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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.

George Soros

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
The worse a situation becomes the less it takes to turn it around, the bigger the upside.
GEORGE SOROS

Big Myself Situation Worst
Stock market bubbles don’t grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.
GEORGE SOROS

Concept Growth Market Reality Stock
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.
GEORGE SOROS

Better Intelligence Investment Limitation Understand
Market prices are always wrong in the sense that they present a biased view of the future.
GEORGE SOROS

Future Market Present Price View Wrong
In politics, manipulating reality can take presidence over finding reality.
GEORGE SOROS

Finding Manipulation Politics Reality
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.
GEORGE SOROS

Basic Despair Fear Mistake Myself Panic Recognition Survive
The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.
GEORGE SOROS

Believe Enemy Myself Open Society Threat
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
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
There is no point in being confident and having a small position.
GEORGE SOROS

Confidence Position Small
Unfortunately, the more complex the system, the greater the room for error.
GEORGE SOROS

Complex Errors Fortunate Mistake Room System
Markets can influence the events that they anticipate.
GEORGE SOROS

Anticipate Event Influence Marketing
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
Revolutions usually start with enthusiasm and end in tears.
GEORGE SOROS

End Enthusiasm Revolution Start Tears
If the bubbles contain a misconception, as they always do, then it can’t be maintained forever.
GEORGE SOROS

Concept Forever Maintain

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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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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