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Jim Rogers, the global investor and co-founder of the Quantum Fund, —renowned for his contrarian thinking and long-term conviction—recently shared his personal market views in a conversation with Vantage, as part of our investor insights series. With markets rattled by heightened volatility, geopolitical uncertainty, and the lingering effects of protectionist Trump-era policies, Rogers is adopting a more defensive stance. Such volatility can present both risks and opportunities, but traders should be aware that leveraging in these conditions can lead to amplified losses. It’s crucial to fully understand the risks involved in trading during volatile periods and ensure that strategies align with individual risk tolerance.
Note: Interview responses were minimally edited for clarity. This commentary reflects the personal views of Jim Rogers and does not constitute investment advice. All investments carry risk, and past performance is not a reliable indicator of future results. Individuals should consider their own financial circumstances and seek independent financial advice if necessary.
Selling stocks, holding cash
Rogers, who has traditionally taken long-term positions in emerging markets and commodities revealed that he has significantly scaled back his exposure to equities across the board.
“I basically sold all my stock investments 2-3 months ago,” he said in a recent interview with Vantage. “I still have a little bit in China, a little bit in Uzbekistan. But I [have] basically sold out of everywhere because I expected serious problems to come to most investment markets in the world.”
His decision reflects broader concerns about global macro instability—a blend of geopolitical unpredictability, a shifting central bank policy, and weakening fundamentals in several developed economies.
While Rogers’ defensive stance reflects broader investor caution, some traders may still explore opportunities in volatile markets using instruments like US share CFDs.
Heavy on US dollars
So, where is Rogers putting his capital now?
Rather than rotating into other asset classes, Rogers has opted for a relatively more liquid and defensive positions : The US Dollar (USD).
“Ask me where to put your money, I will say I put my money in US dollars.”
This isn’t necessarily an endorsement of the US economy’s long-term strength. Instead, Rogers views the dollar as the least risky asset in a world where most other markets are showing instability.
His preference for holding cash highlights his current mindset, which is to protect capital first, wait for better clarity, and avoid chasing yield or growth in today’s turbulent conditions.
Still holding China and Uzbekistan
Despite the broader equity sell-off, Rogers is holding onto some of his investments in China and Uzbekistan.
“My plan for Chinese investments is that they will be for my children someday,” he explained. “In the next 100 years, I expect China to be the most successful country in the world.”
Still, Rogers remains realistic about the near-term challenges facing Chinese markets—especially with the threat of renewed US-China tension and the economic impact of protectionist Trump-era policies. While Rogers holds a long-term view on China’s potential, he is realistic about the short-term challenges facing its markets, particularly due to geopolitical tensions and protectionist policies. Investors should consider these factors when deciding on exposure to Chinese markets. While Rogers expresses that his Chinese investments are intended for the long term, investors must be aware of the geopolitical and economic uncertainties that can impact these markets and should consult independent financial advice before making any investment decisions.
The role of gold and silver in his portfolio
In classic Jim Rogers fashion, precious metals remain a core component of his portfolio as what is commonly known as “safe-haven” assets—he sees them as insurance, not speculation.
“I have some gold and I have some silver, and I’ll keep [them] in my pocket,” he said. “I bought more silver recently…in my view, everyone should have some gold and some silver for insurance, for protection, if nothing else.”
For Rogers, the logic is simple: Throughout history, gold and silver have preserved their value during times of crisis, a track record that few other assets can claim. However, while gold and silver are seen as “safe havens”, they are not immune to market fluctuations and should be considered within the context of a diversified portfolio. Investors should assess their individual financial situation before allocating to these assets.
A word to traders: Learn to short responsibly
While Rogers does not consider himself a short-term trader, he believes the current market environment offers potential for short opportunities, especially for more experienced traders who can better understand market psychology. However, shorting is a high-risk strategy that involves the potential for significant losses, which can exceed initial capital, especially in volatile conditions. Traders should carefully assess their risk tolerance before engaging in such strategies.
“If I were a trader, I would learn to sell short and start selling short,” he said. “The stocks I would probably short are the ones that have been very hot recently in the global market—technology stocks.”
Rogers’ view is rooted in historical patterns. Typically, when markets reverse, it’s usually the most overvalued and hyped sectors that experience the steepest declines. But note that past performance does not guarantee future performance.
For traders who aren’t confident in picking specific companies, he shares that they could consider using exchange-traded funds (ETFs) to short entire baskets of stocks. However, shorting through ETFs can amplify losses, particularly during periods of heightened volatility. Traders should ensure they understand the risks and mechanics before proceeding. —even though he emphasised that:
“If you don’t know specific companies, you probably shouldn’t be shorting. But if you do know, just sell them short. You can earn a lot of money and protect yourself.”
Shorting via CFDs may offer opportunities in volatile markets, but it involves high risk and may not suit all traders.
However, do note that market conditions in 2025 are particularly volatile due to global tariffs and political instability. Such factors can lead to unexpected price movements, which may impact your trades. Therefore, traders should consider their risk tolerance before entering any market.
The Jim Roger’s advice: Be a boring investor
In a world often dominated by hype, short-term speculation and market hype, Jim Rogers offers a refreshingly grounded perspective: Success in investing doesn’t come from chasing the hottest stock or timing the next big breakout. It comes from knowing what you’re doing and sticking with it.
“If you want to be successful, be boring.”
Even in an age of social media-driven hype and instant gratification, Rogers reminds investors that slow and steady are the keys to navigating in the markets. For him, real investing is about deep knowledge and patience. This is especially true in today’s uncertain markets.
His advice remains consistent: Avoid following unverified tips or overly relying on trends, and invest only in what you truly understand.
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The information has been prepared by Vantage as of 16 May 2025 and is subject to change thereafter. The information is provided for educational purposes only and doesn’t take into account your personal objectives, financial circumstances, or needs. It does not constitute investment advice. We encourage you to seek independent advice if necessary. The information has not been prepared in accordance with legal requirements designed to promote the independence of investment research. No representation or warranty is given as to the accuracy or completeness of any information contained within. This material may contain historical or past performance figures and should not be relied on. Furthermore estimates, forward-looking statements, and forecasts cannot be guaranteed. The information on this site and the products and services offered are not intended for distribution to any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Vantage is a trading name of Vantage Global Prime LLP which is authorised and regulated by the Financial Conduct Authority. FRN: 590299
The information has been prepared as of the date published and is subject to change thereafter. The information is provided for educational purposes only and doesn't take into account your personal objectives, financial circumstances, or needs. It does not constitute investment advice. We encourage you to seek independent advice if necessary. The information has not been prepared in accordance with legal requirements designed to promote the independence of investment research. No representation or warranty is given as to the accuracy or completeness of any information contained within. This material may contain historical or past performance figures and should not be relied on. Furthermore estimates, forward-looking statements, and forecasts cannot be guaranteed. The information on this site and the products and services offered are not intended for distribution to any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
