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Soros on Soros

Soros on Soros
Soros on Soros

George Soros, Byron Wien, Krisztina Koenen

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Synopsis


George Soros Ends the Speculation

"The outcome [of this book] is a summing up of my life's work. . . As I finish the book, I feel I have succeeded."-George Soros from the Preface

Critical praise for Soros on Soros

"If you have ever wanted to sit down for a candid conversation with a phenomenal financial success, George Soros's book provides the opportunity. You will meet a complex man and a first-rate mind."-Henry A. Kissinger

"The best expert on Soros is undoubtedly George Soros! After all, who is better equipped to tell us what he really thinks and how he thinks, a matter of some importance given the fact that he has translated a remarkable personal financial success into a truly generous and historically significant effort to promote postcommunist democracy." -Zbigniew Brzezinski

"The best X-ray of the mind of the master yet." -Barton M. Biggs

"George Soros brings a lot more to the world of finance than the intuition and nerve of a born trader-and in Soros on Soros he's no longer bashful about telling us about it. A philosopher at heart, George attributes his success at investing to a theory of the interaction of reality and human perception. What really drives the man now, with a personal fortune beyond all personal need, is a different kind of strategic investing-investment to build in Eastern Europe the kind of open societies he came to value in his own life." -Paul A. Volcker

Financial guru George Soros is one of the most colorful and intriguing figures in the financial world today. Now in Soros on Soros, readers are given their most intimate and revealing look yet into the life and mind of the one BusinessWeek dubbed, "The Man Who Moves Markets."

Soros on Soros interweaves financial theory and personal reminiscence, political analysis and moral reflection to offer a compelling portrait of the world (and its markets) according to Soros. In an interview-style narrative with Byron Wien, Managing Director at Morgan Stanley, and with German journalist Krisztina Koenen, Soros vividly describes the genesis of his brilliant financial career and shares his views on investing and global finance, politics and the emerging world order, and the responsibility of power.

Speaking with remarkable candor, he traces his progress from Holocaust survivor to philosophy student, unsuccessful tobacco salesman to the world's most powerful and profitable trader and introduces us to the people and events that helped shape his character and his often controversial views.

In describing the investment theories and financial strategies that have made him "a superstar among money managers" (The New York Times), Soros tells the fascinating story of the phenomenally successful Soros Fund Management and its $12 billion flagship, Quantum Fund. He also offers fresh insights into some of his most sensational wins and losses, including a firsthand account of the $1 billion he made going up against the British pound and the fortune he lost speculating on the yen. Plus: Soros's take on the devaluation of the peso and currency fluctuations internationally.

He tells of the personal and professional crises that more than once threatened to destroy him and of the personal resources he drew upon to turn defeat into resounding victory. And he explains his motivations for establishing the Soros Foundation and the Open Society Institute through which he worked to build open societies in postcommunist countries in Eastern Europe and the former Soviet Union.

Finally, turning his attention to international politics, Soros offers keen insights into the current state of affairs in Russia and the former communist bloc countries and analyzes the reasons behind and likely consequences of the West's failure to properly integrate them into the free world. He also explores the crisis of the ERM and analyzes the pros and cons of investing in a number of emerging markets.

Find out what makes one of the greatest financial wizards of this or any age tick. Soros on Soros is a must read for anyone interested in world finance and international policy.

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George Soros, Byron Wien, Krisztina Koenen

Summary

Chapter 1: The Alchemy of Finance

Soros introduces his unique perspective on financial markets, viewing them as constantly evolving systems where value is created and destroyed through the interaction of participants. He compares the stock market to alchemy, where traders attempt to manipulate prices to their advantage. He explains how this process can lead to bubbles and crashes, citing the subprime mortgage crisis as an example.

Chapter 2: The Theory of Reflexivity

Soros proposes his theory of reflexivity, which argues that human perceptions and actions influence the financial markets, creating a feedback loop. He explains how investors' beliefs and expectations can drive prices, which in turn influence those same beliefs and expectations. This creates a self-reinforcing cycle that can lead to market distortions.

Chapter 3: The Art of Uncertainty

Soros emphasizes the importance of recognizing uncertainty in financial markets. He argues that it is impossible to predict the future with certainty, and that successful investors must adapt their strategies to changing circumstances. He encourages investors to embrace the unknown and to learn from their mistakes.

Chapter 4: The Role of the State

Soros discusses the role of government intervention in financial markets. He argues that the state has a responsibility to prevent excessive risk-taking and to protect investors from fraud. He criticizes the deregulation of financial markets in the 1990s, which he believes contributed to the financial crisis of 2008.

Chapter 5: The Crisis of Global Capitalism

Soros analyzes the global financial crisis of 2008, arguing that it was a systemic crisis caused by excessive leverage and the breakdown of regulation. He calls for a fundamental rethinking of the global financial system to prevent future crises.

Chapter 6: Philanthropy and Social Responsibility

Soros shares his views on philanthropy and social responsibility. He argues that wealthy individuals have an obligation to give back to society and to support causes that promote social justice and equality. He describes his own philanthropic efforts, including his work with the Open Society Foundations.

Chapter 7: The Future of Finance

Soros concludes by discussing the future of financial markets. He predicts that the increasing use of technology and artificial intelligence will transform the industry. He also emphasizes the importance of sustainability and ethical investing.

Real Example

The theory of reflexivity can be illustrated by the housing market bubble of the early 2000s. Investors' belief that housing prices would continue to rise led to increased demand and speculation. This pushed prices higher, which in turn reinforced the belief that prices would continue to rise. Eventually, the bubble burst, leading to a collapse in the housing market and the financial crisis of 2008.