Markets can influence the events that they anticipate.
GEORGE SOROSMy sense of insecurity keeps me alert, always ready to correct my errors.
More George Soros Quotes
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Well, you know, I was a human being before I became a businessman.
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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.
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Market prices are always wrong.
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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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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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To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.
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American supremacy is the greatest threat to the world today.
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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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In politics, manipulating reality can take presidence over finding reality.
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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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I’m only rich because I know when I’m wrong…I basically have survived by recognizing my mistakes.
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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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Once a trend is established it tends to persist and to run it’s full course.
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I rely a great deal on animal instincts.
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My main concern is with the world order.
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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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If the bubbles contain a misconception, as they always do, then it can’t be maintained forever.
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It is credit that matters, not money (in other words, monetarism is a false ideology).
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Short term volatility is greatest at turning points and diminishes as a trend becomes established.
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Unfortunately, the more complex the system, the greater the room for error.
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Find the trend whose premise is false, and bet against it.
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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 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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Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.
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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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Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test.
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