Jim Rogers Sells All U.S. Stocks and Invests in Uzbek Assets

Tashkent, Uzbekistan (UzDaily.com) — Renowned American investor Jim Rogers has completely exited the U.S. stock market, selling all of his shares, and has reallocated part of his capital into assets in Uzbekistan. He shared this in his annual New Year interview with RBC Investments and Radio RBC, as reported by RBC.

According to Rogers, the decision was driven by concerns over a potential market correction in the United States and a slowdown in economic growth. In 2025, the broad-market S&P 500 index rose more than 16%, reaching 6,845.49 points. The historical peak was recorded on December 26 at 6,945.77 points, 18.1% higher than the end-of-2024 level.

“The U.S. market has recently reached historic highs. It has been rising since 2009 — the longest growth period in U.S. history. I sold everything in America because, in my view, this cycle is coming to an end. There may be one more big upward movement, but I sold everything I had in the U.S.,” the investor said.

Rogers did not specify the exact dates of the transactions, only noting that they occurred toward the end of 2025.

Around the same time, he added shares of Uzbek companies to his portfolio. He stated that he purchased “most of the stocks traded on the local exchange.” Currently, the Tashkent Republican Stock Exchange lists 85 issuers representing sectors such as banking, oil and gas, telecommunications, and others.

Rogers had previously expressed interest in Uzbekistan’s stock market back in 2021, though at that time he did not hold any assets in the jurisdiction. In a Forbes interview, he noted that the country’s economic opening and plans for privatizations and IPOs could attract significant international investor interest.

He emphasized that his portfolio consists exclusively of shares of Uzbek companies — he has not purchased the country’s sovereign bonds. At the same time, Rogers expressed confidence in the national currency, the soum, and said he has not hedged against currency risk.

Rogers also confirmed that he continues to hold shares of Chinese companies, including previously disclosed stakes in airlines Air China and China Eastern. However, he did not rule out a potential exit from Chinese assets amid the rapid market growth.

“The Chinese market has been rising almost without pause lately. I may have to sell these shares because everything is getting more expensive. I am still thinking about it,” he concluded.