The market conditions are alreadyterrible now， and a trade war would make it even worse. As I mentioned before，if politicians started making mistakes consecutively， the economic situationswould be getting even worse! And it’s highly possible that their mistakes wouldcontinue. If Mr. Trump does start atrade war， later in the year or next year， the market conditions would be evenworse than my expectation. Just like what I said， this crisis would be theworst bear market of my life. Trade wars are absolutely no good for anyone.
Weekly on Stocks: Buffett recently said that this year’s correctionof the stock market isn’t as bad as that in 1987 or 2008, which seems quite farfrom your point of view.
Rogers: Indeed， the disease has become aglobal pandemic. My life is also affected. I have to stay at home in Singapore.I can’t go to China or anywhere else. There are some Chinese stocks I’m veryinterested in， but at present I can’t go to check them. Maybe I’ll buy themlater.
《红周刊》：罗杰斯先生，您好！很荣幸能够邀请到您，做客我们“面对面”独家深度专访节目。
Rogers: The oil price war is certainlygood for countries that use a lot of oil， such as Germany and Japan. It is alsogood for many countries in the world， including South Korea， but definitely notgood for Saudi Arabia and Russia.
Ofcourse， we haven’t gone that far by now.
《红周刊》：全球经济因为疫情遭受重创，您在四五年前就提醒投资者“新一轮的全球性经济危机未来几年将会爆发。”现在这轮经济危机是您预想的那样吗？
So，the lesson from this story is that you should go and start a company of storagetanks right away. You can rent out the tanks and make a lot of money （Laugh）.
Rogers: He used the word “fearful”. I usethe word “panic”. Basically， it’s the same approach.
Weekly on Stocks: You're afrugal person， so as your great friend John Templeton， a famous investmentmaster famous for frugalness. Do you think thrift is a necessary quality forsuccessful investors？
Rogers:Thrift is usually benefit success than anything. One of the first things Ibought for my daughters were piggy banks. I told them that money is to be putinto the piggy bank. I want to teach them that money is to be saved andinvested money is not used to be spent. After you save your money， if you wantto spend the money later， you can. So far， when my daughter get money， theyoften put it in their piggy banks. After the piggy bank is full， we go to thebig bank to put the money in the big bank. I try to teach my children to saveand to be thrifty. You can ask them after 20 or 30 years if I did it right. Iknow many people spend more money than they have， and many lives and marriagesget messed up because they have money problems. Money is to be saved， not to bespent until you have enough， if you ask me. That’s my way， you do it your way.
我持有不少美元和人民币现金 ，刚买入了黄金和白银，农产品(行情000061,诊股)商品的机会也不错。
Thus，we need to get information from more sources. We can watch five or six TVnetworks from different countries， then we figure out what is really happeningby ourselves. It’s not easy. I have been doing this for 40 or 50 years. Now I’mtrying to teach my children to do the same. Media convey the information theydeem right. They all think they are right， but they can’t all be right. Weshould figure out what’s right by thinking independently.
Weekly on Stocks: When do youexpect the real end of this correction？
罗杰斯：我当时说，如果下一轮经济危机到来，将会是我有生以来经历最糟糕的一次。我判断的理由是，2008年的经济危机爆发的理由是当时全球负债水平非常高。可据我观察，2008年以来，世界各国或地区的负债水平不减反增，债务问题日益严重。所以我说，一旦再出现经济危机，我们将会陷入非常可怕的境地。现在的市场已经应验了。
所以，这个故事的教训是，你应该马上去成立一家储油罐公司。你可以把储油罐租出去，大赚一笔（笑）。