In Part Two of my interview with storied hedge fund manager and bestselling author, Jim Rogers, we talk about what Jim calls the “most hated market in the world.”

The country's currency is in free fall.

Its president is functionally insane.

And the supply glut in oil could tip the populace into chaos.

Yet despite the fear and loathing, Jim remains steadfastly bullish… especially regarding one particular stock, whose share price is defying gravity.

Interview Transcript

Robert Williams: Welcome to Part Two of my interview with celebrated hedge fund manager and bestselling author, Jim Rogers. Jim, let's jump right in. The Russian ruble seems to drop further every time we look at the tape. Do you ever read on how low it can go?

Jim Rogers: Well, I own some Russian stocks. To my astonishment, the main one I own is not even down in all this. I guess it's because it's – it sells in dollars. Its expenses are in rubles, and it sells in dollars. So that's helping it, and that's – Aeroflot is another one I own, which is also sort of benefiting these days.

But to answer your question, I don't have a clue. I do know – I think we all know – that markets go up too far, and they go down too far. Once you start building their momentum, panic develops. People get more and more scared. Marching calls go out. So I have no idea.

As far as I'm concerned, the Central Bank in Russia has been doing the right thing. They said they were not going to intervene anymore. Yesterday, they intervened for the first time in a while. But I think it's very smart – not intervening. Let it collapse. Let it find its own level. And then we'll have a staggering rebound.

But who knows? It's 52 right now. I guess, it's 52 right now. You're right. It changes every three minutes. Who knows? Why not 60? In Russia, they talk about 60 as some kind of catastrophic bottom. Who knows? I don't anyway.

Robert Williams: Is it fair to call what's happening with the ruble a crisis at this point?