George Soros Quotes & Sayings

Increasingly, the Chinese will own a lot more of the world because they will be converting their dollar reserves and U.S. government bonds into real assets. — George Soros

I'm not doing my philanthropic work, out of any kind of guilt, or any need to create good public relations. I'm doing it because I can afford to do it, and I believe in it. — George Soros

The securitisation of mortgages added a new dimension of systemic risk. Financial engineers claimed they were reducing risks through geographic diversification: in fact they were increasing them by creating an agency problem. The agents were more interested in maximising fee income than in protecting the interests of bondholders. That is the verity that was ignored by regulators and market participants alike. — George Soros

The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. This makes them trend followers by definition. — George Soros

Just as the process of repealing national alcohol prohibition began with individual states repealing their own prohibition laws, so individual states must now take the initiative with respect to repealing marijuana prohibition laws. — George Soros

Germany will always do the minimum to preserve the euro. Doing the minimum, though, will perpetuate the situation where the debtor countries in Europe have to pay tremendous premiums to refinance their debt. The result will be a Europe in which Germany is seen as an imperial power that will not be loved and admired by the rest of Europe - but hated and resisted, because it will perceived as an oppressive power. — George Soros

The only thing that could hurt me is if my success encouraged me to return to my childhood fantasies of omnipotence - but that is not likely to happen as long as I remain engaged in the financial markets, because they constantly remind me of my limitations. — George Soros

Revolutions usually start with enthusiasm and end in tears. — George Soros

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

Regulating and taxing marijuana would simultaneously save taxpayers billions of dollars in enforcement and incarceration costs, while providing many billions of dollars in revenue annually. — George Soros

The dark comes before dawn. The financial markets are under great pressure because of the lack of leadership during the transition period. — George Soros

The main obstacle to further progress on the resource curse is China, and to a lesser extent India. — George Soros

When I had made more money than I needed for myself and my family, I set up a foundation to promote the values and principles of a free and open society. — George Soros

Taking this view, it is possible to see financial markets as a laboratory for testing hypotheses, albeit not strictly scientific ones. The truth is, successful investing is a kind of alchemy. — George Soros

If we carry this line of argument to its logical conclusion, the meaning of life consists of the flaws in one's conceptions and what one does about them. Life can be seen as a fertile fallacy. — George Soros

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. — George Soros

Discount the obvious, bet on the unexpected — George Soros

Globalization has rendered the world increasingly interdependent, but international politics is still based on the sovereignty of states. — George Soros

How good are markets in predicting real-world developments? Reading the record, it is striking how many calamities that I anticipated did not in fact materialise.
Financial markets constantly anticipate events, both on the positive and on the negative side, which fail to materialise exactly because they have been anticipated.
It is an old joke that the stock market has predicted seven of the last two recessions. Markets are often wrong. — George Soros

I contend that financial markets never reflect the underlying reality accurately; they always distort it in some way or another and the distortions find expression in market prices. Those distortions can, occasionally, find ways to affect the fundamentals that market prices are supposed to reflect. — George Soros

I used to be opposed to the idea of social entrepreneurship. I said let business be business, and philanthropy be philanthropy. Keep the two separate, don't mix it up, and this is what I did, and I did that rather successfully, but I now recognize that actually you do need to mix it up and I think there is room for social entrepreneurship. — George Soros

I see tremendous imbalance in the world. A very uneven playing field, which has gotten tilted very badly. I consider it unstable. At the same time, I don't exactly see what is going to reverse it. — George Soros

In 2012, the far-right Golden Dawn won 21 seats in Greece's parliamentary election, the right-wing Jobbik gained ground in my native Hungary, and the National Front's Marine Le Pen received strong backing in France's presidential election. Growing support for similar forces across Europe points to an inescapable conclusion: the continent's prolonged financial crisis is creating a crisis of values that is now threatening the European Union itself. — George Soros

The main obstacle to a stable and just world order is the United States. — George Soros

We must not forget; but we must forgive. Suffering often such compassion from the Jewish community. It was Jewish groups in the US who were in the forefront in opposing the ethnic cleansing of Muslim in Bosnia. — George Soros

Throughout the 19th century, when there was a laissez-faire mentality and insufficient regulation, you had one crisis after another. Each crisis brought about some reform. That is how central banking developed. — George Soros

Destroying America will be the culmination of my life's work. — George Soros

Most of the poverty and misery in the world is due to bad government, lack of democracy, weak states, internal strife, and so on. — George Soros

Short term volatility is greatest at turning points and diminishes as a trend becomes established — George Soros

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. — George Soros

I called gold the ultimate bubble, which means it may go higher. But it's certainly not safe and it's not going to last forever. — George Soros

I'm only rich because I know when I'm wrong. — George Soros

The laissez-faire argument relies on the same tacit appeal to perfection as does communism. — George Soros

The world order needs a major overhaul. — George Soros

There is no point in being confident and having a small position. — George Soros

A full and fair discussion is essential to democracy. — George Soros

If we care about universal principles such as freedom, democracy and the rule of law, we cannot leave them to the care of market forces; we must establish some other institutions to safeguard them. — George Soros

When it comes to social consequences, they've got all different people acting in different ways, very difficult to even have a proper criterion of success. So, it's a difficult task. — George Soros

The scope for improvement is infinite, precisely because perfection is unattainable. — George Soros

Bush's war in Iraq has done untold damage to the United States. It has impaired our military power and undermined the morale of our armed forces. Our troops were trained to project overwhelming power. They were not trained for occupation duties. — George Soros

The financial markets play an active role in determining what's going to happen, how the economy is going to function. — George Soros

The prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong. — George Soros

It is better to have a cat and mouse game where the cat has the upper hand than a cat and mouse game where the mice are ruling. Because the latter means that the market participants are given free range. That was actually the big misconception of our national hero Ronald Reagan, who always talked about the magic of the market. — George Soros

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. — George Soros

It is much easier to put existing resources to better use, than to develop resources where they do not exist. — George Soros

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. They really kicked off this crisis. The state should set the rules and enforce them but not become involved as a market player. — George Soros

America felt victorious and generous after World War II. They had also learned from the mistakes after World War I when they imposed punishment on Germany. What became of Germany? A Nazi dictatorship which threatened the world. Today's Germany doesn't feel as prosperous and generous as America then. But actually, Germany still is very prosperous. — George Soros

There is no doubt that the countries that now have a very large debt have not introduced the kind of structural reforms that Germany did and are therefore at a disadvantage. But the problem is that this disadvantage is becoming even more pronounced through the punitive policies in place. — George Soros

The world is looking to us for leadership. We have provided it in the past; the main reason why anti-American feelings are so strong in the world today is that we are not providing it in the present. — George Soros

Markets are designed to allow individuals to look after their private needs and to pursue profit. It's really a great invention and I wouldn't under-estimate the value of that, but they're not designed to take care of social needs. — George Soros

In the case of a meltdown, the regulatory authorities may find themselves obliged to step in to preserve the integrity of the system. It is in that light that the authorities have both a right and an obligation to supervise and regulate derivative instruments. — George Soros

I developed a theory of salesmanship based on the principle that one must not on any account identify oneself with the merchandise one is selling. Selling is a game where you score when you make a sale. If you allow your ego to be involved, the customer can brush you off and you lose; but if you do not identify yourself with your work you will be able to redouble your efforts when you are rejected, and if you make a sale you come out the winner. — George Soros

The global crisis is caused by pathologies inherent in the global financial system itself. — George Soros

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

Market prices are always wrong in the sense that they present a biased view of the future. — George Soros

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. — George Soros

An open society is a society which allows its members the greatest possible degree of freedom in pursuing their interests compatible with the interests of others. — George Soros

Scientific method seeks to understand things as they are, while alchemy seeks to bring about a desired state of affairs. To put it another way, the primary objective of science is truth, - that of alchemy, operational success. — George Soros

I think there's a lot of merit in an international economy and global markets, but they're not sufficient because markets don't look after social needs. — George Soros

We can speak of the triumph of capitalism in the world, but we cannot yet speak about the triumph of democracy. There is a serious mismatch between the political and the economic conditions that prevail in the world today. — George Soros

My sense of insecurity keeps me alert, always ready to correct my errors. — George Soros

I don't use my money to gain political influence for my private interests, which is what many rich people do, and what, in a sense, market fundamentalism does, because it is in the interests of people who have a lot of money to have as little taxes as possible. — George Soros

Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected. — George Soros

If investing is entertaining, if you're having fun, you're probably not making any money. Good investing is boring. — George Soros

The main enemy of the open society, I believe, is no longer the communist but the capitalist threat. — George Soros

At present, the developed countries condescend to the developing ones. — George Soros

The US needs a cap and trade system with auctioning of licenses for emissions rights. The revenues from these auctions can be used to launch a new, environmentally friendly energy policy. That would be yet another federal program that could help us to overcome the stagnation. — George Soros

The main difference between me and other people who have amassed this kind of money is that I am primarily interested in ideas, and I don't have much personal use for money. — George Soros

One of the myths propagated by the enemies of Israel is that there is an all-powerful Zionist conspiracy. That is a false accusation. Nevertheless, that AIPAC has been so successful in suppressing criticism has lent some credence to such false beliefs. — George Soros

However, you have to recognize that regulations will never be completely successful and they will always be full of holes. You must constantly be ready to fill new holes. Actually regulation should be kept to a minimum, but there has to be some cooperation between market participants and authorities - as was the case in the early postwar years. The Bank of England was a very successful regulator by cooperating with market participants. This cooperative spirit was broken by the market fundamentalists. — George Soros

Once a trend is established it tends to persist and to run it's full course. — George Soros

I wish I could write a book that will be read for as long as our civilization lasts ... I would value it much more highly than any business success if I could contribute to an understanding of the world in which we live or, better yet, if I could help to preserve the economic and political system that has allowed me to flourish as a participant. — George Soros

America needs to follow the policies it has introduced in Germany. We have to go through a certain de-Nazification process. — George Soros

The reality is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium. — George Soros

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. — George Soros

Market prices are always wrong. — George Soros

Increase your bets when you are confident and scale down your positions when you don't have conviction. — George Soros

Studying economics is not a good preparation for dealing with it. — George Soros

There is no question that a breakup of the euro would be very damaging, very costly, both financially and politically. And the biggest loss would be incurred by Germany. Germans have to bear in mind that, effectively, they have suffered practically no losses so far. Transfers have all been in the form of loans, and it is only when the loans are not repaid that real losses will be incurred. — George Soros

When interest rates are low we have conditions for asset bubbles to develop, and they are developing at the moment. The ultimate asset bubble is gold. — George Soros

Now that I have called you on your false accusation, you are using additional smear tactics. — George Soros

My foundations support people in the country who care about an open society. It's their work that I'm supporting. So it's not me doing it. But I can empower them. I can support them, and I can help them. — George Soros

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. — George Soros

An open society calls itself open to improvement. It is based on the recognition that people have divergent views and interests, and that nobody is in possession of the ultimate truth. — George Soros

Law has become a business. Health care has become a business. Unfortunately, politics has also become a business. That really undermines society. — George Soros

I fancied myself as some kind of god or an economic reformer like Keynes — George Soros

Of course, speculation will always make a crisis worse. If there is a weak point, it will expose it. — George Soros

The fact that a thesis is flawed does not mean that we should not invest in it as long as other people believe in it and there is a large group of people left to be convinced. The point was made by John Maynard Keynes when he compared the stock market to a beauty contest where the winner is not the most beautiful contestant but the one whom the greatest number of people consider beautiful. Where I have something significant to add is in pointing out that it pays to look for the flaws; if we find them, we are ahead of the game because we can limit our losses when the market also discovers what we already know. It is when we are unaware of what could go wrong that we have to worry. — George Soros

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. — George Soros

Esperanto was a very useful language, because wherever you went, you found someone to speak with. — George Soros

I am against market fundamentalism. I think this propaganda that government involvement is always bad has been very successful - but also very harmful to our society. — George Soros

As a society we can't live without moral considerations. We do have to protect the public good. And markets are not designed to do that, so we need a political process. — George Soros

I am for maximum supervision and minimum regulation. — George Soros

A global economy is characterized not only by the free movement of goods and services but, more important, by the free movement of ideas and of capital. — George Soros

To be successful, you need leisure. You need time hanging heavily on your hands. — George Soros

My conceptual framework, which basically emphasizes the importance of misconceptions, makes me extremely critical of my own decisions. I know that I am bound to be wrong, and therefore am more likely to correct my own mistakes. — George Soros

I am not well qualified to criticize the theory of rational expectations and the efficient market hypothesis because as a market participant I considered them so unrealistic that I never bothered to study them. — George Soros

I chose America as my home because I value freedom and democracy, civil liberties and an open society. — George Soros

There is a well-established conviction that the central banks always do what is necessary to keep the system going and then afterwards you then take care of the legal aspects. In a crisis, you simply do not have time to think about such concerns for too long. — George Soros