I’m not better than the next trader, just quicker at admitting my mistakes and moving on to the next opportunity.
GEORGE SOROSThe main enemy of the open society, I believe, is no longer the communist but the capitalist threat.
More George Soros Quotes
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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 main obstacle to a stable and just world order is the United States.
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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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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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Misconceptions play a prominent role in my view of the world.
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Increase your bets when you are confident and scale down your positions when you don’t have conviction.
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The sovereignty of states must be subordinated to international law and international institutions.
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Unfortunately, the more complex the system, the greater the room for error.
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The reality is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.
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The hardest thing to judge is what level of risk is safe.
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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.
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My approach works not by making valid predictions but by allowing me to correct false ones.
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My main concern is with the world order.
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Revolutions usually start with enthusiasm and end in tears.
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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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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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To be successful, you need leisure. You need time hanging heavily on your hands.
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Short term volatility is greatest at turning points and diminishes as a trend becomes established.
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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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To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.
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If we care about universal principles such as freedom, democracy and the rule of law, we cannot leave them to the care of market forces; we must establish some other institutions to safeguard them.
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Find the trend whose premise is false, and bet against it.
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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.
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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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