Start by assuming the market is always wrong, so if you copy everybody else on Wall Street, you’re doomed to do poorly.
GEORGE SOROSMarket prices are always wrong in the sense that they present a biased view of the future.
More George Soros Quotes
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The world order needs a major overhaul.
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To be successful, you need leisure. You need time hanging heavily on your hands.
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To my mind, there is a solution which has to do with democracy, because democratic governments are subject to the will of the people. So, if the people will it, you can actually create international institutions through the democratic states.
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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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Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test.
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The global crisis is caused by pathologies inherent in the global financial system itself.
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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 is credit that matters, not money (in other words, monetarism is a false ideology).
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My approach works not by making valid predictions but by allowing me to correct false ones.
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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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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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The reality is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.
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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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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.
GEORGE SOROS