Monday, September 8, 2014

Wallstreet and London has changed dramatically since the 1960's

Historically we have had long periods when the Financial types were in type, followed by long periods where people who produced real goods were in charge. Then the financial types come back. 

When I went to Wall street and when I was in Oxford in the 1960's. It was a backwater, New York Stock Exchange who cares, big day in NYSE was 3 million shares. Now that's not even a trade, we do that 3 million shares before breakfast. It really was a backwater and nobody wanted to go to Wall Street or the city of London. 

When I was in Oxford my professors used to say whats wrong with you, nobody cares about the city of London, its not significant even in the UK economy, why are you so interested in London. Now of course every kid in Oxford wants to start a hedge-fund in their dorm room or whatever. 

So its all changed dramatically, 50's and 60's and 70's it was a waste land and along came the long bull market and everyone wanted to go into Wall Street. 

Now more and more of them are now trying to go into technology because many people are starting to understand the financial community has got problems and my view its a terrible place to go unless you really love it. 

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.