Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.— George Soros
The most massive George Soros quotes you will be delighted to read
Once we realize that imperfect understanding is the human condition, there is no shame in being wrong, only in failing to correct our mistakes.
I'm not better than the next trader, just quicker at admitting my mistakes and moving on to the next opportunity.
There is no point in being confident and having a small position.
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.
Now that I have called you on your false accusation, you are using additional smear tactics.
There is a resurgence of anti-Semitism in Europe.
The policies of the Bush administration and the Sharon administration contribute to that. It's not specifically anti-Semitism, but it does manifest itself in anti-Semitism as well.
Esperanto was a very useful language, because wherever you went, you found someone to speak with.
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 sovereignty of states must be subordinated to international law and international institutions.
Although I have made a fortune in the financial markets, I now fear that the untrammeled intensification of laissez-faire capitalism and the spread of market values into all areas of life is endangering our open and democratic society. The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.
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.
The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.
Start by assuming the market is always wrong, so if you copy everybody else on Wall Street, you're doomed to do poorly.
If investing is entertaining, if you're having fun, you're probably not making any money. Good investing is boring.
I'm only rich because I know when I'm wrong.
To be successful, you need leisure. You need time hanging heavily on your hands.
Economic history is a never-ending series of episodes based on falsehoods and lies, not truths. It represents the path to big money. The object is to recognize the trend whose premise is false, ride that trend and step off before it is discredited.
We are the most powerful nation on earth.
No external power, no terrorist organization can defeat us. But we can defeat ourselves by getting caught in a quagmire.
Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test.
Most of the poverty and misery in the world is due to bad government, lack of democracy, weak states, internal strife, and so on.
Short term volatility is greatest at turning points and diminishes as a trend becomes established
The integration of Europe was very much led by a Germany that was always willing to pay a little bit extra to reach a compromise that everybody accepted, because Germany was so eager to get European support for reunification. That was called the "farsighted vision," which created the European Union.
We [at Soros Fund Management] use options and more exotic derivatives sparingly.
We try to catch new trends early and in later stages we try to catch trend reversals. Therefore, we tend to stabilize rather than destabilize the market. We are not doing this as a public service. It is our style of making money.
Money values do not simply mirror the state of affairs in the real world;
valuation is a positive act that makes an impact on the course of events. Monetary and real phenomena are connected in a reflexive fashion; that is, they influence each other mutually. The reflexive relationship manifests itself most clearly in the use and abuse of credit.
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
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, Fannie Mae and Freddie Mac. They really kicked off this crisis. The state should set the rules and enforce them - but not become involved as a market player.
President George W. Bush is endangering the United States and the world's safety while undermining American values.
I am for maximum supervision and minimum regulation.
As an anonymous participant in financial markets, I never had to weigh the social consequences of my actions ... I felt justified in ignoring them on the grounds that I was playing by the rules.
Everything adds up to a major crisis.
Humanity is faced with a global energy crisis ... The core of the crisis lies in the increasing shortage of oil.
Who most benefits from keeping marijuana illegal? The greatest beneficiaries are the major criminal organizations in Mexico and elsewhere that earn billions of dollars annually from this illicit trade - and who would rapidly lose their competitive advantage if marijuana were a legal commodity.
Discount the obvious, bet on the unexpected
If I had to sum up my practical skills, I would use one word: survival.
And operating a hedge fund utilized my training in survival to the fullest.
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 admire Chancellor Merkel for her leadership qualities, but she is leading Europe in the wrong direction.
It is much easier to put existing resources to better use, than to develop resources where they do not exist.
Outperforming the market with low volatility on a consistent basis is an impossibility. I outperformed the market for 30-odd years, but not with low volatility.
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.
I'm only rich because I know when I'm wrong...I basically have survived by recognizing my mistakes.
Market prices are always wrong in the sense that they present a biased view of the future.
Studying economics is not a good preparation for dealing with it.
At times of recession, running a budget deficit is highly desirable.
Once the economy begins to recover, you have to balance the budget. But it will also need additional revenues. Should the government not receive them, we will all get punished with higher interest rates.
The reality is that financial markets are self-destabilizing;
occasionally they tend toward disequilibrium, not equilibrium.
The collapse of the global marketplace would be a traumatic event with unimaginable consequences. Yet I find it easier to imagine than the continuation of the present regime.
The global crisis is caused by pathologies inherent in the global financial system itself.
Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.
Well, you know, I was a human being before I became a businessman.
Every bubble consists of a trend that can be observed in the real world and a misconception relating to that trend. The two elements interact with each other in a reflexive manner.