Famed commodities investor Jim Rogers thinks the market is in the process of detecting the next big crisis and is still ‘frightened’ by Russia.
‘My first successful investment in Russia this year was shorting the ruble, but now I’m looking at finance, ruble bonds, opportunities in inbound tourism are all of the interest because they can provide a higher return,’ he said in an interview with business dailyKommersant published on Thursday. ‘Frankly, investors are still frightened about the prospect of investing in Russian securities,’ he said.
Rogers called the Russian market one of the most perennially undervalued in the world. He said that oil prices will recover soon, but not by much as the global economy might suffer new shocks. One is the Federal Reserve raising interest rates in the U. S. and the other is the possible election of Donald Trump. For Rogers, a Trump presidency would make markets most skittish because of his stance on trade.
This post was published at Lew Rockwell on September 6, 2016.