George Soros is a Hungarian-born currency trader, activist and philanthropist. He is one of the most famous and successful traders of all time and is responsible for ‘breaking the bank of England’ in 1992. Here are some interesting words of wisdom from this legendary trader:
“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.”
“The truth is, successful investing is a kind of alchemy.”
“Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.”
A Guest Post by FXTM
“The prevailing wisdom is that markets are always right. I take the opposition position. I assume that markets are always wrong. Even if my assumption is occasionally wrong, I use it as a working hypothesis.”
“I chose America as my home because I value freedom and democracy, civil liberties and an open society.”
“Economic theory is devoted to the study of equilibrium positions. The concept of equilibrium is very useful. It allows us to focus on the final outcome rather than the process that leads up to it. But the concept is also very deceptive…Equilibrium itself has rarely been observed in real life “” market prices have a notorious habit of fluctuating.”
“Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.”
“Stock market bubbles don’t grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.”
“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.”
“I think there’s a lot of merit in an international economy and global markets, but they’re not sufficient because markets don’t look after social needs.”
“When I had made more money than I needed for myself and my family, I set up a foundation to promote the values and principles of a free and open society.”
“I wish I could write a book that will be read for as long as our civilization lasts… I would value it much more highly than any business success if I could contribute to an understanding of the world in which we live or, better yet, if I could help to preserve the economic and political system that has allowed me to flourish as a participant.”
“It does not follow that one should always go against the prevailing trend. On the contrary, most of the time the trend prevails; only occasionally are the errors corrected. This line of reasoning leads me to look for the flaw in every investment thesis. … I am ahead of the curve.”
“Most of the time we are punished if we go against the trend. Only at an inflection point are we rewarded.”
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