Rebuilding Economics: George Soros

George Soros is a well known trader who is much better known as “The Man who broke Bank Of England” because of his US$1 billion profit trade during the 1992 Black Wednesday UK currency crises.

Soros started his career in 1956 as an arbitrage trader for F. M. Mayer later moved to Wertheim & Co. as an analyst. After working at the top positions with companies like  Arnhold and S. Bleichroeder and First Eagle funds, in 1970 Soros founded Soros Fund Management and became its chairman.

 

Famous Quotes by George Soros

“I’m only rich because I know when I’m wrong.”

“Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.”

“It is much easier to put existing resources to better use, than to develop resources where they do not exist”

“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 trouble with you, Byron [Byron Wein – Morgan Stanley], is that you go to work every day [and think] you should do something. I don’t, I only go to work on the days that make sense to go to work. And I really do something on that day. But you go to work and you do something every day and you don’t realize when it’s a special day.”

“There is no point in being confident and having a small position”

“Markets can influence the events that they anticipate”

 

Nick Name

“The Man who broke the Bank of England”

 

Well Known For

Books

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You can buy books from the Amazon links mentioned above.

 

Billion Dollar Trade

“Our total position by Black Wednesday had to be worth almost $10 billion. We planned to sell more than that. In fact, when Norman Lamont [the British finance minister] said just before the devaluation that he would borrow nearly $15 billion to defend sterling, we were amused because that was about how much we wanted to sell.”

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