To be successful, you need leisure. You need time hanging heavily on your hands.
GEORGE SOROSIf the bubbles contain a misconception, as they always do, then it can’t be maintained forever.
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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Hedge funds are a very efficient way of managing money. But there are clearly some risks. Hedge funds use credit and credit is a source of instability. Transactions involving credit should be regulated.
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The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. This makes them trend followers by definition.
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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’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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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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Misconceptions play a prominent role in my view of the world.
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If we carry this line of argument to its logical conclusion, the meaning of life consists of the flaws in one’s conceptions and what one does about them. Life can be seen as a fertile fallacy.
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Every bubble has two components: something – some real trend, and a misconception about that trend.
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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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To my mind, there is a solution which has to do with democracy, because democratic governments are subject to the will of the people. So, if the people will it, you can actually create international institutions through the democratic states.
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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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There is no point in being confident and having a small position.
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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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Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test.
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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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The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.
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The scope for improvement is infinite, precisely because perfection is unattainable.
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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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To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.
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I am not well qualified to criticize the theory of rational expectations and the efficient market hypothesis because as a market participant I considered them so unrealistic that I never bothered to study them.
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Well, you know, I was a human being before I became a businessman.
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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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I’m only rich because I know when I’m wrong…I basically have survived by recognizing my mistakes.
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I’m only rich because I know when I’m wrong.
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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.
GEORGE SOROS