Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.
GEORGE SOROSI’m only rich because I know when I’m wrong.
More George Soros Quotes
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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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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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Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test.
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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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I fancied myself as some kind of god or an economic reformer like Keynes.
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An open society is a society which allows its members the greatest possible degree of freedom in pursuing their interests compatible with the interests of others.
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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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Discount the obvious, bet on the unexpected.
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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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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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The scope for improvement is infinite, precisely because perfection is unattainable.
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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 main enemy of the open society, I believe, is no longer the communist but the capitalist threat.
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My approach works not by making valid predictions but by allowing me to correct false ones.
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There is always a divergence between our perception and what actually exists.
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Market prices are always wrong.
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Studying economics is not a good preparation for dealing with it.
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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.
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Market prices are always wrong in the sense that they present a biased view of the future.
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Every bubble has two components: something – some real trend, and a misconception about that trend.
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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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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.
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The prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong.
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Misconceptions play a prominent role in my view of the world.
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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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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.
GEORGE SOROS