As I discovered, there is a great deal of similarity between a boom-bust process in the financial markets and the rise and fall of the Soviet system.
GEORGE SOROSEvery bubble has two components: something – some real trend, and a misconception about that trend.
More George Soros Quotes
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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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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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If we carry this line of argument to its logical conclusion, the meaning of life consists of the flaws in one’s conceptions and what one does about them. Life can be seen as a fertile fallacy.
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American supremacy is the greatest threat to the world today.
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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.
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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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Unfortunately, the more complex the system, the greater the room for error.
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The scope for improvement is infinite, precisely because perfection is unattainable.
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The world order needs a major overhaul.
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I chose America as my home because I value freedom and democracy, civil liberties and an open society.
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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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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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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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To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.
GEORGE SOROS