The name George Soros is quite often mentioned when discussing some of the world’s best investors. Although quite controversial throughout his life and career, he is another guy I would rank as one of the world’s guru investors. In the following sections, I will introduce George and tell you some more fascinating information about him and his career. Enjoy!
George Soros – Background
George Soros, was born on 12 August 1930 (Budapest, Hungary). He is a Hungarian born American billionaire investor and philanthropist. He survived German-occupied Hungary and moved to the UK in 1947.
George Soros – Education
George Soros studied at the London School of Economics, gaining both Bachelor and Master degrees. He also achieved a Doctor of Philosophy from the University of London.
George Soros – Investment Successes
He began his business career by taking several jobs at merchant banks in the UK and then US, before starting his first hedge fund, the Double Eagle in 1969.
Soros was known as “The Man Who Broke the Bank of England” because of his short sale of US$10 billion worth of pounds sterling, which made him a profit of $1 billion during the 1992 Black Wednesday UK currency crisis.
The ‘Double Eagle’ hedge fund was later renamed to the Quantum Fund. In 2013, the Quantum Fund made $5.5 billion, making it again the most successful hedge fund in history.
The fund has generated almost $40bn since it was founded in 1973, according to Rick Sopher, chairman of LCH Investments, who compiled the rankings.
George Soros – What is he doing now?
As of March 2020, Forbes magazine listed Soros as the 162nd richest person in the world, with a net worth of $8.3 billion.
Soros has been active as a philanthropist since the 1970s, when he began providing funds to help black students attend the University of Cape Town in apartheid South Africa and began funding dissident movements behind the Iron Curtain.
He continues to be heavily involved in giving back to society in a number of different areas.
George has written many books, articles, and papers on economics, finance, stock trading, and geopolitics.
George Soros – Investment Philosophy
George Soros is a short-term speculator. His strategy revolved around making massive, highly-leveraged bets on the direction of the financial markets. His famous hedge fund is known for its global macro strategy, a philosophy centered around making massive, one-way bets on the movements of currency rates, commodity prices, stocks, bonds, derivatives, and other assets based on macroeconomic analysis.
George Soros – Inspirational quotes
A few interesting quotes from the often controversial George Soros follow:
- Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected
- 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 markets
- It’s not whether you’re right or wrong, but how much money you make when you’re right and how much you lose when you’re wrong.
Your PROFITABLE ACTION STEPS this time around:
- Continue to expand your knowledge regarding some of the world’s great investors. If you want to dig deeper on George Soros there is some great reading available including “Soros on Soros: Staying Ahead Of the Curve” and “The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means”
- Check out my recent article on “Peter Lynch’s 25 Golden Rules for Investing”.
- If you haven’t already, go to my home page and download my Passive Income Guide. It describes a number of ways to earn income with minimal ongoing effort (in most cases) and it’s ABSOLUTELY FREE.
Stay safe, healthy and wise and most importantly of all, take ACTION.