Start by assuming the market is always wrong, so if you copy everybody else on Wall Street, you’re doomed to do poorly.
GEORGE SOROSThe world order needs a major overhaul.
More George Soros Quotes
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The hardest thing to judge is what level of risk is safe.
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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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No individual anonymous participant can influence the prices and therefore you really can speculate in the market without paying attention to morality. That’s one of the positive features of markets. That’s why they function.
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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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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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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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Increase your bets when you are confident and scale down your positions when you don’t have conviction.
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My approach works not by making valid predictions but by allowing me to correct false ones.
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I’m only rich because I know when I’m wrong.
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The collapse of the global marketplace would be a traumatic event with unimaginable consequences. Yet I find it easier to imagine than the continuation of the present regime.
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Market prices are always wrong.
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If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.
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Studying economics is not a good preparation for dealing with it.
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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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Revolutions usually start with enthusiasm and end in tears.
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In politics, manipulating reality can take presidence over finding reality.
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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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My main concern is with the world order.
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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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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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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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There is always a divergence between our perception and what actually exists.
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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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The global crisis is caused by pathologies inherent in the global financial system itself.
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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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