I chose America as my home because I value freedom and democracy, civil liberties and an open society.
GEORGE SOROSMarket prices are always wrong.
More George Soros Quotes
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Every bubble has two components: something – some real trend, and a misconception about that trend.
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To be successful, you need leisure. You need time hanging heavily on your hands.
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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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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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The main obstacle to a stable and just world order is the United States.
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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.
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I’m not better than the next trader, just quicker at admitting my mistakes and moving on to the next opportunity.
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Revolutions usually start with enthusiasm and end in tears.
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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 worse a situation becomes the less it takes to turn it around, the bigger the upside.
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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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Studying economics is not a good preparation for dealing with it.
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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 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.
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The reality is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.
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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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If the bubbles contain a misconception, as they always do, then it can’t be maintained forever.
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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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It is credit that matters, not money (in other words, monetarism is a false ideology).
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An open society is a society which allows its members the greatest possible degree of freedom in pursuing their interests compatible with the interests of others.
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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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My approach works not by making valid predictions but by allowing me to correct false ones.
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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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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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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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The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.
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