Thursday, January 29, 2009

Jim Rogers: Malaysia In Better Position Than Most Countries

HONG KONG: Blessed with natural resources, Malaysia is in a better position than most countries in the current grim economic environment, according to Jim Rogers, the co-founder of the Quantum Fund.

“The Malaysian economy is natural resource-based so you are in a better position than many countries. And therefore, your currency is better positioned than other currencies,” Rogers told The Edge Financial Daily on the sidelines of the Asian Financial Forum yesterday.

“My main problem with Malaysia is that your politicians don’t seem to get it right. It’s a fabulous country and it should have a fantastic future. Get politicians who understand how the economy works and adapt and adjust. Malaysia should be and could be a wildly successful and rich country,” he added.

Rogers founded the Quantum Fund — one of the first international hedge funds — with George Soros in 1970. Speaking in his keynote address during a luncheon at the Asian Financial Forum on Monday, Rogers reiterated his belief in commodities.

“Fundamentals for a lot of industries are impaired currently. But, things that are not impaired are commodities. The fundamentals of commodities in the current environment are enhanced as supplies are short,” said Rogers, adding that the idea of making money today is through investments in raw materials and commodities.

He is also bullish on the yen but is bearish on the US dollar, bonds and stocks. “I’m not buying into any markets right now because there are problems still to come,” he said.

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