Famed long-view investor, Jim Rogers, says Russia is looking good and it's his type of investment: it's cheap, it's running a long-term bottom and positive change is taking place.
"I am excited about Russia," said Rogers in an interview with Bloomberg's On the Economy.
"I've been skeptical on Russia for 46 years. Now for the first time in my life I am getting optimistic. I think it's cheap. I know it's cheap. And I think I see positive changes taking place."
Rogers, who also touts resource-rich Myanmar, says Russia's leadership has finally learned that it has to play by the rules if the country is going to attract investors and start to grow its economy.
"You know Russia has been a disaster for 95 years—since 1917—but I think that's changing."
However, Rogers sees trouble in US, especially in the financial sector, and says he is shorting JPMorgan Chase & Co.(NYSE:JPM).
Despite reaching its 52-week high, Rogers sees trouble under hood, finding fault with its credit card and commodity divisions.
"Basically it's loved and everyone says it can do no wrong. If I hear something like that I get suspicious."
JPMorgan is up a third over the last year and currently trades at $42.83, just below its 52-week high of $46.49.
Rogers sees a larger problem with financials as a whole: the banks fell into such a hole that it will take a long time to dig themselves out.
"You know financials had a big, big boom and then collapsed, and my experience in the markets is when that happens it takes a long time to build a base."
For the world economy as a whole, Rogers still sees big problems ahead and says the US is due for another economic shock after the presidential elections are through, no matter who wins.
"I am very worried about the world economy in 2013-2014 and what happens in October 2012 is not of much significance to me."
"Every 4-6 years since the beginning of the American republic we have had economic slowdowns. You can add 2013 and 2014. They've always occurred."
Image from Jim Rogers interview – The Bubble film