To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.
GEORGE SOROSEvery bubble has two components: something – some real trend, and a misconception about that trend.
More George Soros Quotes
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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.
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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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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.
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There is no point in being confident and having a small position.
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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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To be successful, you need leisure. You need time hanging heavily on your hands.
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Misconceptions play a prominent role in my view of the world.
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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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My approach works not by making valid predictions but by allowing me to correct false ones.
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Studying economics is not a good preparation for dealing with it.
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In politics, manipulating reality can take presidence over finding reality.
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The global crisis is caused by pathologies inherent in the global financial system itself.
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Markets can influence the events that they anticipate.
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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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Investors operate with limited funds and intelligence, they do not need to know everything. As long as they understand something better than others, they have an edge.
GEORGE SOROS