Studying economics is not a good preparation for dealing with it.
GEORGE SOROSHedge funds are a very efficient way of managing money. But there are clearly some risks. Hedge funds use credit and credit is a source of instability. Transactions involving credit should be regulated.
More George Soros Quotes
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The financial markets generally are unpredictable. So that one has to have different scenarios… The idea that you can actually predict what’s going to happen contradicts my way of looking at the market.
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To be successful, you need leisure. You need time hanging heavily on your hands.
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American supremacy is the greatest threat to the world today.
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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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The world order needs a major overhaul.
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Find the trend whose premise is false, and bet against it.
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Short term volatility is greatest at turning points and diminishes as a trend becomes established.
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Increase your bets when you are confident and scale down your positions when you don’t have conviction.
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I’m only rich because I know when I’m wrong.
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Hedge funds are a very efficient way of managing money. But there are clearly some risks. Hedge funds use credit and credit is a source of instability. Transactions involving credit should be regulated.
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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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The main obstacle to a stable and just world order is the United States.
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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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The 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.
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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.
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It is sort of a disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.
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Well, you know, I was a human being before I became a businessman.
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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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If we care about universal principles such as freedom, democracy and the rule of law, we cannot leave them to the care of market forces; we must establish some other institutions to safeguard them.
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I fancied myself as some kind of god or an economic reformer like Keynes.
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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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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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My main concern is with the world order.
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The financial markets play an active role in determining what’s going to happen, how the economy is going to function.
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Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test.
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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.
GEORGE SOROS