What Jim Rogers Said.

"This is way back in 1970, when I was still new to markets and the business. I had all my money in puts in January, which people thought was nuts. I sold my puts the day the market hit bottom and tripled my money. Two months later, I sold short several companies — but in the next two months, markets kept rallying, stocks kept going up. I was wiped out and lost everything. Interestingly, the companies I'd short also went bankrupt over the next two years, but I was wiped out first.

This episode taught me that i didn't know enough about markets and market timing.
I thought I was smart but I didn't know better."