Jim Rogers taught an investing class back in the late 1980s at Columbia Business School so he could play squash there. He had the students take a market cycle and study everything they could surrounding what made the market go up and down. Why did cotton boom and bust from 1860 to 1865? Railway shares in 1856? Soybeans in the 1970s? He taught case studies.
Discovering more of Jim Rogers. 1987-1993 by a Jim Rogers Fan
After I discovered Jim Rogers, through an incredible night lecture, while a student at Columbia University, I never expected to bump in to this guy again. I graduated in 1987, and began working as an architect in NY. My interest in the stock market was there, but I had very little training, little money, and nothing to go on, other than a few dull books, watching NPR, and an occasional effort to get my hands on some Value Lines. And I had the memory of Roger’s lecture, where he gave a lot of basic tips and advice, not all unlike the kinds of simple tips I would read about in Peter Lynch’s first book, One Up on Wall Street.
One day, probably around 1989 or 1990, as I walked past a newstand in the Union Square subway, I happened to look down at a stack of Barrons’, and I saw the words “Barrons Round Table” and “with Jim Rogers.” After a doubletake, I jumped on that copy. My buddy Rogers has showed up in my life again. And so began my worship of the Barrons Round Table. Not only was Jim Rogers there, but a few other names I had begun to get acquainted with over the years. . including Peter Lynch, John Neff and others. This was great for me – an education in the stock market by watching these guys predict the year. I had never heard of the Barrons Round Table before. Had I not seen Roger’s name, I might never had noticed it.
From that day on, my own investment strategy worked like this. I read the Barron’s Round Table, every January, during it’s 3 weeks of publication, to determine how the year would go. Then I would pick my favorite 3 or 4 ideas from the group, and invest. I was too busy with other things in my life to worry with stock analysis every day, or every month. And since I invested long term, this was good enough for me. To this very day, I wait patiently for the third week of January to roll around, so I can read what the famous group has to say about the coming year. It’s become a ritual that I can’t stop doing. I love it. And I’ve learned a lot just listening to these guys, observing how they think, and checking their results the following year.
And of course, I have to go with what fits my own senses. I never like the whole group. Not every idea appeals to me personally. Not every idea I can understand. Since my attitude is very black sheep, I quite naturally cozy up to the black sheep like Rogers. To Lynch’s credit, who is less black, his ideas often paid me well. I still remember his recommendation on British Steel. Good one. And Rogers’ ideas were often so weird, or foreign, I had no way to buy what he was recommending. I could not buy Botswana’s stock market. I couldn’t buy apple farms in New Zealand. But once I did buy a CD’s from a New Zealand bank and a Danish bank, indirectly following his advice on the currency — paid back nicely after 6 months. Roger’s pick on silver back then did not do me well at all. Big loser. One of my worst buys of all time. As he readily admits, he ain’t perfect. Couer D Alene Mines – what a haunting story that stock has been over the past 15 years. Of course, if you use this technique of annual buying, you are on your own in terms of figuring out when to sell.
This was all before Rogers showed up on cable TV. Before his books came out. Eventually, he disappeared from the Round Table for a while so he could travel the world on a motorcycle. But upon hearing that, it did force me to recall his words from back in 1987 at Columbia. He told the audience, which was 99% MBA students, that the biggest waste of time and money was getting an MBA. They all laughed, of course, since they were paying a fortune to be there, and Rogers was being paid to teach them. He said if they wanted to be successful, they would be better off traveling the world, working abroad, and getting to know another country. When I heard Rogers was circling the globe on a motorcycle, I figured he was practicing what he preached.
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Andrew Weiss (economist)
Early Years and Education
Weiss was born in New York in 1947. He graduated with Honors from Williams College in 1968 with a BA in Political Economy. In 1977, he received his PhD in Economics from Stanford University.
Weiss began his career in 1976 as an Assistant Professor at Columbia University, as well as a Research Economist in the Mathematics Center at Bell Laboratories. He has served as a consultant to the World Bank and the United States National Research Council, the research arm of the United States National Academy of Sciences. In 1989, Weiss was elected a Fellow of the Econometric Society. The Nobel Prize in Economics to Joseph Stiglitz in 2001 cited Weiss’ research with Stiglitz as having had “a substantial impact in the domains of corporate finance, monetary theory and macroeconomics.” As of October 2008, Weiss was ranked in the top 2 percent of published economists by the number of citations to his papers.
Andrew Weiss is the Founder and current Chief Executive Officer of Weiss Asset Management, a Boston-based investment firm. Weiss and the investment strategies of Weiss Asset Management have been the subject of numerous U.S. and European newspaper and magazine articles, including features in Forbes, Outstanding Investor Digest, Micropal, and The Motley Fool.
In the Press
During a CNBC program, Michael Metz, the Chief Investment Strategist for Oppenheimer Holdings, proclaimed Weiss to be “one of the most brilliant money managers that I know.” Bruce Greenwald, the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University and author of Value Investing, said of Weiss in an interview with The Motley Fool, “If I had one person to pick and one guy to put the money in, I would pick him.” Robert Solow, a Nobel Prize Laureate in Economics and an Institute Professor at MIT, said at a press conference on March 15, 2005 “[Weiss] is a significant person among US economists. I have known him personally for 30 years and I have the highest respect for him.” Laurence Kotlikoff, Professor of Economics at Boston University, was quoted in The Boston Globe article Nighmare in Prague as saying Weiss is “a brilliant economist, and he’s an outstanding investor. He’s scrupulously honest, and I’d trust him with anything”.
- ^ Craig M. Douglas (20 February 2006). “Hedge fund managers bridle under new regs”. Boston Business Journal. http://www.bizjournals.com/boston/stories/2006/02/20/story3.html. Retrieved 24 December 2010.
- ^ a b Green, William (8 October 2008). “One Financial Doomsayer Sees More Doom Ahead”. Time (magazine). http://www.time.com/time/magazine/article/0,9171,1848337,00.html. Retrieved 24 December 2010.
- ^ List of the Fellows of Econometric Society
- ^ Stiglitz Nobel
- ^ IDEAS
- ^ a b http://www.fool.com/investing/general/2004/08/13/the-one-investor-to-bet-on.aspx
- ^ Boston Globe
- ^ Board of Trustees, American Jewish World Service
- ^ Board of Trustees, Center of Development Economics at Williams College
- Mystery shrouds Prague building, Sunday Business Post
- American Jewish World Service, American Jewish World Service
- Williams CDE, Williams CDE
- BU Econ,Boston University Department of Economics
- Selected Works of Andrew M. Weiss
- CV, Curriculum Vitae
- Stiglitz Nobel, “Nobel Website”
Wow, he has some cheap mining stocks (THM and RIC)