Markets can influence the events that they anticipate.
GEORGE SOROSFind the trend whose premise is false, and bet against it.
More George Soros Quotes
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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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My conceptual framework, which basically emphasizes the importance of misconceptions, makes me extremely critical of my own decisions. I know that I am bound to be wrong, and therefore am more likely to correct my own mistakes.
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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.
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Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.
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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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To be successful, you need leisure. You need time hanging heavily on your hands.
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Studying economics is not a good preparation for dealing with it.
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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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The worse a situation becomes the less it takes to turn it around, the bigger the upside.
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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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When money is free, the rational lender will keep on lending until there is no one else to lend to.
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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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The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.
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The financial markets play an active role in determining what’s going to happen, how the economy is going to function.
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The main obstacle to a stable and just world order is the United States.
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Market prices are always wrong in the sense that they present a biased view of the future.
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It is sort of a disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.
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My approach works not by making valid predictions but by allowing me to correct false ones.
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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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The hardest thing to judge is what level of risk is safe.
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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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In politics, manipulating reality can take presidence over finding reality.
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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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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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My main concern is with the world order.
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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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