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.
GEORGE SOROSI’m only rich because I know when I’m wrong…I basically have survived by recognizing my mistakes.
More George Soros Quotes
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My approach works not by making valid predictions but by allowing me to correct false ones.
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Once a trend is established it tends to persist and to run it’s full course.
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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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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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Studying economics is not a good preparation for dealing with it.
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The worse a situation becomes the less it takes to turn it around, the bigger the upside.
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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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To my mind, there is a solution which has to do with democracy, because democratic governments are subject to the will of the people. So, if the people will it, you can actually create international institutions through the democratic states.
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Market prices are always wrong.
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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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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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If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.
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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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My sense of insecurity keeps me alert, always ready to correct my errors.
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Short term volatility is greatest at turning points and diminishes as a trend becomes established.
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