Saturday, August 16, 2008

Jim Rogers bullish on Airlines

In a dated Jim Rogers interview with Bloomberg, Jim Rogers, chairman of Rogers Holdings said that he expected the increase in the price of oil to continue for a few more years due to the dwindling known sources of petroleum. He expects the price to go up to $150 or $200 a barrel unless someone discovers a lot of oil. Jim Rogers said that it was a fact that the world was running out of known oil reserves.

Jim Rogers also said that he was buying airline stocks around the world, saying that bankruptcies in the airlines sector showed that it was nearing a bottom. He also mentioned that he was shorting Exchange Traded Funds for investment banks, specifically Citigroup Inc. and the Federal National Mortgage Association, or Fannie Mae.He claimed that they were all in trouble and that most of them had "phony accounting".

Jim Rogers currently lives in Singapore with his family.

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