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If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.

George Soros

Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test.
GEORGE SOROS

Investment Practice Science Submit
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.
GEORGE SOROS

Crowd Follow Lose Momentum Rise Time
Market prices are always wrong in the sense that they present a biased view of the future.
GEORGE SOROS

Future Market Present Price View Wrong
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.
GEORGE SOROS

Discover Greatness Marketing Rise Similar System
The hardest thing to judge is what level of risk is safe.
GEORGE SOROS

Hard Judgement Level Life Risk
American supremacy is the greatest threat to the world today.
GEORGE SOROS

Competition Greatness Rival Threat World
Every bubble has two components: something – some real trend, and a misconception about that trend.
GEORGE SOROS

Component Concept Reality Trend
I’m only rich because I know when I’m wrong.
GEORGE SOROS

Aware Myself Rich Wrong
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.
GEORGE SOROS

Criticism Myself Qualification Reality Study Theory
Find the trend whose premise is false, and bet against it.
GEORGE SOROS

Fake Finding Trend
Increase your bets when you are confident and scale down your positions when you don’t have conviction.
GEORGE SOROS

Confidence Position Scale Yourself
The strength of this country lies in the Declaration of Independence and the Bill of Rights and the freedom of speech and thought.
GEORGE SOROS

Country Independent Lying Right Strength Talk Thinking
Revolutions usually start with enthusiasm and end in tears.
GEORGE SOROS

End Enthusiasm Revolution Start Tears
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.
GEORGE SOROS

Myself Operation Practice Skills Survive Training Word
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
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
Most of the poverty and misery in the world is due to bad government, lack of democracy, weak states, internal strife, and so on.
GEORGE SOROS

Government Misery Poverty Weakness World
I’m only rich because I know when I’m wrong…I basically have survived by recognizing my mistakes.
GEORGE SOROS

Basic Mistake Recognition Rich Wrong
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.
GEORGE SOROS

Carry Flaw Life Logic Meaning Oneself See
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.
GEORGE SOROS

Difference Ideas Interest Kind Money Myself People Personal
I’m not better than the next trader, just quicker at admitting my mistakes and moving on to the next opportunity.
GEORGE SOROS

Better Mistake Move On Opportunity Quick Trade
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.
GEORGE SOROS

Establish Fundamental Lying Price Reflection Seek Value
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.
GEORGE SOROS

Important Lose Money Right Wrong Yourself
The reality is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.
GEORGE SOROS

Marketing Reality Science
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.
GEORGE SOROS

Condition Development Gold Interest Rate Ultimate
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.
GEORGE SOROS

Difference Future Investment Profit Success Yourself
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

If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.

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If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.

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Popular Authors

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