Jim Rogers, "Adventure Capitalist: The Ultimate Investor's Road Trip," (Random House: New York; 2003), 357 pages.
Jim Rogers, former hedge fund manager, likes to travel. His first book, Investment
Biker, recalled his around-the-world trip by motorbike. This book, Adventure
Capitalist, is a sequel. It’s an account of his travel around the world by
car, a trip that took 3 years. He and his wife made a trip in a customized four
wheel drive Mercedes sports car. The journey started in Iceland and continued
through the U.K., Southern Europe, Central Asia to China, Japan, Russia,
Scandinavia, the east and west coast of Africa, Australia, New Zealand, South
America, Central America, and through the USA to Canada and Alaska.
Like Investment Biker, this book is more than a travel book. It
contains description of the author’s travels, as we would expect. More interestingly,
it contains Roger's opinions on many of the countries he visited, such as
whether it was blighted by corruption or poor governance. He is particularly
expansive on various countries' financial condition, whether the country’s
currency was being debased, and if conditions were optimal for improving the
lives of that country’s citizens. As much as he comments on the counties he
visits, Rogers also devotes considerable space to reflect on life in the United
States and its place in the world. Rogers is an optimistic libertarian, and his
travels force him to reflect on US policies, such as foreign policy, foreign
aid, various international institutions (such at the World Bank and the International
Monetary Fund), and domestic economic policies. These reflections are
frequently critical, but are neither theoretical nor polemical, but based on
his understanding of the world and various nations gained from his unique
perspective as an extensive global traveler.
Roger's investment philosophy is unorthodox, as is his commentary on
socio-political situations. His views are rooted in his on the ground
observations gained by going into the field where there are few, if any, 5 star
hotels. His experience at school, college and business taught him that experts
were usually wrong, hence his bias towards learning for himself through his own
experiences. His travels are characterized by the slaughter of sacred cows
(meaning conventional views), the puncturing of various balloons and the laying
to rest the ore-conceptions of the world held by certain
"authorities," many of whom have never left home (p.4).
A strength of this book is the recollection of his journeys through a
large number of countries he visited; however, this also restricts the author
from writing about every country in detail. Some countries are covered in great
detail (China) while others are barely mentioned. This limitation sometimes
comes across as the story being rushed. At times, the great distances being covered through exotic
locations barely rate a mention.
The book excels in other areas. First, it exposes a few myths about the
international travel in Africa and South America, and demonstrates that with
ingenuity and determination that it is possible to drive a car around the
world. Second, he exposes a few myths and pre-conceived notions about African countries
and their government’s economic policies, the causes of poverty and misery, and
the causes of prosperity and economic growth – here’s a hint, it not United Nations
aid projects. Rogers observes in such a way and with a view to seeing
conditions that will encourage profitable investing. Third, Rogers reflects on
the USA. His unique perspective of travelling around the world gives him
perspective to comment on conditions in the USA, and to reflect and make prediction
about the USA’s future. Anyone with more than a passing interest in travel, the
USA’s place in the work, and
This book is more than a travel book. It’s a reflection on life, the
world, and the place of the USA in the world, and assessing foreign countries
as places to invest should enjoy this book.
