The global crisis is caused by pathologies inherent in the global financial system itself. George Soros More Quotes by George Soros More Quotes From George Soros Every bubble has two components: something - some real trend, and a misconception about that trend. George Soros trends real two Unfortunately, the more complex the system, the greater the room for error. George Soros investing errors rooms The hardest thing to judge is what level of risk is safe. George Soros investing risk judging 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. George Soros society believe enemy 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. George Soros impact fashion real My approach works not by making valid predictions but by allowing me to correct false ones. George Soros The strength of this country lies in the Declaration of Independence and the Bill of Rights and the freedom of speech and thought. George Soros rights country lying My sense of insecurity keeps me alert, always ready to correct my errors. George Soros insecurity ready errors 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. George Soros panic despair mistake 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 George Soros analysis influence fundamentals There is very little difference between speculation and investment. The only difference is basically that investments are successful speculations because if you successfully anticipate the future you make a speculative profit. George Soros differences successful littles Increase your bets when you are confident and scale down your positions when you don't have conviction. George Soros scales increase conviction Short term volatility is greatest at turning points and diminishes as a trend becomes established George Soros volatility trends term The prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong. George Soros prevailing assuming opposites Market prices are always wrong in the sense that they present a biased view of the future. George Soros biased always-wrong views The financial markets play an active role in determining what's going to happen, how the economy is going to function. George Soros financial roles play The generally accepted view is that markets are always right -- that is, market prices tend to discount future developments accurately even when it is unclear what those developments are. I start with the opposite view. I believe the market prices are always wrong in the sense that they present a biased view of the future. George Soros views opposites believe Start by assuming the market is always wrong, so if you copy everybody else on Wall Street, you're doomed to do poorly. George Soros streets wall assuming Once a trend is established it tends to persist and to run it’s full course. George Soros persist trends running I'm only rich because I know when I'm wrong. George Soros rich making-money knows
