Financier №3 (43) 2026

George Soros’s partner at the Quantum Fund and a legendary investor who travelled the world on a motor bike - about investment principles, the oil market, and the most beautiful place of the World.

Photographers: Rita and Anton Smirnov

Jim, tell us why you moved from the US to Singapore almost 20 years ago?

I moved in 2007 because I wanted my children to speak Chinese. New York isn’t exactly the best place for that. Singapore is a very comfortable city to live in; everything works properly here.

You’ve devoted most of your career to investing in the commodities market. Is the current period of rising oil prices and demand the start of a new commodity cycle?

I’m optimistic about the prospects for commodity prices because, going forward, many will face supply problems for a variety of reasons. And when supply issues arise, they usually create profit opportunities for those who understand how to invest in such assets. So, if a person truly understands the commodities markets, they’ll have a good chance to make money.

You’ve often said that investors should pay attention to undervalued assets. Why is that? And what else is important to consider when investing?

The very first rule for any investor is to invest only in what you truly understand. If you want to be successful, don’t listen to other people, and don’t rely on what the media writes.

In your view, what is the biggest misconception investors have today about the global oil market?

Many people believe they understand what’s happening in this market. That’s the biggest misconception. You can make huge fortunes here - but only if you really understand how the industry works and which factors influence it, and how.

If you were starting from scratch today, how would you approach investing in the energy sector?

The most important thing when investing in oil is to understand its supply side. Most people can grasp the demand side: oil is needed by almost everyone in the world. In that sense, the market is stable, and it can only be thrown out of balance by major wars or other serious shocks that disrupt supplies. Understanding the supply situation is not so simple.

First, you need to answer the key question for yourself: is a supply deficit expected? Based on the answer, I would then choose the most suitable investment instruments.

The simplest way to enter this market is to buy oil futures. You don’t need to be an expert in management, politics, or many other fields for that. But if you’re willing to do serious research and find an oil company whose shares are significantly undervalued for some reason (often due to political factors), then the potential return could be much higher than with futures investments.

Let’s step away from oil for a moment and talk about the stock market in general. Which sectors do you consider most interesting for investment right now?

Right now, I don’t have many investments in stocks. I do have some Chinese securities, and I’m interested in Uzbekistan – it’s a small, developing market that appeals to me. But I don’t own stocks in most other countries right now because investors are too optimistic almost everywhere.

That makes me wary. There’s an unspoken rule: if the market seems overly confident and investors are very pleased with what’s going on, you should start asking what’s really happening and what it might mean down the line.

Does that mean this is the time to sell stocks?

I can’t say for sure, but I don’t think this is a good time to buy, especially overheated assets. The global stock market has been growing almost continuously since 2009, and that’s extremely rare in world history. Perhaps the bull trend will indeed continue. President Trump says, “Don’t worry, everything will be fine.” However, history shows that situations where everyone is doing well at the same time are extremely rare. So, I prefer to approach things with a certain degree of skepticism and ask questions. Every investor must make their own decisions, but personally, I always try to remember the lessons of history.

What questions do you ask yourself right now?

The main question is very simple: what exactly can provide the markets with drivers for further growth? Most stocks have risen significantly in price since the last corrections. Under these conditions, you need to understand whether there’s a real reason why a particular company’s stock could rise even further. Maybe there is. For example, a corporation might discover a huge new field. The British once found oil in the North Sea, and oil companies’ shares shot up.

If you know an issuer with that kind of serious upside potential, it could truly be a massive investment opportunity. But I don’t know of any such cases right now. Most of the largest oil‑bearing areas were discovered long ago. Today, it’s especially important to do your own research and look for real reasons for future growth – not to buy certain stocks just because they’ve been rising for quite a while.

What about the technology sector and artificial intelligence? Do you think a bubble is forming in the market that could burst soon?

Over the past few centuries, humanity has gone through similar stages many times. Electricity was once a revolutionary technology. In the 19th century, railways appeared. Then came cars, and later computers. Every time, people realized they were facing an invention that could change the world - and huge fortunes were indeed made on that basis.

When a promising new technology emerges, huge enthusiasm surrounds it. Everyone starts saying it will change the world. And, as a rule, it does. But then a massive number of competitors enter the industry, supply spikes, profits across the sector decline, and many companies focused on that segment stop being super‑attractive for investment.

Again, you can make good money on both oil and technology if you understand the market better than most participants. Many people think there’s an easy way to make profits trading on the stock exchange. Over the years, I’ve learned that it’s actually very difficult.

How significant do you think the impact of artificial intelligence will be on the stock market and the global economy?

Artificial intelligence will change almost everything we know. But I’m not the only one who thinks so. That’s precisely why shares of AI‑related companies have already risen dramatically. Today, as soon as an issuer adds “AI” to its name, its stock starts going up – just like in the run‑up to the dot‑com crash in the early 2000s. Internet stocks first rose, peaked, and then plummeted because the speculative bubble of the late 1990s burst.

In the AI sector, similar to the dot‑com era, you need to be very careful. Personally, I don’t think there are many cheap or undervalued AI companies left in the global market today. Everyone understands it’s a promising industry, which means most of those expectations are already reflected in the prices.

Does the possible bubble have a big influence on your investment decisions? Are you investing in AI companies?

I see that the AI market is already overvalued, so I’m drawn to completely different assets. I like to buy what nobody else is interested in yet. If you come and start talking about an investment idea, and people respond with surprise – “Are you crazy? Who even needs that?” – that’s where I find real interest. Throughout my investing career, I’ve rarely made money by buying something the whole world is already excited about.

What do you think investors should do when a crisis begins?

Crises can be excellent opportunities to make money. When you’re in a country going through a tough economic period, you feel it immediately. People are desperate. Everyone is scared. Companies go bankrupt. Everyone wants to sell their assets. Those are often the moments when the best opportunities appear - but they only work if you’re able to stay calm.

When everyone around you is shouting, “Sell! You’re crazy if you don’t sell!” it’s very easy to start doubting yourself. But if you can stop and tell yourself, “Wait. This company is still vital to the country. It provides electricity to people or performs another critical function,” then a crisis can be a great time to buy a new asset.

You travel a lot and have written several books about it, conveying the idea that personal experience matters more than theory. What can an investor learn from travelling that they can’t learn from books?

Travel gives one of the best educations you can get. Every new country teaches you something important. To start with, you have to figure out on your own where to eat, where to stay, and how life works there. That alone provides enormous experience.

As soon as you cross the border into a new country, you quickly start to understand how honestly business is done there, whether a black market exists, and how the economy is structured. A black market, for example, can tell you a lot about a country. I’m not saying it’s good or bad – I’m just saying its existence is an important source of unique information.

Is there a place that particularly stands out in your memory?

I’ve been to many countries, and I always tell people: be sure to visit Samarkand, Uzbekistan. It’s one of the most amazing places I’ve ever seen. The Registan Square in Samarkand – this huge architectural ensemble with majestic mausoleums… It’s one of the most stunning places in the World.

I remember the second or third time I went there, I brought my then‑girlfriend with me. I deliberately blindfolded her because I wanted her to see the place for the first time in all its grandeur. We walked up to the square, I took off the blindfold, and she just froze. She said, “Oh my God… Look at this!”

The problem is that most people have never even heard of this place. They’ve never been there and probably never will. But if they ever do get there, I think they’ll be just as stunned as I was. So next time you’re in Samarkand, take a good look around. And then tell your friends that you know a crazy American who considers Samarkand one of the most incredible places in the world – on par with the Taj Mahal or the Grand Canyon in the US.