Adventure Capitalist: The Ultimate Investor's Road Trip, by Jim Rogers

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.

"Investment Biker: Around the World with Jim Rogers," by Jim Rogers

Investment Biker: Around the World with Jim Rogers, (Hollbrook, MA: Adams Media Corporation; 1994), 402 pages.

From March 1990 through August 1992, the author and his girlfriend travelled around the world on their BMW motorcycles. Starting in New York City, they flew to Ireland and travelled through southern Europe to China and Japan, then turned around and went through northern Europe back to Ireland. They then drove the length of Africa from north to south, almost circumnavigated Australia, rode through New Zealand,  rode through the Americas from Cape Horn in the south to New York in the north east through to Anchorage, Alaska, traveling a total of 65,000 miles. The book is a record of his travels including observations of the countries he visited. Most but not all of the book is devoted to his travels. We learn of the difficulties of riding a bike around the world though conditions ranging from first class roads to bumpy dirt tracks. The book also casts a keen observer's eye at the countries through which he travels. He comments on the living conditions of every country he visits, and gets to the heart of what makes each country successful or unsuccessful. As a professional investor, Rogers also comments on the economic conditions of many countries, primarily based on his observations and interactions with the people he meets. He gets to the heart of what makes a county successful, what makes life good for its citizens, what makes currencies more valuable, and others less valuable. In light of his observations about the countries he visits, he returns to a repeating theme, namely the similarity between the direction of the U.S.A.'s economy and that of failed third-world countries around the globe.

This is a gem of a book. It is s both a record of an amazing round-the-world motorcycle trip, and a reflection on what makes a country successful. Rogers's analysis and writing is direct and honest. It is  unencumbered with flowery introspection or self-doubt. It is full of practical advice and commonsense for the traveller and to a lesser extent the international investor.  If the book has a weakness its his failure to give any detailed observations of his travels through the United States. He also writes comparatively little of his travels through Australia. This limited treatment of two large countries surprised me. I think the book is the poorer than it could have been due to so little coverage of these large countries. Nonetheless, this is a very good book that should be enjoyed by readers interested in travel, investing, and motorcycle travel journeys.