Once a trend is established it tends to persist and to run it’s full course.
GEORGE SOROSDiscount the obvious, bet on the unexpected.
More George Soros Quotes
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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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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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I rely a great deal on animal instincts.
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In politics, manipulating reality can take presidence over finding reality.
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Most of the poverty and misery in the world is due to bad government, lack of democracy, weak states, internal strife, and so on.
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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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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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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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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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To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.
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The scope for improvement is infinite, precisely because perfection is unattainable.
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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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What works for Germany can’t work for the rest of Europe: No country can run a chronic surplus without others running deficits.
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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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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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