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George Soros Quotes on Finance: 7 Memorable Statements by the Billionaire

By    |   Thursday, 14 May 2015 10:57 AM

Financier George Soros’ low-key money making suddenly brought him into the public eye when his risky speculating "broke the Bank of England," netting him a cool $1 billion in 1992. Today, Forbes estimates the self-made billionaire has a net worth of $24.2

Vote Now:Do You Think George Soros Is Good or Evil?

Soros’ life is the ultimate rags-to-riches story, a “Horatio Alger-esque journey,” as Forbes called it: First hiding from the Nazis in his native Hungary during World War II, and then escaping the Soviets, Soros has risen from a teenaged refugee depending on charity and doing odd jobs to one of the wealthiest men in the world.

Here are some of billionaire George Soros’ insights into the world of finance:

1. “If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.”
—Quoted in The Winning Investment Habits of Warren Buffett & George Soros by Mark Tier.

2. “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. But I hate to think what would have happened if I hadn’t made money: My ideas would not have gotten much play.”
—Quoted in “The Winning Investment Habits of Warren Buffett & George Soros.”

3. “It is not enough to stabilize and restart the financial markets; we must reinvent a global financial system that has broken down.”
In his book, “My Philanthropy,” quoted in The New York Review of Books.

4. “Economics tried to model itself on Newtonian physics. It sought to establish universally and timelessly valid laws governing reality. But economics is a social science and there is a fundamental difference between the natural and social sciences. Social phenomena have thinking participants who base their decisions on imperfect knowledge. That is what economic theory has tried to ignore.”
—Remarks at the Festival of Economics, Trento, Italy, in 2012.

5. “Since both market participants and regulators act on the basis of imperfect knowledge the interplay between them is reflexive. Moreover, reflexivity and fallibility are not confined to the financial markets; they also characterize other spheres of social life, particularly politics. Indeed, in light of the ongoing interaction between markets and regulators it is quite misleading to study financial markets in isolation. Behind the invisible hand of the market lies the visible hand of politics. Instead of pursuing timeless laws and models, we ought to study events in their time-bound context.”
—Remarks at the Festival of Economics

6. “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. It has the aura of something empirical: since the adjustment process is supposed to lead to an equilibrium, an equilibrium position seems somehow implicit in our observations. That is not true. Equilibrium itself has rarely been observed in real life — market prices have a notorious habit of fluctuating.
In his book The Alchemy of Finance: Reading the Mind of the Market.

7. “Markets are amoral. But society cannot live without morality.”
Remarks at the Granoff Forum on International Development and the Global Economy in 2002, quoted by Penn Current.

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Financier George Soros’ low-key money making suddenly brought him into the public eye when his risky speculating "broke the Bank of England," netting him a cool $1 billion in 1992.
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Thursday, 14 May 2015 10:57 AM
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