By Jim Rogers
He’s the swashbuckling international visitor and mythical investor who made his fortune ahead of he was once 40. Now the bestselling writer of A Bull in China, sizzling Commodities, and Adventure Capitalist stocks a heartfelt, critical consultant for his daughters (and all younger traders) to discover good fortune and happiness. In A present to My Children, Jim Rogers deals suggestion together with his trademark candor and self assurance, yet this time he provides paternal compassion, protectiveness, and love. Rogers finds how you can examine from his triumphs and errors so one can in achieving a wealthy, well-lived lifestyles. For example:
• belief your individual judgment: Rogers sensed China’s actual strength long ago within the Nineteen Eighties, at a time while such a lot analysts have been hugely skeptical of its customers for growth.
• concentrate on what you're keen on: Rogers used to be 5 whilst he all started accumulating empty bottles at baseball video games rather than playing.
• Be chronic: Coming to Yale from rural Alabama, and in over his head, Rogers by no means stopped learning and wound up with a scholarship to Oxford.
• See the realm: In 1990, Rogers traveled via six continents by way of bike, gaining a world standpoint and studying the way to overview clients in swiftly constructing international locations resembling Brazil, Russia, India, and China.
• not anything is admittedly new: whatever deemed “innovative” or “unprecedented” is mostly simply overhyped, as on the subject of the web or television, airplanes, and railroads prior to it
• and never a section off the topic, and intensely vital: Boys will desire you greater than you’ll want them!
Wise and hot, obtainable and inspiring, A reward to My Children is a smart reward for all these simply commencing to put money into their futures.
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Additional resources for A Gift to My Children: A Father's Lessons for Life and Investing
This demanding environment includes all entities benefiting directly or indirectly from globalization, innovation, and technology, including extensive usage of the most advanced systems, digitization, the Internet, and novel financial instruments. Many cognizant people today think of the globalized economy and trading of debt as the latest metamorphosis of capitalism engineered by deregulation. Capitalism’s newly found vitality is a novel combination of open markets, rapid innovation, personal incentives, as well as fiscal and monetary policies that help to keep inflation low and limit the cost of money.
1 VAR exposure at global banks at the end of 2003 (US$ billions) UBS JP Morgan Chase Citigroup Morgan Stanley Goldman Sachs CSFB 2002 2003 Increase of exposure 180 120 50 50 45 40 260 180 70 60 60 50 50% 50% 40% 20% 33% 25% Democratization of lending and socialization of risk 17 Both in terms of counterparty exposure and in the domain of assumed market risk, in a more precarious position than banks are hedge funds, which are not supervised by anybody and do not report even approximate figures of recognized gains and losses.
Companies can lose 90% or more of their capitalization at lightning speed, as Lucent Technologies, Nortel, Alcatel, AT&T, France Télécom, Deutsche Telekom, Sonera, and scores of others found out the hard way. The third law of capitalism is post-Darwinian and states that there is no use for two sets of contradictory standards. When new rules of business are born, the old ones get discredited and disappear. The economy of the 21st century knows that it cannot overturn a pyramid of old habits, but it can undermine it until it collapses.
A Gift to My Children: A Father's Lessons for Life and Investing by Jim Rogers