Unfortunately, the more complex the system, the greater the room for error.
GEORGE SOROSThe main difference between me and other people who have amassed this kind of money is that I am primarily interested in ideas, and I don’t have much personal use for money.
More George Soros Quotes
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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.
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Revolutions usually start with enthusiasm and end in tears.
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The sovereignty of states must be subordinated to international law and international institutions.
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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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I chose America as my home because I value freedom and democracy, civil liberties and an open society.
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If I had to sum up my practical skills, I would use one word: survival. And operating a hedge fund utilized my training in survival to the fullest.
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When a long-term trend loses it’s momentum, short-term volatility tends to rise. It is easy to see why that should be so: the trend-following crowd is disoriented.
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No individual anonymous participant can influence the prices and therefore you really can speculate in the market without paying attention to morality. That’s one of the positive features of markets. That’s why they function.
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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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American supremacy is the greatest threat to the world today.
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Once a trend is established it tends to persist and to run it’s full course.
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Every bubble has two components: something – some real trend, and a misconception about that trend.
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Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.
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There is no point in being confident and having a small position.
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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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America needs to follow the policies it has introduced in Germany. We have to go through a certain de-Nazification process.
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To my mind, there is a solution which has to do with democracy, because democratic governments are subject to the will of the people. So, if the people will it, you can actually create international institutions through the democratic states.
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Misconceptions play a prominent role in my view of the world.
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Short term volatility is greatest at turning points and diminishes as a trend becomes established.
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Start by assuming the market is always wrong, so if you copy everybody else on Wall Street, you’re doomed to do poorly.
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Discount the obvious, bet on the unexpected.
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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 is a society which allows its members the greatest possible degree of freedom in pursuing their interests compatible with the interests of others.
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It is credit that matters, not money (in other words, monetarism is a false ideology).
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Stock market bubbles don’t grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.
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There is always a divergence between our perception and what actually exists.
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