I think we all know – that markets go up too far, and they go down too far. Once you start building their momentum, panic develops. People get more and more scared.
As far as I’m concerned, the Central Bank in Russia has been doing the right thing. They said they were not going to intervene anymore. [BUT recently] They intervened for the first time in a while. But I think it’s very smart – not intervening. Let it collapse. Let it find its own level. And then we’ll have a staggering rebound.
Jim Rogers is a smart investor who co-founded the Quantum Fund with George Soros in 1973. By 1983 the fund gained more than 4000 percent.