Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, has warned that more bear markets are coming and the next one will be “the worst” in his lifetime. Noting that many stocks will go down 90%, he stressed that investors will lose a lot of money.Famed investor Jim Rogers warned about an incoming bear market that will be “the worst” in his lifetime in an interview with Kitco News, published last week.
“The debt, oh my God, look out the window, the debt has skyrocketed everywhere, so the next bear market has to be horrible,” he opined. “How can it not be a horrible bear market … I mean, the U.S. has increased its debt by several times since 2009. Japan, oh my God, they can’t even count the debt in Japan. In many countries in the world, the debt just goes higher and higher and higher … 2008 was because of too much debt, it’s much worse now.”Many stocks are going to go down 70%, 80%, 90%.
He further detailed: “We have very high valuations, we have staggering debt, we have a lot of new investors coming in. It’s not my first rodeo. I’ve seen this movie. I know how it works. They’re all going to lose a lot of money. I hope I’m not one of them.”U.S. dollar will lose its dominanceThe veteran investor described: “The world’s international medium of exchange is supposed to be neutral — anybody can do anything with it they want to. But, unfortunately, Washington is changing those rules.