Jim Rogers is an incredibly successful investor who has deftly navigated the often treacherous streets of Wall Street. Recently, he asserted his belief that while finance and business have largely driven economic growth over the past few decades, it is the producers of the world that will become the new growth sector.
Reuters reports that at its Reuters 2011 Investment Outlook Summit, Rogers affirmed that he expects farm growth to continue to increase through the next few decades as global demand for food rises. "All these people who got MBAs made a mistake," Rogers exclaimed. Instead, it is "the people who produce real goods" who will see a larger return on investment.
Rogers elaborated on his claim, firmly stating that even while commodities have soared in recent years, he predicts they will continue to rocket higher. Admitting that he is a bull on commodities, he averred that "they're going to be much, much higher over the next decade," saying that "even I'm going to be stunned."
Rogers contends that countries are afraid to implement extensive austerity measures needed to rein in spending and will instead debase their currencies, driving up the price of commodities higher still.
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