George Soros
George Soros
George Sorosis a Hungarian-American business magnate, investor, philanthropist, political activist and author who is of Hungarian-Jewish ancestry and holds dual citizenship. He is chairman of Soros Fund Management. He is known as "The Man Who Broke the Bank of England" because of his short sale of US$10 billion worth of pounds, making him a profit of $1 billion during the 1992 Black Wednesday UK currency crisis. Soros is one of the 30 richest people in the world...
NationalityHungarian
ProfessionEntrepreneur
Date of Birth12 August 1930
CityBudapest, Hungary
I'm only rich because I know when I'm wrong...I basically have survived by recognizing my mistakes.
The hardest thing to judge is what level of risk is safe.
Of course, speculation will always make a crisis worse. If there is a weak point, it will expose it.
If investing is entertaining, if you're having fun, you're probably not making any money. Good investing is boring.
My sense of insecurity keeps me alert, always ready to correct my errors.
I don't panic. The same thing applies to me as to everybody else, so I'm given to euphoria and despair. And I would say that I basically have survived by recognizing my mistakes.
I'm only rich because I know when I'm wrong.
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
To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride.
These public-private partnerships are very, very dangerous. The most rotten part of the financial system in the US consisted of the government sponsored entities. They really kicked off this crisis. The state should set the rules and enforce them but not become involved as a market player.
Start by assuming the market is always wrong, so if you copy everybody else on Wall Street, you're doomed to do poorly.
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.
My approach works not by making valid predictions but by allowing me to correct false ones.
There is no point in being confident and having a small position.