Investment guru Jim Rogers, who in April 2006 correctly predicted oil would reach US$100 a barrel and gold US$1,000 an ounce, told investors last Saturday not to 'give up' on Chinese shares after the country's stock index fell almost 50 per cent this year.
'Start buying when others say 'never again',' Mr Rogers, 65, said at an investor conference in Nanjing. There is 'much money to be made' from investments in Chinese stocks, he said.
China's CSI 300 Index has slumped 52 per cent from its Oct 16, 2007 peak on concern that government measures to curb consumer prices will hurt earnings growth.
Mr Rogers, who first started buying Chinese stocks in 1999, said he hasn't sold any of his holdings.
'It's still a growth story in China,' said Andrew Sullivan, a sales trader at Mainfirst Securities Hong Kong Ltd. 'It still has a good manufacturing industry.'
Mr Rogers told Chinese investors that the current correction is 'the way the market works', and they shouldn't be a 'market timer' trying to figure out when is the bottom.
'You should get in at a time like now,' Mr Rogers said. 'I'm starting to think about buying again.' He said he would be 'investing in China for the rest of the century'.
He also said investors should 'learn about commodities'. Oil prices, which reached a record in New York trading last Friday, will go higher, he said\. \-- Bloomberg
No comments:
Post a Comment