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There is no point in being confident and having a small position.

George Soros

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.
GEORGE SOROS

Carry Flaw Life Logic Meaning Oneself See
Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test.
GEORGE SOROS

Investment Practice Science Submit
The main obstacle to a stable and just world order is the United States.
GEORGE SOROS

Obstacle Order Stability World
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
The prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong.
GEORGE SOROS

Marketing Myself Opposite Right Wisdom
What works for Germany can’t work for the rest of Europe: No country can run a chronic surplus without others running deficits.
GEORGE SOROS

Country Resource Run Work
There is always a divergence between our perception and what actually exists.
GEORGE SOROS

Existence Ourselves Perception
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
Political debate is more interested in manipulating the truth, than finding the truth.
GEORGE SOROS

Finding Interest Manipulation Politics Truth
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
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.
GEORGE SOROS

Basic Despair Fear Mistake Myself Panic Recognition Survive
Every bubble has two components: something – some real trend, and a misconception about that trend.
GEORGE SOROS

Component Concept Reality Trend
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.
GEORGE SOROS

Concept Criticism Frame Important Mistake Myself 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
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 SOROS

Condition Failure Human Imperfection Mistake Ourselves Understand Wrong
When interest rates are low we have conditions for asset bubbles to develop, and they are developing at the moment. The ultimate asset bubble is gold.
GEORGE SOROS

Condition Development Gold Interest Rate Ultimate

There is no point in being confident and having a small position.

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There is no point in being confident and having a small position.

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