Jim Rogers, the over-exposed commodities uber-salesman, announced he is a farmland investor.
Commodities are still the best play for the long term, legendary investor Jim Rogers told CNBC, confessing that he has been buying farmland himself.I find the guy hard to take, but he is omnipresent on money shows and the go-to quotester for anything to do with commodities. People certainly hear him, and a percentage follow his advice.
"We're still going to eat, probably; we're still going to wear clothes, probably. Farmers cannot get loans for fertilizers right now. So the supplies of everything are going to continue to be under pressure," Rogers said.
He is the director of two funds which are buying greenfield land in Brazil and existing farms in Canada and starting to farm it. The funds are clearing the land, fertilizing it, irrigating it and hiring farmers and, Rogers said, some day will probably sell the land but that is a remote prospect.
"If I'm right, agriculture is going to be one of the greatest industries in the next 20 years, 30 years." [More]