Legendary American investor Jim Rogers has revealed that he has liquidated all his stock holdings in the US market to focus his attention on the Uzbekistan market. He disclosed this development in an interview with “RBC Investments.”
According to Rogers, the American market has been on an upward trajectory since 2009, marking the longest period of growth in US history. By the end of 2025, the S&P 500 index had risen by more than 18%, setting new historical records. However, the investor is concerned about a market crash (correction) and a slowdown in economic growth.
“I sold everything in America because this is the longest period of growth in history. In my view, the cycle is coming to an end. There might be one more big move up, but I have sold everything I owned in the US,” Rogers stated. He noted that the transaction was completed towards the end of 2025.
Uzbekistan – A new opportunity
After divesting his US assets, Rogers added shares of Uzbekistan companies to his portfolio. He had expressed interest in the Uzbek market as early as 2021, though he did not hold assets there at that time. The situation has since changed.
“I bought the majority of [shares] that trade on the exchange—there are not many, and I bought almost all of them,” the investor emphasized.
Currently, shares of 85 companies are traded on the “Toshkent” Republican Stock Exchange, representing banking, oil and gas, telecommunications, and other sectors. A crucial detail is that Rogers has purchased only corporate equities, not Uzbekistan’s sovereign debt. He also expressed confidence in the Uzbek currency—the sum—and has not hedged his currency risks.
China, Russia, and the Dollar
Jim Rogers also provided updates on his positions in other markets:
- Russia: The investor confirmed that he has sold all his assets in Russia.
- China: He continues to hold Chinese stocks (including Air China and China Eastern); however, due to the market’s relentless rise, he sees signs of “overheating.” Consequently, he did not rule out the possibility of selling his Chinese holdings in the near future.
- US Dollar: Despite the United States’ record debt levels, Rogers continues to hold cash dollars. He believes that in the event of a serious crisis, the dollar will serve as a “safe haven.”
Rogers believes that a full-blown “bubble” in the Artificial Intelligence (AI) sector has not yet formed, but predicts it could occur in 2026. It is worth noting that in 2025, against the backdrop of the AI boom, the wealth of technological billionaires increased by $550 billion.
