At a time when relations between the USA and Turkey keep worsening with negative impact on Turkish economy, the famous American investor Jim Rogers has referred to the US decision to implement sanctions against Turkey as madness. The investment guru said, “If I made investment I would buy Turkish assets. That is what smart people are doing at the moment”.
Jim Rogers, world famous American investor and financial expert also known as an "investment guru" in international markets, stated that the decision by USA to implement sanctions against Turkey was "madness" and he did not have an idea about the reasons for such conduct, adding he thought this situation would do harm to the USA. Rogers also said, “I obviously see what is happening. If I were to make investments I would most probably buy assets in Turkey. Normally, smart people are buying Turkish assets at the moment.”
76 years old Jim Rogers had established the Quantum Fund at the beginning of the 1970s, one of the world's most well-known funds and currently runs Rogers Holdings as the managing director.
Regarding statements made by Trump targeting Turkey, Rogers said “Turkey has been a long term ally of the USA and NATO and I do not understand why the USA is displaying such conduct. There must be a reason, but this will do more damage to the USA in the long run”
Rogers did not fail to emphasize Turkey still offered remarkable investment opportunities for international investors and added "When things like this happen in the market (such as recent developments in the Turkish economy), investors usually see this as an opportunity to buy and take advantage of this situation. If you are smart enough to invest, you will get positive results after 2 to 5 years. I have not made such investment yet because I have been travelling much, recently. But certainly I see what’s happening”.
Mr. Rogers commented that foreign policy moves practiced by Trump were pushing away allied countries from the US and added "Currently the effect of the US conduct is causing China to get stronger. China, Russia, Iran and now Turkey are starting to get closer. The results will not be good for the US”.
Mr. Rogers also said, “Sanctions have seldom had long-lasting effects in history. At the end of the day the market always finds a way to work it out and dodge the sanctions. Some call it black market, parallel market and even smart market etc. Therefore sanctions are basically a waste of time, energy and money".
Mr. Rogers drew attention to the point that many investors from Russia and China had now turned their face to investment opportunities in developing markets and added "When I go to the Moscow airport I now see Chinese people everywhere. I go to Red Square, I see Chinese. It was not the same five years ago. I am sure Istanbul will soon be packed with Russian and Chinese and these developments are not good for America. Chinese investors have a lot of money now, and America has a lot of debt”.