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The prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong.

George Soros

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George Soros
Age: 94
Born: 1930
Born: August 12
Banker
Business Magnate
Businessman
Economist
Financier
Investor
Philanthropist
Philosopher
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Buda Pest
György Schwartz
György Soros
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More quotes by George Soros

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I rely a great deal on animal instincts.
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My conceptual framework, which basically emphasizes the importance of misconceptions, makes me extremely critical of my own decisions. I know that I am bound to be wrong, and therefore am more likely to correct my own mistakes.
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An open society calls itself open to improvement. It is based on the recognition that people have divergent views and interests, and that nobody is in possession of the ultimate truth.
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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.
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The only thing that could hurt me is if my success encouraged me to return to my childhood fantasies of omnipotence - but that is not likely to happen as long as I remain engaged in the financial markets, because they constantly remind me of my limitations.
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I fancied myself as some kind of god or an economic reformer like Keynes
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Market prices are always wrong.
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Globalization has rendered the world increasingly interdependent, but international politics is still based on the sovereignty of states.
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However, even a strong government can't perform miracles. It needs money from the taxpayers.
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Market prices are always wrong in the sense that they present a biased view of the future.
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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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I admire Chancellor Merkel for her leadership qualities, but she is leading Europe in the wrong direction.
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If the bubbles contain a misconception, as they always do, then it can't be maintained forever.
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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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There is very little difference between speculation and investment. The only difference is basically that investments are successful speculations because if you successfully anticipate the future you make a speculative profit.
George Soros
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The pro-Israel lobby has been remarkably successful in suppressing criticism. Politicians challenge it at their peril because of the lobby's ability to influence political contributions.
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Once a trend is established it tends to persist and to run it’s full course.
George Soros
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At times of recession, running a budget deficit is highly desirable. Once the economy begins to recover, you have to balance the budget. But it will also need additional revenues. Should the government not receive them, we will all get punished with higher interest rates.
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My approach works not by making valid predictions but by allowing me to correct false ones.
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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