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.
GEORGE SOROSDiscount the obvious, bet on the unexpected.
More George Soros Quotes
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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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Market prices are always wrong in the sense that they present a biased view of the future.
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The main obstacle to a stable and just world order is the United States.
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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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My main concern is with the world order.
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Once a trend is established it tends to persist and to run it’s full course.
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Short term volatility is greatest at turning points and diminishes as a trend becomes established.
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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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America needs to follow the policies it has introduced in Germany. We have to go through a certain de-Nazification process.
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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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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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Increase your bets when you are confident and scale down your positions when you don’t have conviction.
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I rely a great deal on animal instincts.
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Unfortunately, the more complex the system, the greater the room for error.
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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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