Studying economics is not a good preparation for dealing with it.
GEORGE SOROSMarkets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.
More George Soros Quotes
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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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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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America needs to follow the policies it has introduced in Germany. We have to go through a certain de-Nazification process.
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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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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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I’m not better than the next trader, just quicker at admitting my mistakes and moving on to the next opportunity.
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Stock market bubbles don’t grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.
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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.
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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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The reality is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.
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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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Revolutions usually start with enthusiasm and end in tears.
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The world order needs a major overhaul.
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My sense of insecurity keeps me alert, always ready to correct my errors.
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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