A couple of nights ago I was watching an old Jim Rogers video on CNBC from Nov 2007. He was on Fox Business discussing Fannie Mae which, at the time was trading at about $30. Here's the video. The current price for Fannie is $0.63.
I decided to take a quick glance at Fannie's balance sheet and if you look at it, hence the title of the article, you'll get a good laugh. How was this stock ever valued over $2.00?
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I liked how Rogers talked about how he sucks at getting it right in the short term, but when it comes down to the fundamentals of the business, he knows a shitty company when he sees one.
ReplyDeleteJim Rogers frequently refers to the fact that he is "the worst short term trader ever" which I appreciate because I have never tried to be a day trader or anything of the sort. Looking back on some of his old videos though....makes you think he would probably be a good trader. In any case, I love Jim because he understands that there are hundreds, if not thousands of factors, that contribute to the movement of marekts on a daily basis. He seems to be able to filter the nonsense and use what is relevant to make sound investment decisions. Thanks for the comment and glad you enjoyed the video.
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