The sovereignty of states must be subordinated to international law and international institutions.
GEORGE SOROSThere 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.
More George Soros Quotes
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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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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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Law has become a business. Health care has become a business. Unfortunately, politics has also become a business. That really undermines society.
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The collapse of the global marketplace would be a traumatic event with unimaginable consequences. Yet I find it easier to imagine than the continuation of the present regime.
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Revolutions usually start with enthusiasm and end in tears.
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American supremacy is the greatest threat to the world today.
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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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The scope for improvement is infinite, precisely because perfection is unattainable.
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My approach works not by making valid predictions but by allowing me to correct false ones.
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Every bubble has two components: something – some real trend, and a misconception about that trend.
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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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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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The hardest thing to judge is what level of risk is safe.
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I fancied myself as some kind of god or an economic reformer like Keynes.
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I’m only rich because I know when I’m wrong.
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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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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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I chose America as my home because I value freedom and democracy, civil liberties and an open society.
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Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.
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I don’t panic. The same thing applies to me as to everybody else, so I’m given to euphoria and despair. And I would say that I basically have survived by recognizing my mistakes.
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Markets can influence the events that they anticipate.
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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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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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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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Short term volatility is greatest at turning points and diminishes as a trend becomes established.
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It is sort of a disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.
GEORGE SOROS