What about other emerging markets? Which would be the one Asian country that you would bet on for the next decade?

Uzbekistan.

Last year, you mentioned missing investing in India and not feeling ready to return because of high valuations. Is that still the case?

For the first time in my life, I feel that India truly understands that success and prosperity are good. Policies and governance are now aligned to support growth and wealth creation. This shift is positive for India and the world.

As for investing, I am not buying right now because valuations are very high, but if the market corrects, I hope I am smart enough to invest.

What would make you invest heavily in India? What kind of correction are you referring to? A 20–30% decline?

I have no idea. I’ll let the market guide me.

If I see despair, if everyone seems unhappy in India, that would make me consider buying. But right now, nobody seems unhappy.

Foreign investors are selling in India, but domestic investors seem quite optimistic. Does this foreign selling make you a bit cautious as well?

I know that foreign investors in any country are usually wrong.

So, if they’re selling India, maybe I should think about buying again. The only concern is that Indian domestic investors seem overly optimistic, and that’s not necessarily a good sign.

Why do you say that? Many investors actually see domestic confidence as a green signal to invest in equities. You seem to have a contrarian view.

I have learned that the best time to invest is when people are unhappy and in despair, not when they’re content.

As the saying goes, buy low, and sell high. Right now, people in India are neither sad nor unhappy.

You once mentioned that you might even move to India if things changed a bit. Do you still think about that? Is it part of your plans at all?

I see a major shift for the first time in my lifetime in Delhi and among those running India. India has incredibly smart, hardworking people, and now it seems the country truly wants its people to succeed and become wealthy. Historically, India wasn’t like this—Delhi never really embraced rich or successful people, even though leaders like Nehru and Gandhi claimed otherwise. But now, something has changed.

What change are you seeing in the country? When you talk about a shift, are you referring to structural reforms like GST, Make in India, or other government initiatives?

I’ve learned to rarely trust any government, as politicians usually prioritize themselves. Indian leaders often said they wanted people to succeed, but didn’t.

You’ve often spoken about debt bubbles. Which countries or sectors worry you the most in that context?

Well, I guess America is the first, with the biggest debt bubble. The debt in the US is gigantic—I mean, we can’t even count it. The debt is so high that it’s the worst in the world. Many countries are now taking on lots of debt and saying not to worry, but the US stands out as the worst.

Apart from the US, Japan is another country that worries me. I sold my Japanese shares because the market has been going straight up. I have to worry about Japan since it’s gone up so much and so fast. At the same time, Japan has a declining population and rising debt over the past 15–20 years, which adds to the concern.

How do you view the power struggle between the US and China, and how do you think it will impact the investing landscape and global trade in the coming years?

Power struggles between the world’s leading countries have rarely been good for anyone except a few. So no, it’s not positive that China and the US are at odds. For a while, when they worked together, everyone benefited and prospered, but that no longer seems to be the case.

History shows that such tensions typically lead to financial, economic, and political problems. I anticipate that in the coming months, we may see issues arising from the US-China situation. It is not good, but one has to face the facts.

But how do you view Chinese investments in this context? Do you think Chinese equities are well-positioned in such a volatile and geopolitically risky environment?

The Chinese stock market has been going straight up in the last two or three weeks. Any market that goes straight up for a while is at risk. China’s market was down for a very long time. Now suddenly it’s straight up. So I have to worry about China. I have to worry about the whole world. Everybody’s having a very good time. And when everybody’s having a good time, it usually means you should worry.

Any geopolitical risks that the investors are probably underestimating at this point in time?

All markets are going up. The worst, I guess, is Mr Trump in the US. He says everything is great, acts like he knows what he is doing, but probably doesn’t. With someone like Margaret Thatcher, we knew her thought process and could anticipate her actions. With Mr Trump, he watches TV and decides what to do—unpredictable. That makes it hard for investors and isn’t good for the world. His unpredictability is something to be careful about.

Gold and silver prices have skyrocketed in the past year. Last time we spoke, you said gold was a great investment and that you learned to invest in gold from Indians. Do you still hold that view? Should investors still look at gold?

Go down to the market and ask the Indian women. Indian women know. Indian women are very, very smart. That’s where I learned about silver and gold, in the Indian market. I imagine Indian women are still buying gold and silver. I am not selling my gold and silver.

I bought more silver a couple of weeks ago. I am not buying silver. I am not buying gold now because they both have gone straight up. If something happens and they go down for a while, I hope I am smart enough to buy more. I am not going to sell. My gold and silver are for my children someday.

Even with the recent correction, I have not sold any gold or silver and will not.

Basically, you’re using it as a hedging tool. I think Indian investors may have forgotten that. They’ve started treating gold and silver as growth assets rather than as a hedge. What are your thoughts on that?

I own gold and silver because everybody should, in my view. There will be huge problems in the world again; there always have been. When they come, gold and silver will save you. For thousands of years, when things go wrong, people have wanted gold and silver.

Do you remember Jesus Christ was sold for 30 pieces of silver. Even then, silver was extremely valuable and still is. It always has been and probably always will be, as will gold.

Jim Rogers

Some gold under the bed, some silver in the closet: Jim Rogers isn’t selling

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