I rely a great deal on animal instincts.
GEORGE SOROSUnfortunately, the more complex the system, the greater the room for error.
More George Soros Quotes
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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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Once a trend is established it tends to persist and to run it’s full course.
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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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Political debate is more interested in manipulating the truth, than finding the truth.
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In politics, manipulating reality can take presidence over finding reality.
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Discount the obvious, bet on the unexpected.
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My approach works not by making valid predictions but by allowing me to correct false ones.
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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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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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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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Studying economics is not a good preparation for dealing with it.
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The world order needs a major overhaul.
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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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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 others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.
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Law has become a business. Health care has become a business. Unfortunately, politics has also become a business. That really undermines society.
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The scope for improvement is infinite, precisely because perfection is unattainable.
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There is no point in being confident and having a small position.
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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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The main obstacle to a stable and just world order is the United States. [This idea] happens to coincide with the prevailing opinion in the world. And I think that’s rather shocking for Americans to hear.
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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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Unfortunately, the more complex the system, the greater the room for error.
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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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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.
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My main concern is with the world order.
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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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