The sovereignty of states must be subordinated to international law and international institutions.
GEORGE SOROSFind the trend whose premise is false, and bet against it.
More George Soros Quotes
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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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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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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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Start by assuming the market is always wrong, so if you copy everybody else on Wall Street, you’re doomed to do poorly.
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I’m only rich because I know when I’m wrong.
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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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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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Political debate is more interested in manipulating the truth, than finding the truth.
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There is always a divergence between our perception and what actually exists.
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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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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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I’m only rich because I know when I’m wrong…I basically have survived by recognizing my mistakes.
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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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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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Every bubble has two components: something – some real trend, and a misconception about that trend.
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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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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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To be successful, you need leisure. You need time hanging heavily on your hands.
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When money is free, the rational lender will keep on lending until there is no one else to lend to.
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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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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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I chose America as my home because I value freedom and democracy, civil liberties and an open society.
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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.
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I rely a great deal on animal instincts.
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