Once a trend is established it tends to persist and to run it’s full course.
GEORGE SOROSStock market bubbles don’t grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.
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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Political debate is more interested in manipulating the truth, than finding the truth.
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The main obstacle to a stable and just world order is the United States.
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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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The financial markets play an active role in determining what’s going to happen, how the economy is going to function.
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What works for Germany can’t work for the rest of Europe: No country can run a chronic surplus without others running deficits.
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Discount the obvious, bet on the unexpected.
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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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My main concern is with the world order.
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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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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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There is always a divergence between our perception and what actually exists.
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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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The world order needs a major overhaul.
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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 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 strength of this country lies in the Declaration of Independence and the Bill of Rights and the freedom of speech and thought.
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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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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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My sense of insecurity keeps me alert, always ready to correct my errors.
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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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Short term volatility is greatest at turning points and diminishes as a trend becomes established.
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My approach works not by making valid predictions but by allowing me to correct false ones.
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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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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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