If the bubbles contain a misconception, as they always do, then it can’t be maintained forever.
GEORGE SOROSMaking an investment decision is like formulating a scientific hypothesis and submitting it to a practical test.
More George Soros Quotes
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Studying economics is not a good preparation for dealing with it.
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There is no point in being confident and having a small position.
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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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Market prices are always wrong in the sense that they present a biased view of the future.
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Short term volatility is greatest at turning points and diminishes as a trend becomes established.
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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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Revolutions usually start with enthusiasm and end in tears.
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Once a trend is established it tends to persist and to run it’s full course.
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It is credit that matters, not money (in other words, monetarism is a false ideology).
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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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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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There is very little difference between speculation and investment. The only difference is basically that investments are successful speculations because if you successfully anticipate the future you make a speculative profit.
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The financial markets generally are unpredictable. So that one has to have different scenarios… The idea that you can actually predict what’s going to happen contradicts my way of looking at the market.
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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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My sense of insecurity keeps me alert, always ready to correct my errors.
GEORGE SOROS