INVESTOR IMPERSONATION *ALERT*
On Thursday the outspoken bow-tied investor was quoted in a press release for something called the Global Financial Trading Day Seminar. The release, for those who’ve forgotten already, went like this:
Pound Could Collapse Within Weeks, Predicts Billionaire Financier Jim Rogers
February 25, 2010 – Press Dispensary – The UK Pound is on the brink of a collapse which will herald a downturn worse than 2008/9, it could well happen within weeks and the British government is powerless to prevent it. And this in turn will foreshadow a global economic winter that could come before the end of 2010 and make the last two years seem like a mild spring day.
This is the dire prediction of the legendary George Soros’ former business partner, respected billionaire financier Jim Rogers, together with millionaire investment adviser and best-selling author Dr Marc Faber and the controversial millionaire trader and coach Vince Stanzione, ahead of their keynote appearances at next month’s Global Trading Day seminar in Westminster.
As the UK economy stands on the brink of its much heralded double dip after a dismal January and rumblings about its credit rating, as Swiss Bank UBS speculates the risk of a run on the pound*, and as sterling hit a nine month low against the dollar on Friday, the three experts – who all have reputations for making much of their fortunes from predicting and riding economic downturns – are forecasting that a currency crash and then a full scale global “shakedown” are almost inevitable.
“The last few months have seen a ‘false bounce’, shorn up by massive short-term injections of government underwriting,” says Rogers, “but it can’t last. We’ve been applying temporary sticking plasters, not long-term cures. Later this year we’ll see the start of the real recession, with more Lehman-scale disasters and a fallout which won’t stop until the underlying malaise is genuinely cured.”
The Guardian made the story into a buziness page splash, and the Times also picked it up. The Jim Rogers Investments Blog, which tracks the investor’s media appearances, was predictably kept busy.
Cue Rogers’ Friday response:
I did not issue this nor did I say any of it. I am trying to get it corrected. It is outrageous.
Say what?
Have we just witnessed one almighty publicity stunt for the Trading Day Seminar?
The man behind the event — one Vince Stanzione — describes himself in the same press release as:
. . . a self-made multi-millionaire based in Europe. Beginning aged 16 at NatWest Foreign Exchange in London, he quickly made his mark and then left to form his own company, since when he has been involved in mobile communications, premium rate telephony, interactive gaming, publishing and television and financial trading. He currently lives most of the year between Spain and Monaco and trades his own funds, mainly in currencies and commodities. He also teaches a small number of students and produced the best-selling course on Financial Spread Betting. Vince Stanzione is the author of ‘How to Stop Existing & Start Living’ and ‘Making Money From Financial Spread Trading’, is the Spread Betting Expert for Growth Company Investor and writes monthly columns for The City Magazine, Canary Wharf and Vicinitee Magazine.
And here’s his pic:
(H/T The FT’s James Mackintosh)
Update: The FT’s Jennifer Hughes has just made telephone contact with Rogers.
He says:
“I didn’t know about it and I never saw it. I had nothing to do with it and the guy [Stanzione] has told me he’s sending out a correction . . . I don’t know that anything I say it worth repeating, but I know I didn’t say this.”
And he is planning to attend the Trading Seminar if a correction is made.
Update: Jennifer’s just spoken to Stanzione. He says the published release was actually a draft that Rogers hadn’t approved because he was busy travelling. Furthermore:
“Some of the comments got mixed up between what I was saying to what he’s saying. They’re my comments not Jim Rogers . . . it wasn’t meant to go out as an email but these are hardly shocking comments”
Hardly shocking, but we’re guessing they wouldn’t have made as much of an impact sans the Rogers name attached to them.
Related links:
The Great British Krona – FT Alphaville
Machine-readable Rogers – FT Alphaville