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 SOROSThe hardest thing to judge is what level of risk is safe.
More George Soros Quotes
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Market prices are always wrong.
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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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It is credit that matters, not money (in other words, monetarism is a false ideology).
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I’m only rich because I know when I’m wrong.
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I fancied myself as some kind of god or an economic reformer like Keynes.
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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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Studying economics is not a good preparation for dealing with it.
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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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The global crisis is caused by pathologies inherent in the global financial system itself.
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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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Every bubble consists of a trend that can be observed in the real world and a misconception relating to that trend. The two elements interact with each other in a reflexive manner.
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I’m only rich because I know when I’m wrong…I basically have survived by recognizing my mistakes.
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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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Short term volatility is greatest at turning points and diminishes as a trend becomes established.
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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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If the bubbles contain a misconception, as they always do, then it can’t be maintained forever.
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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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I don’t panic. The same thing applies to me as to everybody else, so I’m given to euphoria and despair. And I would say that I basically have survived by recognizing my mistakes.
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Once a trend is established it tends to persist and to run it’s full course.
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What works for Germany can’t work for the rest of Europe: No country can run a chronic surplus without others running deficits.
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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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American supremacy is the greatest threat to the world today.
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To be successful, you need leisure. You need time hanging heavily on your hands.
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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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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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