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As I discovered, there is a great deal of similarity between a boom-bust process in the financial markets and the rise and fall of the Soviet system.
George Soros
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George Soros
Age: 94
Born: 1930
Born: August 12
Banker
Business Magnate
Businessman
Economist
Financier
Investor
Philanthropist
Philosopher
Trader
Writer
Buda Pest
György Schwartz
György Soros
Great
Discovered
Rise
Financial
Bust
Deal
Boom
Deals
Similarity
System
Markets
Process
Soviet
Fall
Investing
More quotes by George Soros
Law has become a business. Health care has become a business. Unfortunately, politics has also become a business. That really undermines society.
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Studying economics is not a good preparation for dealing with it.
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I'm only rich because I know when I'm wrong.
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Find the trend whose premise is false, and bet against it.
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I contend that financial markets never reflect the underlying reality accurately they always distort it in some way or another and the distortions find expression in market prices. Those distortions can, occasionally, find ways to affect the fundamentals that market prices are supposed to reflect.
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The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.
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Market prices are always wrong.
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I don't use my money to gain political influence for my private interests, which is what many rich people do, and what, in a sense, market fundamentalism does, because it is in the interests of people who have a lot of money to have as little taxes as possible.
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The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. This makes them trend followers by definition.
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Everything adds up to a major crisis. Humanity is faced with a global energy crisis ... The core of the crisis lies in the increasing shortage of oil.
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When money is free, the rational lender will keep on lending until there is no one else to lend to.
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We must recognize that as the dominant power in the world we have a special responsibility. In addition to protecting our national interests, we must take the leadership in protecting the common interests of humanity.
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Well, you know, I was a human being before I became a businessman.
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The main obstacle to a stable and just world order is the United States. [This idea] happens to coincide with the prevailing opinion in the world. And I think that's rather shocking for Americans to hear.
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Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test. The main difference is that the hypothesis that underlies an investment decision is intended to make money and not to establish a universally valid generalization.
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We [at Soros Fund Management] use options and more exotic derivatives sparingly. We try to catch new trends early and in later stages we try to catch trend reversals. Therefore, we tend to stabilize rather than destabilize the market. We are not doing this as a public service. It is our style of making money.
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The worse a situation becomes the less it takes to turn it around, the bigger the upside.
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I'm not better than the next trader, just quicker at admitting my mistakes and moving on to the next opportunity.
George Soros
When you sell options, you get paid for assuming risk. That can be a profitable business, but it does not mix well with the risks inherent in a leveraged portfolio.
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Changeless society is characterized by the absense of alternatives.
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