Jim Rogers: Forget About The Price After You Buy

In his recent interview on The Derivative Podcast, Jim Rogers discussed a number of topics including not looking at the price of something for a number of years after you’ve bought. Here’s an excerpt from the interview:

I have learned Jeff over the years that I’m not a very good trader, the worst trader in the world, worst market timer in the world. So for me especially in a bull market, if I find something cheap that I think is going to go up for a long time I don’t want to know the price.

I used to open accounts in countries and the broker would say well shall I call you every day or every month. I said no. I don’t want to know. I don’t want to know the prices because if I know the prices if it goes up a lot I might sell it. If it goes down a lot I might sell. I don’t want to know the prices.

But when I think a few years from now that the country is changing or the market is changing I’ll call you back and we’ll sell. So I’m horrible at market timing.

- Source