Fundamental analysis seeks to establish how underlying values are reflected in stock prices, whereas the theory of reflexivity shows how stock prices can influence underlying values.
GEORGE SOROSMost of the poverty and misery in the world is due to bad government, lack of democracy, weak states, internal strife, and so on.
More George Soros Quotes
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Discount the obvious, bet on the unexpected.
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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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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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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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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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Unfortunately, the more complex the system, the greater the room for error.
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Law has become a business. Health care has become a business. Unfortunately, politics has also become a business. That really undermines society.
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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 main concern is with the world order.
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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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Every bubble has two components: something – some real trend, and a misconception about that trend.
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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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The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.
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When interest rates are low we have conditions for asset bubbles to develop, and they are developing at the moment. The ultimate asset bubble is gold.
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The main obstacle to a stable and just world order is the United States. [This idea] happens to coincide with the prevailing opinion in the world. And I think that’s rather shocking for Americans to hear.
GEORGE SOROS