century of Asia, again (esp. China).

If you were smart at the start of the 19th century, you made your way to London. If you were smart at the start of the 20th century, you moved to New York. And if you are smart at the start of the 21st century, you will find your way to Asia.

We are in a long secular bull market in commodities worldwide (when written). Like all bull markets, it will end in a bubble. But the bull market still has several years to go.

It is good to lose money, to go broke at least once, and preferably twice. But if you are going to do it, do it early in your career. Do it early and it is not the end of the world. …it teaches you how much you do not know.

The way you become a successful investor is by investing only in what you yourself have a wealth of knowledge about. Everybody knows a lot about something. Concentrate on what you know. You will see a major change coming long before I ever will, long before anybody else will (or on Wall Street). You will also know when it’s time to sell.

Learn to think in the appropriate terms. This is new, this is something different. Any new will lead to consequences down the road. You have to think around corners.

Most successful investor do nothing most of the time. Do not confuse movement with action. Know when to sit and wait. Most people will jump on that, jump on this, take a tip from here, from there.

If you are an investor, you should be careful as if you would only have 25 investments in your lifetime.

Today, everyone has the same information at the same time. Judgement is what makes the difference. If you want to make a lot of money, resist diversification. Brokers promote the notion that everyone must diversify. But that is mainly to protect themselves. If you buy 10 different stocks, the chance is good that some will be OK. But that will not be the way to get rich. If you don’t diversify, make sure that you are right, otherwise you will go broke.

Read or listen on Scribd.com (2 months free with this link)


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