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To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.

George Soros

The prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong.
GEORGE SOROS

Marketing Myself Opposite Right Wisdom
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.
GEORGE SOROS

Element Myself Reality Relate Trend World
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.
GEORGE SOROS

Better Intelligence Investment Limitation Understand
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.
GEORGE SOROS

Concept Criticism Frame Important Mistake Myself Wrong
Political debate is more interested in manipulating the truth, than finding the truth.
GEORGE SOROS

Finding Interest Manipulation Politics Truth
Market prices are always wrong.
GEORGE SOROS

Market One Liner Price Wrong
Markets can influence the events that they anticipate.
GEORGE SOROS

Anticipate Event Influence Marketing
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.
GEORGE SOROS

Attention Feature Influence Market Moral Oneself Participant Pay Positive Price
Find the trend whose premise is false, and bet against it.
GEORGE SOROS

Fake Finding Trend
My approach works not by making valid predictions but by allowing me to correct false ones.
GEORGE SOROS

Correct Fake Myself Oneself Prediction Valid Work
Start by assuming the market is always wrong, so if you copy everybody else on Wall Street, you’re doomed to do poorly.
GEORGE SOROS

Assumption Poor Start Wrong Yourself
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

Beginning Comfortable Creation God Kind Live Myself Sick
If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.
GEORGE SOROS

Boredom Entertainment Investment Money
Stock market bubbles don’t grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.
GEORGE SOROS

Concept Growth Market Reality Stock
Once a trend is established it tends to persist and to run it’s full course.
GEORGE SOROS

Establishment Persistence Run
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.
GEORGE SOROS

Care Democracy Establishment Freedom Guard Institution Safe Universe

To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.

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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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