The financial markets generally are unpredictable. So that one has to have different scenarios… The idea that you can actually predict what’s going to happen contradicts my way of looking at the market.
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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The financial markets play an active role in determining what’s going to happen, how the economy is going to function.
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Market prices 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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Revolutions usually start with enthusiasm and end in tears.
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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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The main obstacle to a stable and just world order is the United States. [This idea] happens to coincide with the prevailing opinion in the world. And I think that’s rather shocking for Americans to hear.
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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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Find the trend whose premise is false, and bet against it.
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Start by assuming the market is always wrong, so if you copy everybody else on Wall Street, you’re doomed to do poorly.
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There is no point in being confident and having a small position.
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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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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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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.
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The strength of this country lies in the Declaration of Independence and the Bill of Rights and the freedom of speech and thought.
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Every bubble has two components: something – some real trend, and a misconception about that trend.
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Short term volatility is greatest at turning points and diminishes as a trend becomes established.
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Misconceptions play a prominent role in my view of the world.
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There is always a divergence between our perception and what actually exists.
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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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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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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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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 prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong.
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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.
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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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If the bubbles contain a misconception, as they always do, then it can’t be maintained forever.
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