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I am not well qualified to criticize the theory of rational expectations and the efficient market hypothesis because as a market participant I considered them so unrealistic that I never bothered to study them.

George Soros

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George Soros
Age: 94
Born: 1930
Born: August 12
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György Schwartz
György Soros
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More quotes by George Soros

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Investors operate with limited funds and intelligence, they do not need to know everything. As long as they understand something better than others, they have an edge.
George Soros
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Every bubble consists of a trend that can be observed in the real world and a misconception relating to that trend. The two elements interact with each other in a reflexive manner.
George Soros
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The people currently in charge have forgotten the first principle of an open society, namely that we may be wrong and that there has to be free discussion. That it's possible to be opposed to the policies without being unpatriotic.
George Soros
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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.
George Soros
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The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility).
George Soros
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Who most benefits from keeping marijuana illegal? The greatest beneficiaries are the major criminal organizations in Mexico and elsewhere that earn billions of dollars annually from this illicit trade - and who would rapidly lose their competitive advantage if marijuana were a legal commodity.
George Soros
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The worse a situation becomes the less it takes to turn it around, the bigger the upside.
George Soros
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Well, you know, I was a human being before I became a businessman.
George Soros
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When interest rates are low we have conditions for asset bubbles to develop, and they are developing at the moment. The ultimate asset bubble is gold.
George Soros
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Merkel has realized that the euro is not working, but she cannot change the narrative she has created because that narrative has caught the imagination of the German public, and the German public has accepted it.
George Soros
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The key problem is the debt restructuring in the euro zone. As long as the debt burden is not reduced, there is no chance of the weaker EU countries regaining competitiveness.
George Soros
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It is much easier to put existing resources to better use, than to develop resources where they do not exist.
George Soros
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I passionately disagreed with Treasury Secretary Hank Paulson's plan to bail out the banks by using a public fund called the Troubled Asset Relief Program (TARP) to help banks take toxic assets off their balance sheets. I argued that it would be much better to put the money where the hole was and replenish the equity of the banks themselves.
George Soros
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The more comprehensive and convincing a debt reduction program is, the less likely it is to fail. And remember, just as Germany is grateful to America for the Marshall Plan, Italy would be grateful to Germany for helping it lower its refinancing costs.
George Soros
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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.
George Soros
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If every rich person gave 50 percent of their wealth to charity, I would not say they should pay more taxes.
George Soros
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The generally accepted view is that markets are always right -- that is, market prices tend to discount future developments accurately even when it is unclear what those developments are. I start with the opposite view. I believe the market prices are always wrong in the sense that they present a biased view of the future.
George Soros
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Every bubble has two components: something - some real trend, and a misconception about that trend.
George Soros
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Just as the process of repealing national alcohol prohibition began with individual states repealing their own prohibition laws, so individual states must now take the initiative with respect to repealing marijuana prohibition laws.
George Soros
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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.
George Soros