Would you sell if almost every stock market on earth hit record highs at the same time? Goat Academy founder, Felix Prehn put the question to Jim Rogers, co-founder of the successful Quantum Fund in 1973. Now 82, the legendary investor has already sold his stocks, and where he put the money will surprise many investors.

Estimated reading time: 6 minutes

What Jim Rogers Told Felix Prehn About Index Funds, And Why It Matters To You

Felix Prehn interviewed Jim Rogers in the latest episode published on the Felix and Friends Youtube Channel.

The long-time investor said he has sold his shares in most countries’ stock markets, and now keeps a huge amount of cash in US dollars. In the interview, Felix Prehn asked what the decision means to American investors between 40 and 60 years of age, roughly ten years from retirement. For such individuals with money in US tech funds and index funds, what should their next move be? Read on for answers and the free report put together by Felix Prehn.

Key Takeaways

• Jim Rogers sold his stocks in most markets and now has mostly cash.
• Index fund and US stock market investors get his direct answer about staying invested.
• See exactly what the veteran investor keeps in his portfolio today.
• He explains why selling too early is better than selling too late.
• His survival rule is to stay with what you know and set your protection yourself.
• Learn where he puts money outside stocks while expecting more inflation.
• Despair in global markets is the signal he watches for the next opportunity.
• Felix Prehn and Jim Rogers give you a free downloadable report on the full conversation.

Why Jim Rogers Sold Nearly Every Stock Market

Rogers sold because share prices got dangerously high in too many places at once. He said: “At the moment, nearly every stock market in the world has had an all-time high or near an all-time high. I have basically sold most countries in the world, and I have a huge amount of cash in US dollars.”

When global markets reach historic highs and everybody is having a good time, his experience tells him to stop and ask questions. He asked, then decided the possible gain was too small for the risk of buying at record highs.

He also addressed the belief many investors have at market peaks, where they think the current cycle is different. Rogers has watched market cycles for decades, and he points out how such beliefs have caused people losses in the past.

• Railroads were once the exciting new investment for ordinary people.
• Electricity later became the most amazing thing anybody could imagine.
• Artificial intelligence is simply the newest technology to excite the crowd.

Bad times arrive periodically and always have, he said. In plain terms, another difficult period for investors is coming.

However, neither Jim Rogers nor Felix Prehn would tell you to copy them without thinking for yourself. So the next question to consider is: should I sell, too?

Should You Sell Your US Stocks And Index Funds?

In Jim Rogers’ words: “I do not want anybody to listen to me and invest in what I invest in. I want them to invest in what they themselves know.”

Felix Prehn created an imaginary 50-year-old in Ohio with a couple of hundred thousand dollars in an IRA and a 401k, mostly in index funds with some tech stocks. He then asked, what’s the next step for the man, if he’s to leave fear behind and become skilled at reading the markets?

Jim Rogers’ answer is summarized below:

• Stay with what you know, because knowledge is what keeps a person safe.
• If you’re sure things are going to be fine in the US markets, index funds are a fine way to invest.
• An index fund is a simple way to do as well as other investors in the market. Not better and not worse.

His advice stays the same for everyone: understand what you’re about to invest in, then decide for yourself.

Still, many people want to know where an investor with his history and success rate puts his money.

What Jim Rogers Keeps In His Portfolio Now

The list of asset classes he revealed to Felix Prehn Felix Prehn:

• A large amount of cash in US dollars.
• A few shares in China.
• Some shares in Uzbekistan.
• Gold.
• Silver.

One detail matters for anybody planning to copy the list. Once Mr Rogers decided the time had come to sell some of his previously-held stocks, he simply started selling and continued until almost everything was gone.

He also admitted the timing was not perfect. In his words, “I sold too soon, but I don’t mind being too soon.”

So the obvious question is whether an early exit is a mistake at all.

Why Selling Too Soon is Better Than Selling Too Late

In the interview, Mr. Rogers told Felix Prehn he has made many mistakes and hopes to live long enough to make many more. What he avoids is hanging around a party because everybody else is enjoying it. In other words, it is unwise to keep on investing only because everyone else is making money.

If you sell early, you could miss out on later gains. If you wait too long, you may lose years of retirement savings in a price drop you never planned for.

Felix Prehn made the same point: one very large mistake costs many people several years on the way to financial freedom.

Not everybody recovers from their errors, so the next major rule is about survival.

Protect Yourself. Stay With What You Know

Rogers has one rule above all others, and he repeated it several times.

“Please be attentive, be alert, and stay with what you know,” he told Felix Prehn. “I want them to invest in what they themselves know. That’s how you will be successful.”

The advice matters because of where his worst results came from.

Looking back at a long career in financial markets, most of his mistakes happened when he acted without completely understanding what he was doing. So he waits, learns more, and acts only once he understands the investment.

Some investors have automatic rules, such as selling anything down 15%. Mr. Rogers said has no such rules, but sometimes wishes he did. He also admitted waiting until the losses got too great before selling, frequently at the wrong moment.

His instruction to you is therefore not to copy him. Figure out how to protect yourself, because keeping a losing investment leads to bigger losses.

Protection also raises a fair question about the cash itself, since inflation reduces what your money can buy.

Why Jim Rogers Keeps Dollars, Gold And Silver

“For most people in the world, rightly or wrongly, in 2026, the US dollar is the safe haven,” he said. “You can tell them they’re wrong all you want to. It doesn’t matter.”

Mr. Rogers keeps dollars because almost every other investor believes the dollar is safe and he sees an opportunity in that.

When share prices drop and investors get frightened, investors sell their shares and buy US dollars instead. The buying pushes the value of the dollar up, so Mr Rogers’ cash gains value as share prices fall.

Keeping cash now has another advantage: it can buy shares again once prices have dropped to cheap levels. An investor with no spare cash cannot buy anything at the low prices, because all of his money is already locked inside shares which have lost value.

However, holding cash exposes you to inflation, and Jim Rogers said he expects more inflation ahead. His plan for that is to “keep some gold in the closet. Keep some silver under the bed.”

Gold and silver are in his plan because both metals have been worth something in every century and in every country, and he presumes both always will be.

So everything is there for a reason: the dollars are the buying money for the next collapse in share prices, and the metals protect his wealth from rising prices while he waits.

Get The Free Jim Rogers Report From Felix Prehn

Felix Prehn recorded the full conversation with Jim Rogers for investors who want the details rather than the headline. He has put together a complete explanation at no cost. Download the free report here: felixfriends.org/jim

Jim Rogers is one of the most successful investors alive. He co-founded the Quantum Fund with George Soros in 1973, and the fund gained over 4,000% by the time he retired at 37, while the S&P managed about 47% in the same period.

Felix Prehn is an economist and former investment banker who founded Goat Academy and co-founded the stock screening and charting tool TradeVision.io. He brings 20+ years of experience in financial markets into interviews like the one with Jim Rogers.

His free teaching is available to anybody.

• The Felix & Friends YouTube channel, with 690K+ subscribers, 2700+ videos, and 83M+ views.
• Daily market lessons, Saturday Seminars, and a masterclass, all at no charge.
• A free blog and a free compound interest calculator at goatacademy.org.
• The Felix Prehn Daily Market News podcast on Apple Podcasts, Spotify, Amazon Music, Pocket Casts, Audacy, and Castbox.

Felix Prehn and the Goat Academy positions its teachings as education, not financial advice.

FAQs

Should Central Banks Or Even The Fed Rescue Financial Markets?

Felix Prehn asked about Japan and the US Fed opening a repo line there. People borrowed in Japan at almost zero interest, bought dollars, and invested in US assets, so rising Japanese interest rates can force them to reverse the whole arrangement. Rogers said bailing people out is not good, while accepting human beings always want rescue and usually find somebody to provide it. He added one more point: something needing a bailout is frequently an opportunity for anybody with courage and cash.

Did The Treasury Secretary Confirm All The Gold Is At Fort Knox?

The US Treasury Secretary said on television all the gold is there. Rogers replied he has learned not to believe governments most of the time, adding they’re frequently not lying; they simply don’t know.

Why Keep Shares In Emerging Markets Like Uzbekistan?

Rogers says most people couldn’t find Uzbekistan on a map. The country was once one of the most prosperous in the world, home to the ruler Tamerlane. Rogers points to its huge assets and its many large neighbors, and he suggests investors go and learn about the country.

Does The US Economy Or The National Debt Worry Veteran Investor Jim Rogers?

Neither the national debt nor the label of largest debtor nation came up in the recent interview, so he gave no view on either. He did address a wrecked economy. Germany lost a huge war in 1945, he said, and an investor who put money into Germany then would be rich now. Historically, even disasters can turn into a good time if you get it right.

What Does Investor Jim Rogers Do When A Holding Falls In The Near Term?

He has no automatic rule. Some investors sell the moment a holding drops 15%, and he admits he sometimes wishes he worked the same way. Instead he usually waits until the loss hurts too much, then sells, often at the wrong moment. Staying with a loser makes things worse, he warns, so every investor has to work out a method of protection for himself.

Watch Video: Billionaire’s Warning: I Sold EVERYTHING (Here’s Why)

Video published on August 8, 2026

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