Jim Rogers: The Madness Of Investors

 Link:

In the book, Inside The House Of Money by Steven Drobny there’s a great interview with Jim Rogers on all things macro-investing before it was called macro-investing. During the interview Rogers recounted two stories that demonstrated to him the madness of investors. Here’s an excerpt from the interview:

I don’t know, there have been some nice ones. When you ask about favorites, that implies success. I usually prefer talking more about the things I have gotten wrong, because I learned from them.

The best one, the one I loved the most, was defense stocks in the 1970s. After the Vietnam War, defense went into the tanks—everybody hated defense, nobody was spending money on defense, so these were dollar stocks at best. I bought a lot of them.