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February 26, 2013 11:49 pm
From Mr Mark Gomar.
Sir, I see that the financier Jim Rogers has been quoted in the media again commenting that he expects sterling “to continue to go down further in real terms”.
The last time Mr Rogers received a large measure of airtime in the UK media was in late January 2009, when he famously announced that the UK “had nothing to sell”. At the time he made his remarks, sterling was trading around $1.40. It reached a low point a few weeks later, and then staged a substantial recovery, peaking at more than $1.68 some six months later. While neither I nor Mr Rogers can say for sure whether or not the UK currency will fall further, and all we have are opinions like everyone else, it is a matter of historical fact that if investors had followed Mr Rogers’ advice back in early 2009 they would have lost money. He may say that he is still correct but got the timing wrong, but as every investor knows, timing is everything.
Based on past track record here, perhaps sterling is a buy?
Mark Gomar, Hatfield, Herts, UK
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