Once a trend is established it tends to persist and to run it’s full course.
GEORGE SOROSMy approach works not by making valid predictions but by allowing me to correct false ones.
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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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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The sovereignty of states must be subordinated to international law and international institutions.
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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.
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Political debate is more interested in manipulating the truth, than finding the truth.
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Most of the poverty and misery in the world is due to bad government, lack of democracy, weak states, internal strife, and so on.
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Studying economics is not a good preparation for dealing with it.
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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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It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.
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Well, you know, I was a human being before I became a businessman.
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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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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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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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The main obstacle to a stable and just world order is the United States.
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Fundamental analysis seeks to establish how underlying values are reflected in stock prices, whereas the theory of reflexivity shows how stock prices can influence underlying values.
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The scope for improvement is infinite, precisely because perfection is unattainable.
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Market prices are always wrong.
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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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The world order needs a major overhaul.
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The reality is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.
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To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.
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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.
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I’m only rich because I know when I’m wrong.
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Misconceptions play a prominent role in my view of the world.
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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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Discount the obvious, bet on the unexpected.
GEORGE SOROS