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.
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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If the bubbles contain a misconception, as they always do, then it can’t be maintained forever.
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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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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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The main obstacle to a stable and just world order is the United States.
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In politics, manipulating reality can take presidence over finding reality.
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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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Market prices are always wrong.
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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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My main concern is with the world order.
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My sense of insecurity keeps me alert, always ready to correct my errors.
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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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The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.
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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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My approach works not by making valid predictions but by allowing me to correct false ones.
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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.
GEORGE SOROS