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There is no point in being confident and having a small position.

George Soros

Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.
GEORGE SOROS

Certain Expectation Marketing Money State
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

Criticism Myself Qualification Reality Study Theory
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.
GEORGE SOROS

Instability Management Money Regulation Risk Transaction Way
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.
GEORGE SOROS

Democracy Government International Mindset People Solution State
The financial markets play an active role in determining what’s going to happen, how the economy is going to function.
GEORGE SOROS

Determination Economics Function Marketing Role
Political debate is more interested in manipulating the truth, than finding the truth.
GEORGE SOROS

Finding Interest Manipulation Politics Truth
The scope for improvement is infinite, precisely because perfection is unattainable.
GEORGE SOROS

Attain Improvement Infinite Perfection
I chose America as my home because I value freedom and democracy, civil liberties and an open society.
GEORGE SOROS

Freedom Home Myself Open Society Value
The worse a situation becomes the less it takes to turn it around, the bigger the upside.
GEORGE SOROS

Big Myself Situation Worst
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

Difference Future Investment Profit Success Yourself
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.
GEORGE SOROS

Care Democracy Establishment Freedom Guard Institution Safe Universe
If the bubbles contain a misconception, as they always do, then it can’t be maintained forever.
GEORGE SOROS

Concept Forever Maintain
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.
GEORGE SOROS

Follow Institution Performance Relation Trend Trouble
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.
GEORGE SOROS

Crowd Follow Lose Momentum Rise Time
What works for Germany can’t work for the rest of Europe: No country can run a chronic surplus without others running deficits.
GEORGE SOROS

Country Resource Run Work
To be successful, you need leisure. You need time hanging heavily on your hands.
GEORGE SOROS

Hands heavy Need Success Time Yourself

There is no point in being confident and having a small position.

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There is no point in being confident and having a small position.

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