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Soros on Soros

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Soros on Soros

Staying Ahead of the Curve

Wiley,

15 min read
10 take-aways
Audio & text

What's inside?

Soros on Soros: concepts as currency.

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Editorial Rating

7

Qualities

  • Innovative

Recommendation

Like a 21st century physicist, George Soros is looking for the universal theory, the theory of everything. In Soros on Soros, he tries to express his vision of that theory, that one formula that will link his insights into markets, group dynamics and the historic and political evolution of mankind. While he never succeeds, you’ll get a full education in Soros-think as you watch him lurch through a series of anecdotes, observations and philosophic lunges. Soros is an investor and self-proclaimed failed-philosopher, not a wordsmith. The power of this book lies in its ideas, not its art. He has learned from his role as the world’s most powerful investor that mere thoughts - whether correct or incorrect - can move markets, motivate people to action and alter the course of history. For that reason, getAbstract recommends this book to all investors, executives and students. After a series of financial defeats since 1998, Soros might not be what Soros was, but his ideas and beliefs still sway markets and shade international policy in a manner that few people on the planet can match.

Summary

(getAbstract.com note: Soros on Soros was published in 1995. Although George Soros’ funds totaled more than $11 billion in the spring of 2000, they have suffered major losses in past years. In 1998, Soros Group lost $2 billion in the Russian financial meltdown. Quantum Fund manager Stan Druckenmiller left Soros after bets on technology and biotech stocks wracked up losses said to be 20%-30% of the fund.)

The Investor

The Quantum Fund uses leverage to take advantage of larger trends, and pick stocks and stock groups within those trends. We don’t believe in ’scientific’ methods to measure risk. Some people believe the market is always right. I believe the markets are always wrong. I look for the flaw in every investment strategy. Once I know the flaw, my sense of insecurity is satisfied and I can invest with greater confidence, because I know what is wrong, even if the market does not.

The great philosopher Karl Popper was one of my teachers and a major influence on me. His book, Open Society and Its Enemies, showed me that communism and fascism have much in common, and that they both stand in opposition to another kind of social organization: open society.

About the Authors

Investor and philanthropist George Soros runs Soros Fund Management, which is the principal advisor to the Quantum Group of Funds. For its first 26 years, Quantum Fund NV had the best performance of any investment fund in the world. Soros has also established a network of foundations around the world to support major philanthropic efforts. His other books include The Alchemy of Finance, Opening the Soviet System, and Underwriting Democracy.

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