And what success I have had in investing has usually come from buying stock that is very cheap or that I think is very cheap. Even if you are wrong, when buying something cheap you are probably not going to lose a lot of money.
But buying something simply because it is cheap is not good enough -- it could stay cheap forever. You have to see a positive change coming, something that within the next two or three years everybody else will recognize as a positive change.
Jim Rogers co-founded the Quantum Fund with George Soros in 1973. The fund gained more than 4000 percent within 10 years..