Transcription
[Music] Jim, thank you very much for joining us today. How are things in Singapore?
Hot. You know, Singapore is on the equator, so it's always hot or hot and raining. At the moment, it's hot, but don't worry, it'll rain soon.
So, the last time we spoke, you were on your way to New York to attend your daughter's graduation. How did it go?
Well, she did graduate. Hooray. So, now she's an Ivy League graduate. Hooray. She even has a job, which is unusual. So, I think so far so good.
And is she going to follow in your footsteps and go into finance?
Well, there are no indications of that. At the moment, she's working. Last summer, she worked for the Chinese in New York, and this summer she's working for the UN in New York. So, who knows? We'll see. Maybe she's going to be a spy. If she's a good spy, she'll either be dead or rich. And the world we live in now is very competitive, as you know. And um I have a couple of uh kids also in university and and so I hear from them. A lot of their a lot of their fellow students don't have jobs this summer. And uh what advice would you give young people who are entering the workforce right now and they want to go into investing or they want to go into finance, and they don't have jobs?
Well, you know, join the crowd. That's the same with many people from what all I can remember is that in my day that people would say they wanted to intern and they would come and intern for very little money or no money and if they were any good they would get hired. So I guess that's the answer. Just show somebody how good you are. Don't cost a lot of money and not upfront, but if you can show somebody you're good, you'll probably get a job.
In other words, you got to hustle.
It's Isn't that the way it's always been? I mean, I'm older than you and it's always been that way for me and I thought it was that way for everybody. So, I'm glad you brought up I'm glad you brought that up about interning and I watched an interview recently with Scott Bent and it was done before he became the Treasury Secretary and he mentioned uh one of his first internships was with you in 1982 in New York City and you hired him as a research analyst. Do you remember that?
I do remember that. Um, I remember that because Scott was graduating from Yale and I had been to Yale and he didn't know anything about finance and so he said he would learn and what I remember most was he was extremely enthusiastic and eager. He didn't know anything but that didn't matter. Uh, but he was eager to learn and so he did. And look at him now. He has a job and I don't. I'm happy to say.
He's got a pretty good job.
Well, if you consider a government job a good job, I guess. So, yes. For a government job, it's a good job.
So, one of the things he said he really admired about you was your ability for deep independent analysis and you he said you were a brilliant researcher. Do you still think research and financial analysis is important in this world that we live in now especially with the advent of AI?
I know it's extremely important whether there's AI or not. You know what I just said has been true for few hundred years whether we were talking about railroads or electricity or anything. You know if you could do your independent research those were the people who in the end were successful and the ones who loved what they were doing you know because they loved sports or fashion or whatever it was those were the ones who became most successful.
Do you think it's a combination of hard work, grit, curiosity, and also a passion for whatever you do that'll make you successful in whatever field you choose?
Probably the most passion is probably the most important word you just said. Yes. If you love it and it doesn't matter what happens, you're probably going to be successful. Whether it's in investing or, you know, subarming, whatever it is. Yes, those are important words. One of the reasons why I ask you about research and and doing financial analysis is because sometimes I wonder in in this day and age when I look at the financial markets, when I look at all these bubbles that have formed over the last five plus years, nothing makes sense and as if it's almost as if nobody cares about that anymore. It's just like money following money. And when you look at the S&P for example, like if you just look at the last 6 months, the volatility we've seen has just been incredible. And the market peaked in February at 6,100. After the liberation day in in April, the S&P went down to 4,800. Here we are now in July, and it's right back to where we started. The S&P is trading at near all-time highs. And if you were in a coma for the last 6 months, it's like nothing happened. And what are your thoughts on the S&P now? And what are your thoughts on what I said about doing research? And do you think it it matters anymore or is this money just you just said the S&P is at an all-time high. So that's what I think about, you know, I've sold my I've sold my US stocks, but I can see what's going on. I remember back to what we were discussing. Uh my very first job, I was sitting there doing a spreadsheet my first day, first week on the job, and some senior guy came running into the my office mate and looked it down at me and said, "You still doing spreadsheets?" And you know, I felt a little embarrassed, but I will tell you that guy no longer has a job. Well, he didn't have a job very long because he was too good to do spreadsheets and to do deep research. He was above all of that and soon he was out of the business. So, I happen to still know that those who are willing to do their research and willing to do the work will probably be successful in the end. And it's usually the ones who love what they're doing who are most successful. And I happen to love what I was doing. So, when we look at the S&P and the NASDAQ, the last time we spoke, you expressed a lot of concern about where we were at that time. Are you still uh very concerned about the financial markets in the US and you just mentioned that you pretty well sold all your US stocks?
Well, I hope I mentioned earlier that I'm very concerned. Yes, I'm extremely concerned. I can see what's going on. Most many markets around the world are doing extremely well right now. There only a couple that aren't. And normally when everybody's happy, it's a time at least to start asking questions and maybe be worried. So I'm worried. And to your point, many markets around the world are doing extremely well. Um we're already halfway through the year. One of the top performing markets in the world was China, believe it or not, is measured by the eyeshares up 22%. I think the second best with Germany that's up 20% the and to put that into perspective, the US is up 5% give or take. But maybe you can help me make sense of all this because when I look at what's happening in the US, when I look at the global economy, all I see are indications of weakness. And yet these markets just keep going higher and higher and higher. And we've seen company after company come out with profit warnings here, especially after Q1. We're going to start seeing Q2 numbers shortly, and it's going to be interesting to see what they said. But uh the message we got in Q1 was that people were pulling back on their spending. And when you look at the airlines, I think the airlines are a great barometer of what's happening with people in the economy, both from a business point of view and also a a personal point of view. But every airline in the US, Delta, American, Southwest, JetBlue, uh said they're seeing a huge decrease in in spending or people flying. What are what are your thoughts on that? And how do you make sense of all these I guess dichotoies that we're seeing that we see these anecdotes of weakness uh throughout the global economy be but at the same time all these financial markets are making new all-time highs.
Well all these signs of weakness sometimes are considered bullish. I mean if everything is bad you can only get better and so we should all pile in and buy. I am not of that persuasion. I am not piling in and buying. No, no, no. I see markets around the world, many of them at all-time highs. And it's a repeat when everybody's happy. In my view, somebody should at least ask questions. And I only know one or two markets that aren't wly high right now. You mentioned China. I will also mention Usbekiststan where I do own shares and where I bought more recently. But most markets around the world have been going up since 2009. Jim, that's 16 years. That's a long time. That's the longest in American history. So maybe it's going to go on forever. Mr. Trump will tell you, "Don't worry. He's got everything under control." When Mr. Trump tells me not to worry, I worry even more. So, I hope it's going to go on forever, but I doubt it. It never has.
So let me ask you about that or let me push back a little bit because maybe it is different this time because both the governments and the Fed or the central banks around the world just continue to pump money into the system and every time something happens like we saw back in 2022 23 we saw a problem with the regional banks in the US Silicon Valley Bank and uh two or three others all collapse but yet the Fed comes in right way and they just pump billions or trillions of dollars into the system and everything's fine. Do you think this is just going to keep going on and so this market maybe never pulls back or anytime we see this this pullback like we saw in April May it's just a huge opportunity to buy it.
Well, you said maybe that means it's different this time. No, they always have done that. Central banks around the world. As long as I've been in the business, all they know is print more money, pump more money into the system, bail out the system, save my job, save my job. They don't care about the system. They care about saving their jobs. And that's what they're doing. Again, in my experience, that's not different. That's what they've been doing since the beginning of time, since the beginning of central banks, I should say. You and I have spoken a lot in the last few years and one of the things you always bring up are debt levels and in the US the the federal government is sitting on $37 trillion worth of debt. I can't believe that number but that's what it is. Interest payments are approaching $1 trillion a year. And one of the big concerns right now are interest rates. And for every 1% move or increase of 1% in interest rates, that's costing the federal government an additional $300 billion in interest. How do they resolve this? And does it even matter anymore? Like, do you think the governments just keep kicking this can down the road and you and I are speaking in a year or two years from now and we're at $40 trillion?
Well, Jimmy, let's say they continue to do this and they will tell you that it's different. We have the system under control now. Don't worry. Everything is okay now and it's different now. And if they say that, which they will say if they haven't already, my answer to you is get very, very worried because I know I mean I've been to this movie before. I know this movie how it ends and I know it's always ended badly. Always. And I know it's going to end badly again. My problem is, I mean, I have to watch your show to find out when, but I know it's going to end.
You tell us when and we'll all act. Tell us the day before so we can act sooner.
And when you say it's going to end badly, maybe can you quantify that? Like where do you see the S&P going? Is it down 20%, 30%, 50%.
In my lifetime, the bad bare markets, the typical bare market has already always gone down 50, 60, 70%. Sometimes, and some stocks go down 90%. The high flies usually go down even more. So, I will tell you unequivocally, the next bare market in the US is going to go down at least 70%. I will tell you it's going to be the worst in my lifetime and I'm older than you. So it means the worst in your lifetime because it's been the longest without a problem ever. And this and the situation continues to get overextended more and more I should say more and more extended or worse depending on who's commenting in my view. What's worse, you know, Allan Greenspan and those guys will tell you, "Don't worry, we have it all under control." You remember Alan Greenspan? Of course. Well, he's not there anymore. But I'm sure if you call him up, he'll tell you, "Don't worry, it's all under control. And even if you don't call him up, he's going to tell people that
The central bankers are really the epitome of politicians, aren't they? You can never get the truth out of them.
Well, that's how they get the job. I mean, if they were if they weren't politicians, they wouldn't get the job. If they if you call them up, said, "Oh my god, you got to be worried." They'd hang up the phone and call somebody else. But if you call, if you tell them everything is great, don't worry. We've got it all under control. They'll say, I'll give you a promotion, too, and a raise.
And Jim, if you're looking for a pullback of 70% in the financial markets, the S&P say pullback.
I said the bare market when it comes.
Right.
I'm sorry. Maybe I'm making a difference in a pullback and a bare market.
Right. But what you're saying is you think the S&P or the NASDAQ will go will drop 70% from its highs. Okay.
Always. What I said was, Jimmy, it's always has. Maybe it's different this time. Hooray. Maybe Mr. Greenspan is right. It's different this time. Don't worry. It'll never go down 70% again. But what I will repeat what I said, it always has in the past.
Now, if that were to happen, that's essentially an indication of what's happening in the economy. Okay? So, things would just be in total dire straits. You know, we would be in a severe recession or depression. Uh we'd have significant ne negative economic growth. The unemployment rate would be well over 10%, I would envision. Would you agree with that? Like where would you see the unemployment rate going in that sort of scenario?
Well, Jimmy, I repeat, that's what's always happened in the past. Mr. Greensman will tell you it's different this time. Don't worry. And I will tell you, no, it's not different this time. It's always happened in the past and it's going to happen in the next bare market, too. And one reason I say that is because the debt in the US is so unbelievably high now. The US is the largest debtor nation in the history of the world and the debt gets higher every week. So how can we not have a bad bare market? Now maybe I'm wrong. Maybe the central bankers are right. They have solved the problem. But I repeat, always in the past that's what's happened. As you know, there's been an ongoing battle between the president and Jerome Powell. Uh, of course, the the president wants Powell to cut interest rates. How do you think Jerome Powell has been as a central banker?
Well, I mean, he's been confident. He's done what he's supposed to. He printed a lot of money. He's created a lot of money. He's brought interest rates down. But remember, Trump, our president, is a real estate guy. He doesn't know much, but he does know real estate. He knows how it's worked in the past. So, he is a person who wants low interest rates because that's his bread has been his bread and butter and it still is whether we know it or not.
Well, I think he also realizes though that the US is a serious problem, especially with all this short-term funding of of all this government debt. And as I mentioned earlier, every 1% increase in the interest rate results in interest payments going up by $300 billion. So, of course, he wants to get that number down. So, the interest and debt obligations to the US are significantly lower than what they are now.
But we should now let Mr. Trump be our central banker. Oh my god. Oh boy.
I think he actually said he could do a better job.
I know he said he could do a better job. Whatever the job is, whether it's an empire or a baseball game, he can do a better He thinks he can do a better job. Of course, that's what he says and thinks. Would he? If he cuts interest rates further and further, normally that would lead to problems. at least in my reading of history.
So we spoke a little bit about the US. Let's move on now and talk about China. I know you got your finger on the pulse of what's happening there. And this is the second largest economy in the world representing 20% of global GDP. So what happens there has an impact on the rest of the world. And as we all know the the economy has been has been slowing down now for quite a few years. They recently came out with their industrial profits. They were down 9.1% in the month of May. So, deflation is really kicking in. Louis Vuitton, a high-end retailer, I'm sure you go there quite a bit, but they uh came out with their second profit warning this year, and they said uh some of the weakest numbers they've seen in the history of the company, and a lot of the weakness is coming from Asia and China in particular. What are your thoughts on what's happening in China? Even though the market is in the market like I said earlier, it's up 22% on the year.
Well, you just said it. I mean, all the markets are well, let's just use Asia. The markets in Asia are under pressure for good reason. Many of them have been extremely hot. I mean, the Japanese market was down for 35 years. That's not a typo. Down for 35 years, and now it's making all-time highs. I mean, when the central banks start printing a lot of money and the politicians do all they can to help the market, it's always gone up. Pretty simple. Doesn't matter whether it's correct or not. It just that's the way the world works. And that's what's happening now. Uh, everybody, nearly everybody's having a good time. So that leads me, I guess, because I've been around too long to worry when I know everybody's having a good time. I have to ask questions.
So, the last time we spoke, uh, you said you were still buying gold and you were buying silver because you think it's cheap at these levels. Is that still the case? Are you still bullish on gold and silver?
I own them both. Uh, yes, I bought more silver recently. I don't know. I think I bought more gold recently. Yes, I am. I have never sold any of my gold or silver. I sometimes give it as gifts, but no, everybody should own silver and gold under the bed. Uh, you never know when you might need it. You hope you never need it. You hope your kids never need it. But everybody should have gold and silver in the closet.
And do your daughters realize the importance of owning gold?
You can ask me when in 30 years. They they know I own it. They know I buy it. They listen to all what I say. But I mean, these are young young people. Who knows what the what sinks in and what they get and get don't get. Ask me in 40 years.
So, I'm also bullish on gold and I'm an owner of of physical gold and a few gold equities. Uh, silver, though, I've kind of shied away from because it hasn't done what I thought it would do. And right now, it's trading around, I don't know, 35 bucks, let's just say, give or take. The all-time high is $50. We saw that in 2011, and yet it's hasn't been back at that level since 2011. And so when I look at it, I'm thinking, okay, there has to be something wrong with this thesis. Okay. Uh, what what are your thoughts on that? And do you think at some point we're going to take out that high and go significantly higher? Because especially when you do a adjusted for inflation, it probably should be at a hundred bucks now.
Well, I just want to because I'm older than you, throw in one correction. Silver sold at $50 an ounce in 1970. Uh, it's said 19 nearly 1980. Yeah. End of 1970 1980. Um, you remember the Hunt brothers. You you remember the stories. You know the Hunt brothers were very very rich heirs of what who at one time was known as the richest man in the world. HL Hunt a Texas oil man. And the Hunt brothers were devout devout devout fundamentalist Christians. And their reading of the Bible was that the Bible said that silver should be this equivalent of the price of gold. And they they could read. They got out the Wall Street Journal and they could see, "Oh my god." So they didn't stop buying. And they had a lot of money and a lot of margin. So they just kept buying until in Chicago in the pits they changed the rules so that the Hunt brothers couldn't meet the margin calls anymore. Even the Hunt brothers and so the price of silver collapsed totally collapsed. Horrible bare market. Um, but that was a long time ago. Gold has silver has not gone back to that price except once since then. Uh, I own silver. In my view, it will eventually go there again. I'm not sure when. I'll have to watch your show to find out when, but I know that silver is going to go to new highs someday. Uh, gold, too, probably. But at the moment, I'm not buying gold. I am buying silver. Uh, because silver on historic basis is somewhat depressed. But both are going to do well because we're in a world where there are very few if any restraints on printing money anywhere. So be worried.
So gold's done very well here in the last two years. In 2024 it was up 25%. Here we are halfway through 2025 it's up another 25%. A large part of that buying has to do with central bank buying. And this was happening even in despite a a strong US dollar. But in the last few months, we've seen a weak US dollar and money's been leaving the US and the US dollar is down as measured by the DXY index. It's down 10% on the year. Do you think the US dollar continues to fall against other major currencies throughout the world?
Well, most paper money in 2026, 2027 are going to be under duress because there are no restraints anymore. No central bank would stand up and say, "We must have sound money." He'd lose his job that day before he finished his speech. And therein lies the problem. That's why I anyway own gold and silver. And I hope I'm smart enough to buy more if the opportunity arises. I don't like what I just said, Jimmy. I don't like it at at all. But as I look out the window, those are the facts.
I want to get your views on uh geopolitics now. And this is one of the reasons why financial markets are so interesting because it incorporates economics and politics. But when you look at what's happening throughout the world right now, we still have war going on in Russia and Ukraine and then we have hostilities in the Middle East. There's a lot of tension there. Um, there's also a potential people keep talking about China and Taiwan, but when you look at these various uh issues that are going on throughout the world, does that concern you at all? Because one of the interesting things about financial markets now and also news, we're just inundated with news 24/7. And if you go back 25 years ago, you only heard about it on the 6:00 news or in the morning newspaper. But now when you open up your any social media app, like all you see is this negative news. Do you really think things are bad as we're led to believe?
You're suggesting I should sell my silver and gold. I read the same newspapers you all over the world and everybody else. I don't see any reason to sell my silver and gold. Not yet. Not from the newspapers I read anyway. And I know that many governments around the world think that they can do just about whatever they want. I mean, you look at what's happening in Washington or the middle. I mean, you pick the place. They all think everything is okay. If you read Washington, they will tell you, "Don't worry. Don't worry about anything. We've got more guns than we need and we can do whatever we want." And as long as they think they can do whatever they want, I get very worried, especially since I see the state of the world. A lot of people have a lot of guns now and a lot of people have huge debts now and markets think everything is great. When I look out the window, I see everybody's happy in Asia and everywhere. I repeat, when everybody's happy, somebody should ask questions.
And it's interesting you're talking about the military and because uh we had a NATO meeting recently in the HEG and one of the things that came out of that meeting was an increase in defense spending throughout the world and it's going to go their previous guideline was for 2% of GDP. Now they've agreed to 5% of GDP which is a significant increase and it's also interesting to see defense stocks have been doing very well in the past year because we have these military buildups all throughout the world not to mention the wars that are going on too. What are your thoughts on that?
Well, I mean you just said it all. I mean, most countries around the world are increasing their defense spending. Whether they should or not, it's irrelevant. They're all doing it. And if people are spending more on defense, companies are going to do well. And the stocks normally will do well, too. Now, we can sit here and say, uh, peace is better. In the Pentagon, they don't say peace is better. They say, "We need more tanks. We need more planes. We need more bowitzers." And they get them. And they're saying that all over the world. Now, I didn't say this was good for you and me. I've said, "Oh, for the world." I'm just telling you that's what's happening. And we better be a aware of what's happening or we're all going to suffer.
Well, it's just another reason why you want to load up on gold and silver to prepare for these times. One more stat I want to throw at you though before we move on from the topic of defense. But in 2024, $2.7 trillion was spent globally on defense. And that was up 10% from the year before. That's the highest we've ever seen.
Well, I mean, yes. And I'm sure we can get more figures too, more stats too somewhere. Everybody I don't know anybody who's saying let's cut defense spending. I don't know any country in the world that's trying to cut their defense spending in 2026, 2027. I mean, defense contractors think the world is think they've gone to heaven. I mean, everybody wants more guns and most countries are getting more guns. Now, the problem for you and me is, oh my gosh, when where more I mean both when is extremely important, but where too I mean if they're all shooting at each other in St. Louis is not so important as if they're shooting at each other wherever. you know the world as well as I do. It could be a serious problem for all of us.
So you expressed a lot of concern about the US financial markets. You also said the US dollar, you think it's going to continue to go lower. You're bullish on gold and silver. Jamie Diamond of JP Morgan recently said he sees cracks forming in the US bond market and he doesn't know when the cracks are going to break. It could be 6 months. It could be six years. But he's very concerned about what's happening there and I think he's talking about interest rates and yields. What are your thoughts on the bond market?
Well, I mean Jamie watches the bond market closer than I do, I hope, but he has to watch it. I mean, it's he's got gigantic amounts of money invested or at risk in the bond market all over the world. So, he sees what you and I can't should see. I don't know if you do, but most of us see what he's talking about. It's happening whether we like it or not. Now, I don't like it, but it doesn't matter because the people in the central banks and the governments are going to continue. And when it all falls apart, then everybody's going to say, "Oh my god, it's those evil speculators. It's those evil foreigners. They're going to blame it all on the farmers and the evil speculators. It's not going to turn the market around. No matter who you blame, the markets aren't going to turn around. Maybe if you blame Jamie. Maybe if we all blame Jamie Diamond, it'll save the day.
You rais an interesting point. Politicians love to blame other people, right? And so, as you know, I live in the city of Toronto. Um, we have that happening right now. So, the premier of Ontario, uh, which is the largest province in Canada. We got 15 million people, 5 million people in Toronto. Anyhow, the economy here has been slowing down for quite some time. Okay? And keep in mind, this premier, his name's Doug Ford. He's been in power since 2018. The unemployment rate in Canada is 7% now. In the province of Ontario, it's 8%. in the city of Toronto where I reside, it's approaching 10%, Jim, if you can believe that. But even though he's been in power since 2018, like he has to take the sole responsibility for what's happening here with this economy. But guess what he's doing? He's blaming the president. He's trying to make it he's trying to put all the blame on on the US president and uh make it sound like this is the reason why our economy is slowing down because of this trade war.
Well, Jimmy, I'm older than you. I don't remember any politician in my lifetime who said, "Oh my god, the world's falling apart and it's my fault." They always said, "No, it's the evil foreigners, the evil speculators." It wouldn't It's not your fault. You're good, honest Canadian citizen, a good American citizen. It's those evil speculators. It's those evil foreigners. They're not going to say it's our fault. they could say is James Connor and people like him Barners.
So I think we spoke enough about the financial markets. I want to move on now and ask you about your your personal life and I love hearing your some of your stories. But in 1999, you and your wife embarked on an around the world trip which took you through 116 countries. Very envious. I've only been to 20 or 30 countries, but and this might be a very difficult question to ask, but of all the countries you've been to, what were what would be the top three countries that you enjoyed the most for whatever reason? Maybe it's because of the scenery and the beauty, or maybe it's because of the people and the culture or the food.
Canada. Canada because of the beautiful Canadian women and the great food. No, I mean as I look around the world, you know, obviously China's made a huge impression on me and all my travels, but I mean just speaking of big countries right now India is making a big impression on me. I've been investing in India for many years. But for some reason now in 2025, it seems to me that the people in Delhi, the government actually understand that prosperity is good. They always said it. Nou and Gandhi and all those people, they never believed it. They didn't like rich people. But something has happened in India, which is a huge country and a very could be a very important country. They seem to understand that success and prosperity is good for India and for the world.
Well, if you have India thinking that way and China thinking that way, boy, the world is going to change dramatically. I don't own Ind Indian shares right now. Sold too soon. Often the story of my life. But I hope I'm smart enough that if I have an opportunity, I will buy India again.
Jim, if you were starting out your career now, uh, as your daughters are, and you were going to go into finance, would you continue to do the same thing? Would you go into investment management or would you focus on something different? Maybe cryptocurrencies or maybe AI or
Well, I would do the same because I know it and loved it and did love it. uh, but if there are other people who like trading for instance I used to know a guy doesn't matter his name I won't tell you but he was a fantastic short-term trader I mean he knew every tick on the exchange he could trade them he did trade them and he made a huge fortune over many years short-term trading I don't I'm no good at that I'm horrible at that I don't if I even try to if I thought about short-term trading I would lose money. Uh, but if you're good at it for goodness sakes please pursue it because there are fortune people can make lots of money in lots of ways including in finance. So if you figure out what you're good at please do it and become extremely successful and maybe you can give me a job someday.
So, in other words, there's a lot of ways to skin a cat.
[Music] Well, I always have been. In my lifetime, I've been doing this for decades now. And I remember at one point in early in my career, I had an enormous success when everybody around me was going broke. So, I of course, like all young men in my 20s, said, "This is easy. I'm going to be rich. I'm gonna be the next Bernard Baroo. The rest of the story, as you well know, is within a few weeks, I was broke. I lost everything because I was so smart and so cocky and knew everything. The market didn't take long to show me, listen, kid, you don't know anything, and we're going to show you you don't know anything. And the market did. Fortunately, I learned from it. That's one of my many lessons. But I did learn.
So you mentioned earlier being curious and being passionate are very important to be successful in the financial markets. Is being humble. Another one.
Well, the market certainly taught me in those days, you know, I figured, oh, this is so easy. I remember thinking how easy this is. The market showed me how easy it was. as I said, I mean, listen, a lot of guys who go through this keep working trying to save some money and start over, which is what I did. But no, don't if the market destroys you and it's going to destroy everybody a few times in your life, don't let it ruin you. Try to re try to be resilient. Try to be resilient. Easy word, easy word. But when it hits you, that's when it's not easy.
So that's a good question right there. So when that does happen, and it's like you said, it happens to everybody. How do you recover from that?
So I didn't. All I could do was go to work the next morning and start saving my money. And of course, it took a long time to save money again. Uh, but I did cuz that's all I wanted to do. I had no interest in the priesthood fortunately. Uh, so all I could do was keep trying, keep going to work, keep saving money and trying to accumulate enough money so that I could start again.
So you're still very much interested in the financial markets and um now I'm curious, what do you do outside of work to relax when you're not looking at financial markets?
Well, I guess the ma main thing for me is I have these two children, two daughters. I was against children all my life. Never. I felt sorry for people who had children. I didn't have my first child until I was 60. That's not a typo. 6. And then I realized, oh my gosh, I've been wrong all these years. Now I don't know if I was wrong or not, but I certainly know the timing would have been horrible for me if I had couple children when I was 25 or 30. But now for me, if you ask me what I would like to do tomorrow, I'd like to do something with my kids. Whatever it is,
it's all about family and friends and the memories you create. Well, in my case, it certainly I certainly know I was wrong for many decades. Or maybe I wasn't wrong, but I certainly had the timing. I knew the timing was not good. So, it's like the market. If you get the timing wrong, it ruins you. And if you get the market the timing wrong with everything, it can ruin you, including children.
And Jim, you mentioned earlier that you've been doing this for many decades now. What's your key to longevity?
I should I should figure that out and write a book. I don't know. Uh, I mean, you know, all my life I've exercised. Um, I've tried to not to do too many things to excess. Uh, but I mean exercise and not getting overweight trying to maintain you know some kind of balance in my health so far it's worked. I mean, you can ask me when I die, you can come to the funeral and you can ask them say okay now we need to know how you got here. How did this last so long? I don't know.
Well, Jim, uh, I always enjoy speaking with you, talking about economics and politics and investing and some of your personal stories, and I want to thank you very much for making time. Before we go, do you have any last words you would like to say to our audience?
Well, I guess I do. I just realized this key to my success, my longevity is B Street Capital. So, it's you. It's just James Connor. You can tell them if you want to live as long as Jim Rogers, watch Blue Street Capital.
Well, Jim, once again, I want to thank you very much for making the time and I do appreciate it. Enjoy your day.
It's It's always fun. Thank you. Thank you. Thank And Toronto is a nice city.
Let's do it again sometime.
Absolutely. [Music]