Legendary investor Jim Rogers has added an unlikely investing target to his standbys of gold, farmland, and China.
Jim Rogers now sees tremendous potential in… North Korea.
Yes, that's North Korea, that backward dictatorship best known for its routine threats of utter destruction not just of its democratic and far more economically successful southern neighbor, but even the United States.
In an interview earlier this month onReal Vision TV, Rogers explained why he believes the "hermit kingdom" holds such promise.
"There are 15 free-trade zones there now. You can take bicycle tours of North Korea, if you want. You can take movie tours," Rogers said. "I mean, you go to North Korea now, you see these astonishing restaurants with white tablecloths, cutlery, candles. I mean, this is North Korea we're talking about. Chefs. It's happening."
To those who have followed Jim Rogers' illustrious investing career, this endorsement of one of the world's pariah nations shouldn't be all that surprising.
Over the years Rogers has made a lot of contrarian bets…
How North Korea Fits the Jim Rogers Philosophy
Rogers has invested in such troubled places as Iran, Zimbabwe, Ghana, and Russia. One of his guiding investing principles is to put money into countries and sectors that everyone else hates.
And North Korea certainly fits the bill. Its economy suffers from political isolation – repeated provocations have led to heavy sanctions, as well as a centrally planned Communist system.
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But those green shoots of economic hope that caught Rogers' attention are the first signs of change. It's just very early in the game.
"North Korea today is where China was in 1981," Rogers told Real Vision TV. "Deng Xiaoping started opening up in '78. Most of us, including me, either weren't aware of it or if we were aware of it, we ignored it, didn't pay any attention. North Korea is doing that now."
North Korea's economy has a surprising number of powerful catalysts, should leader Kim Jong Un decide to remove its shackles.
In any other country, activity like this would be attracting billions in foreign investment…
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