If anybody laughs at your idea, take that as a sign of potential
success!
If people around you discourage you from taking a certain course of action,
or even ridicule what you're about to do, consider that to be a sign of
potential success! It's important that you understand this. The truth is,
there isn't a single individual who has met with personal success by simply
following the herd. Let's look at China for example. People used to say that
it was not an investable nation, and in fact, no one attempted to invest there.
But had anyone put money in China at the time, they would have made a fortune by
now.
In the 1980s, I realized that China had a great potential and I got
involved. At the time, everyone around me said, "Hey Jim, China has far too
many problems, what's the point?" Most people said that what I was doing was
insane, but I did not listen. Instead, I followed my own common sense, studied
as many documents that were available on various companies, and actually visited
various sites for my own research. As it turned out, there were 1.3 billion
people working in the country, and their savings rate was approximately 35% of
their income which they used to invest. Why shouldn't a country like this
grow? It's even more than the impressive 20% savings rate in Japan!
In contrast, look at the United States. The savings rate in this country was
a mere 4% around 1990 when I made my first global trip, and this has fallen to a
measly 2%. And the US has a serious fiscal deficit. While people followed some
misconceived 'common sense' that China is far too risky, I followed my own
common sense and decided to invest in China. China's growth since has far
exceeded America's.
Be who you are
Take a look at the individuals who have been successful in various fields.
Whether they are artists or musicians or whatever their profession my be, none
of them achieved success by imitating others. Is there a single person who has
succeeded by mimicking what others do?
Consider Sony. They are distinct from others firms in that they have always
done something different. You see, courage and passion are necessary to
undertake a task or to make choices that others shy away from. And remember
that success comes only to those who can be bold and choose a path that no one
else will follow. That is why Sony is a major corporation.
I want you to pursue your own wishes and aspirations with that kind of
courage. Just because your father succeeded as an investor, it does not mean
that you must be an investor as well. You don't need to be my 'copy' because
you aren't. What I want you to do, though, is to be your true, original and
unique self.
You do not have to follow what I say, but be ethical
As you continue to grow day by day, dear daughter, I will continue to offer
you my word of advice. There may be times when I seem to oppose your opinion.
But just because I am your father, you do not have to accept everything that I
say. I look at you as a unique, independent human being. Even if others feel
that you are too young to decide, do what you want so long as you use your own
judgment to determine what is right.
Before you act upon what you think is true, though, I want you to make every
effort to do your homework first - educate yourself by studying all available
resources and analyze them carefully and thoroughly to make sure that what you
think is right is, in fact, right. Do not take action without doing this
first. People who don't succeed are constantly engaged in something that they
do not even understand and will not learn, and that's how they loose valuable
time and money.
And lastly, there is one thing I do expect you to follow. Don't concern
yourself with conventional wisdom, common sense, and other so-called
'established' notions. But you must expect and follow the rules and ethics that
society cannot exist without. This is expected of any respectable individual.
It is not just the proper way to live - honorable people never have to worry
about legal problems and always come out on top in the long run.
To my beloved daughter,
James B. Rogers
