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Unfortunately, the more complex the system, the greater the room for error.

George Soros

I fancied myself as some kind of god or an economic reformer like Keynes.
GEORGE SOROS

Economics Fancy God Kind
The sovereignty of states must be subordinated to international law and international institutions.
GEORGE SOROS

Institution International Law State
I rely a great deal on animal instincts.
GEORGE SOROS

Animal Greatness Myself
If the bubbles contain a misconception, as they always do, then it can’t be maintained forever.
GEORGE SOROS

Concept Forever Maintain
If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.
GEORGE SOROS

Boredom Entertainment Investment Money
To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.
GEORGE SOROS

Mistake Myself Pride Recognition Shame Wrong
Every bubble has two components: something – some real trend, and a misconception about that trend.
GEORGE SOROS

Component Concept Reality Trend
Market prices are always wrong.
GEORGE SOROS

Market One Liner Price Wrong
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.
GEORGE SOROS

Beginning Comfortable Creation God Kind Live Myself Sick
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.
GEORGE SOROS

Crowd Follow Lose Momentum Rise Time
The main difference between me and other people who have amassed this kind of money is that I am primarily interested in ideas, and I don’t have much personal use for money.
GEORGE SOROS

Difference Ideas Interest Kind Money Myself People Personal
The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. This makes them trend followers by definition.
GEORGE SOROS

Follow Institution Performance Relation Trend Trouble
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.
GEORGE SOROS

Criticism Myself Qualification Reality Study Theory
I’m not better than the next trader, just quicker at admitting my mistakes and moving on to the next opportunity.
GEORGE SOROS

Better Mistake Move On Opportunity Quick Trade
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.
GEORGE SOROS

Democracy Government International Mindset People Solution State
Stock market bubbles don’t grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.
GEORGE SOROS

Concept Growth Market Reality Stock

Unfortunately, the more complex the system, the greater the room for error.

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Unfortunately, the more complex the system, the greater the room for error.

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