What works for Germany can’t work for the rest of Europe: No country can run a chronic surplus without others running deficits.
GEORGE SOROSMy approach works not by making valid predictions but by allowing me to correct false ones.
More George Soros Quotes
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American supremacy is the greatest threat to the world today.
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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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I rely a great deal on animal instincts.
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If we carry this line of argument to its logical conclusion, the meaning of life consists of the flaws in one’s conceptions and what one does about them. Life can be seen as a fertile fallacy.
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The main obstacle to a stable and just world order is the United States.
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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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To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.
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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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My approach works not by making valid predictions but by allowing me to correct false ones.
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I’m not better than the next trader, just quicker at admitting my mistakes and moving on to the next opportunity.
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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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When money is free, the rational lender will keep on lending until there is no one else to lend to.
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To be successful, you need leisure. You need time hanging heavily on your hands.
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Misconceptions play a prominent role in my view of the world.
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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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Find the trend whose premise is false, and bet against it.
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If I had to sum up my practical skills, I would use one word: survival. And operating a hedge fund utilized my training in survival to the fullest.
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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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Political debate is more interested in manipulating the truth, than finding the truth.
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Discount the obvious, bet on the unexpected.
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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.
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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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Stock market bubbles don’t grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.
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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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The worse a situation becomes the less it takes to turn it around, the bigger the upside.
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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.
GEORGE SOROS