Investor Jim Rogers says to expect choppy investment waters in the years to come.
"I would be very careful. The next couple years we're going to have turmoil and problems in most financial markets," Rogers told CNN's Andrew Stevens.
"Don't invest in anything unless you, yourself know about it. Don't listen to some guy you see on TV -- even if it's me," added Rogers, who co-founded the Quantum Fund with George Soros. "You only stay with what you know and if all you know is money in the bank, put the money in the bank."
With worried investors and a re-elected U.S. President, Rogers said he doubts much is set to change as the U.S. Congress faces impasse on the ominous 'fiscal cliff', the December 31 deadline of automatic spending cuts and tax increases that threatens to send the American economy into recession.
"We have the same president, the same Senate, the same House, the same central bank, the same everything. There's not going to be much change. They're all going to fumble around and grapple with it," Rogers said, "But in the end, they're going to make mistakes -- you and I, and everybody else in the world are going to be worse off. The debt is going to go higher, the spending is going to go higher and they are going to make mistakes."
Rogers is a known critic of the U.S. Federal Reserve Chairman Ben Bernanke and his policies of quantitative easing. With the aim to bring down interest rates and the creation of new money, Rogers believes quantitative easing devalues the currency altogether.
"This is not something that's scientific...look it up -- it's historic," he said. "All you have to do is read economics and all you have to do is read history. Eventually your currency becomes less and less attractive to foreigners... there's more currency turmoil."