Money printing by the Fed and RBI is never going to make you rich: Marc Faber

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Hard and focussed disciplined work and consistent improvement in your knowledge and skills will give you a better chance to be rich, says the author of Gloom, Boom & Doom report.

Where are agri commodities headed because slowly we are seeing sugar, cocoa and tea prices inching up. Do you see a meaningful trade there?
They are extremely depressed and they can rally, not just a little bit but significantly from these low points. But I want to really warn that for individual investors, investing in commodities is very difficult because he has to get the timing right and if he does not get the timing right, it will be a costly exercise until the commodity really moves in one or the other direction.

So it is not an easy game but I would say that if I were a wealthy man and I am not wealthy, I would buy some agricultural land for no other reason although I believe we are in a changing society. Over the last 200 years, we had urbanisation. People moved from the countryside to the cities and then suburbs and then every morning they would take the subway or the bus or the car or the bicycle and spend an hour or two hours going to work and working and wasting time in meetings and then drive back home for two hours to an angry wife because you are late. Anyway, now this is going to change as a result of a modern communication technology including Skype and Zoom. Now, I can work from my home and I do not need to go to an office. Why would I go to an office every day, I can go to an office every two weeks or once a week or once a month for some meetings and the rest I can do online.

Now that the Covid pandemic is here, that is an inducement for people to live in the countryside and not in congested places. A lot of real estate in secondary locations and not in the centre of Mumbai. The centre of Mumbai is not going to be particularly attractive but on the outskirts maybe one, two hours from Mumbai, there will be satellite cities where you can acquire property at a fraction of the price in Mumbai, the same for London. If you move two hours away from London, you can buy a nice house for the price of a small flat in London in a good location.

I believe a lot of people will take that choice and move to the countryside and some will also buy farms and that is a trend that will offer some interesting investment opportunities.

It is good for somebody who is rich and can buy farmland but what about somebody who wants to get rich? What should that person buy?
If you really want to be rich, you have to work a lot wherever that may be. Number two, instead of posting your picture on Facebook three times a day, I would go and learn something and study where that study includes getting skills at being a good carpenter, electrician or plumber. These are scarcity jobs in advanced societies and these are very highly paid jobs if a person has the necessary skills.

So whatever you do, you need to have a high level of skills. If you are an economist, you have to be a good economist, if you are computer technician, you have to be a good one. I think you just raised an interesting question. I can tell you if you want to be rich, money printing by the Fed and by the Reserve Bank of India is not going to help you, that I guarantee you.

The only thing that can help you is hard and focussed disciplined work, consistent work and consistent improvement in your knowledge and skills that will give you at least a better chance to be rich.

Always look forward to interacting with you because you have got years and years of experience of understanding of market cycles and wisdom of life.
Well I have to tell you I still do not understand markets 100%. When I grew up I never thought that I would see interest rates below zero, never ever.

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