Sunday, August 10, 2008

Jim Rogers says Crude Bull Market has years to go

"Jim Rogers, chairman of Rogers Holdings, said the increase in the price of crude oil has "years to go'' as known sources of petroleum are dwindling. "I know that unless someone discovers a lot of oil, it can go to $150, $200'' a barrel, Rogers said in a Bloomberg Television interview. "The facts are the world is running out of known oil reserves.''

Rogers said he bought airline stocks around the world today, saying bankruptcies show the sector may be nearing a bottom. "Bankruptcies are signs of bottoms, not signs of tops,'' he said.

He also said he was shorting Exchange Traded Funds for investment banks, and specifically Citigroup Inc. and the Federal National Mortgage Association, or Fannie Mae. "I am short all the investment banks,'' Rogers said on the phone from his home in Singapore. "I know they're all in trouble, most of them have phony accounting.''

Rogers Says the Crude Bull Market Has `Years to Go'
Todd Zeranski and Betty Liu
Bloomberg, June 5 2008

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