Prominent American investor Jim Rogers has fully exited the U.S. stock market and redirected a significant portion of his capital to Uzbekistan. By the end of 2025, he had sold all his U.S. assets and said he had purchased most of the shares available on the Uzbek stock exchange, according to Fergana News.
The investments were made on the Tashkent Republican Stock Exchange, which lists around 85 companies from the banking, oil and gas, telecommunications, and other sectors.
Rogers reportedly views the Uzbek market as young and promising. While current market capitalization and liquidity remain low, he believes growth potential lies in ongoing economic reforms, privatization efforts, and the prospect of future IPOs by state-owned and private companies.
As early as 2021, Rogers publicly said he was watching Uzbekistan closely, anticipating economic liberalization, privatization, and public listings. He now says the economy has “finally opened up,” prompting him to actively invest in Uzbek equities.
The investor expects international funds to eventually enter the market, which could lead to higher valuations for local companies.
Rogers’ strategy in Uzbekistan reportedly focuses exclusively on equities, avoiding the country’s sovereign debt. He does not hedge currency risks, signaling confidence in the Uzbek som and expecting either exchange-rate stability or additional returns.
Against this backdrop, his exit from the U.S. market following the longest bull run in history appears logical. At the same time, Rogers remains cautious about China: while he still holds assets there, he is considering taking profits amid elevated market valuations.
In his view, Uzbekistan represents a frontier market with asymmetric potential—high risks offset by the possibility of substantial asset appreciation if reforms succeed and foreign capital flows into the country.
