The life trajectory of investment guru Soros

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George bestforexrebate called "f forexrebatenetworkancial genius", from the establ Whatisforexrebatehment of the Quantum Fund in 1969 to date, he has created an incredible performance, with an average annual combined growth rate of 35% of Wall Street peers, he seems to have a super power to influence the worlds financial markets his words can make a sudden change in the trading market of a commodity or currency, the price of the market with his words up or down. A television reporter once described it as follows: Soros invested in gold, What is forex rebate because he invested in gold, everyone thought they should invest in gold, so the price of gold rose; Soros wrote an article questioning the value of the German mark, so the mark fell; Soros invested in real estate in London, where property prices declined; Soros invested in the German mark, so the price of real estate fell. The secret of Soross success is what many people are eager to know, but because Soros is tight-lipped about his investments, it gives him a layer of mystery. George Soros father was a lawyer, strong and extremely shrewd, and his influence on the young Soros was extremely profound He not only taught Soros to respect himself and be strong and confident, but also instilled in Soros the idea cashback forex too much wealth is a burden on people Soros in his later life, attached less importance to Soros did his best to distinguish himself as a teenager, with a strong and distinguished personality, and was good at sports, especially swimming, sailing and tennis, and he was often a regular winner of various games. With the Nazi invasion of Budapest, Soross happy childhood came to an end and he fled the country with his family. It was a time of danger and suffering, and the family was able to escape the disaster thanks to the shrewdness and strength of his father, who relied on false identity cards and more shelters. At the age of 17, Soros left Hungary to seek a career in the West, first in Bern, Switzerland, and then immediately in London, where he thought he would have a good career, but soon realized how wrong that was. -In 1949, Soros began his studies at the London School of Economics. At the London School of Economics, although Soros took courses from John Mead, the 1977 Nobel Prize winner in economics, he did not think he learned anything from them. The British philosopher Karl Popper, who encouraged him to think seriously about the way the world works and to explain it as philosophically as possible, laid a solid foundation for Soros to build a new theory of how financial markets work. When Soros found that it was possible to make a lot of money by participating in the investment industry, he sent a letter of recommendation to the various investment banks in town, and finally Siflger & Friedlandr hired him as a trainee, and his career in finance began from then on. Soros then made a choice that would affect him for the rest of his life: to go to New York to look for gold. With his entire savings of $5,000, Soros went to New York, where he was introduced by an acquaintance to F.M. May6r as an arbitrage trader, and engaged in the analysis of European securities, providing advice to financial institutions in the United States. In 1959, Soros switched to Wertheim & Co., which operated overseas, and continued his European securities business. Fortunately, Wertheim was one of the few U.S. firms that operated overseas. Soros remained one of the few Wall Street arbitrage traders who traded between New York and London. In 1960, Soros made his debut when he analyzed and found that Allianzs shares were selling at a significant discount to the value of its assets due to the rise in the price of its stock and real estate investments, and he recommended that people buy Allianz shares. In 1963, Soros began working for Arilhod & S. Bleichrocoer, a firm that specialized in foreign securities, which was to Soross liking and allowed him to make the most of his expertise. In 1967, Soros was promoted to the head of the firms research department on the basis of his talents. In order to better utilize his talents, Soros persuaded the owner of Arilhold & S. Bleiehlneoer to establish two offshore funds, the Eagle Fund and the Double Eagle Fund, which were all given to him to operate. The two funds worked quite well and Soros made a lot of money for the company, but what really gave Soros a major turnaround in his investment career was when he met Jim Rogers, a Yale graduate, and they teamed up and became the best golden couple on Wall Street during their 10 years together. In 1973, they left Arilhod & S. Bleichrocder to found Soros Fund Management, which started with three people: Soros as a trader, Rogers as a researcher, and one as a secretary. More than 1500 U.S. and foreign companies financial financial records Rogers daily to carefully analyze and study 20 to 30 annual financial reports, in order to find the best investment opportunities They are also good at seizing every opportunity to make money For example, in 1972, Soros targeted the banks, when the banking industry was very bad reputation, management is very backward, investors rarely patronize bank stocks However, Soros after However, after observation and research, Soros found that professionals from higher education were becoming a new generation of bankers, and they were embarking on a series of reforms, and bank profits were gradually rising, at which time the value of bank stocks was obviously greatly undervalued by the market, so Soros decisively participated in a large number of bank stocks for a period of time, bank stocks began to rise sharply, and Soros gained 50% of the profits In 1973, when In 1973, when Egypt and Syria invaded Israel, Israel was hit hard and paid the price in blood because its weapons and equipment technology had become obsolete. Soros and Rogers were convinced that it was a good opportunity to invest in Northrop, United Aircraft, Grumman, Rockroads, and other companies with large amounts of Defense Department contracts, and these investments brought Soros huge profits. The classic example is Soross deal with Avon Cosmetics. In order to achieve the purpose of short selling, Soros borrowed 10,000 shares of Avon Cosmetics at a market price of $120 per share. It was due to Soros and Rogers superior investment talent and tacit cooperation that they did not have a single year of failure, and the Soros Fund grew quantum-like, growing 3365% by December 31, 1980, compared to the S&P Composite Index, which grew only 47% over the same period. In 1979, Soros decided to rename the company In 1979, Soros decided to rename the company Quantum Fund, derived from the Heisenberg law of quantum mechanics of inaccuracy because Soros believes that the market is always in a state of uncertainty, always fluctuate in the state of uncertainty bets to make money With the expansion of the fund, Soross career flourished, especially in 1980, is a particularly proud of the year, the fund grew 102.6%, which is Soros and By this time, the fund had grown to $381 million, and Soros had become a billionaire, but regrettably, Rogers decided to leave at this time. But the situation did not develop as Soros had predicted, on the contrary, as the U.S. economy remained strong, bank interest rates continued to climb rapidly and had far exceeded the interest rates on bonds. Soros had a feeling of abandonment, and he even thought about quitting the market and living a humdrum life The birth of Soross investment theory Soros eventually chose to stay He began to think about the operation of financial markets from a philosophical point of view Thinking of the The more he thought, the deeper he went, the more Soros felt that he had been fooled by the previous economic theories Traditional economists believe that the market is rational and its operation has its own inherent logic Because investors can make a full understanding of the situation of listed companies, so the price of each stock can be determined precisely through a series of rational calculations When investors enter the market operation, according to this knowledge can be rational select the best variety of stocks to invest in and the price of the stock will remain rationally correlated with the companys future revenue expectations, this is the efficient market assumption, which assumes a flawless, rationality-based market and also assumes that all stock prices reflect currently available information In addition, some traditional economists also believe that financial markets always "After examining Wall Street, Soros discovered how unrealistic the economic theories of the past were. Mathematical formulas cannot control the financial markets and peoples perceptions of anything they can actually obtain are not perfect, and investors prejudices about a stock, whether affirmative or negative, will cause the stock price to rise or fall, so the market price is not always correct, always reflecting the future trend of the market, it is often due to investors to In fact, it is not the current forecast that coincides with future events, but rather the current forecast that creates future events. Therefore, the reaction of investors after receiving the relevant information does not determine the stock price, which is determined not so much by the expectations of investors based on objective data, but also by their own psychological feelings. The price paid by investors has become not only a passive reflection of the value of the stock itself, but also an active factor in determining the value of the stock At the same time, Soros also believes that because the market operates from facts to perceptions and then from perceptions to facts, once the gap between investors perceptions and facts is too large to be self-corrected, the market will be in a state of violent volatility and instability, when the market is prone to "Sheng - decay sequence investors win by inferring the impending unforeseen circumstances, judging the emergence of the Sheng and decay process, bucking the trend but at the same time, Soros also suggested that investor bias can lead to market following behavior, and unbalanced following behavior can be due to excessive speculation and eventually After forming his own unique investment theory, Soros did not hesitate to abandon traditional investment theories and decided to test his investment theories in practice in the changing financial markets In January 1981, when Reagan was inaugurated as president, Soros was convinced that the U.S. economy would begin a new boom-bust sequence through his analysis of Reagans new policies. -Just as Soros had predicted, the U.S. economy, stimulated by Reagans new policies, began to boom in the boom-bust sequence. By the end of 1982, the Quantum Fund had risen 56.9% and net assets had soared from $193.3 million to $302.8 million Soros gradually emerged from the shadow of 1981 As the U.S. economy grew, the dollar performed stronger and stronger, the U.S. trade deficit rose at an alarming rate, and the budget deficit increased year by year, Soros was convinced that the U.S. was heading for He decided to take a big hit in this coming storm and he closely watched the government and its market movements. With the disintegration of the Organization of Petroleum Exporting Countries (OPEC), the price of crude oil began to fall, which put enormous pressure on the dollar to depreciate. Soros predicted that the U.S. government would take measures to support the devaluation of the dollar. At the same time, he also predicted that the German mark and the Japanese yen would soon appreciate, and he decided to make a big move. Soros has been increasing his investment because he believes that short-term changes in floating exchange rates only occur at turning points, and once the trend is formed, it disappears. no longer existed, because once the trend reversed, even temporarily, he would embrace disaster By September 22, 1985, things were gradually moving in the direction Soros had predicted The new U.S. Treasury Secretary James Baker and the four Treasury Secretaries of France, West Germany, Japan, and the United Kingdom met at the Plaza Hotel in New York to discuss the devaluation of the U.S. dollar After the meeting, the five finance ministers signed the Peraza Accord The (Accord Permitted The agreement allowed for an orderly valuation of non-dollar currencies through closer cooperation, which meant that central banks would have to undervalue the dollar, forcing it to depreciate. (On the first day after the Plaza Accord was announced, the dollar was announced to have fallen from 239B to 222.5 yen, or 4.3%. By the end of October, the dollar had fallen by 13% and was trading at 205 yen per dollar By September 1986, the dollar had fallen to 153 yen per dollar Soros made a total of about $150 million in this massive financial move This made the Quantum Fund famous on Wall Street The Quantum Fund had risen from $448.9 million in 1984 to $1,003 million in 1985 With his spectacular performance, Soros was ranked second in the top 100 highest-paid people on Wall Street in the world, and according to the magazine, Soros earned $93.5 million in 1985. 1986 was also a good year for Soros, as the Quantum Funds wealth increased by 42.1% to $1.5 billion. Soros personal income from the company amounted to $200 million The pain and meaning of failure But God has not always favored Soros, in 1987 Soros met his Waterloo According to Soros "boom-bust" theory of financial markets, a boom period must be followed by a bust period. He learned through relevant channels that in the Japanese securities market, many Japanese companies, especially banks and insurance companies, bought a large number of shares of other Japanese companies Some companies even financed by issuing bonds in order to speculate in the stock market Japanese stocks were sold at a P/E ratio of 48.5 times, and the frenzy of investors was still rising Therefore, Soros believed that the Japanese securities market was about to collapse but Soros is more bullish on the U.S. securities market, because the U.S. securities market in the sale of stocks in the P/E ratio of only 19.7 times, compared with Japan is much lower, the U.S. securities market in the stock prices are still in a reasonable range, even if the Japanese securities market collapse, the U.S. securities market will not be too much ripple So, in September 1987, Soros transferred billions of dollars of investment from Tokyo to the However, it was not the Japanese stock market that collapsed first, but precisely the U.S. Wall Street on October 19, 1987, when the U.S. Dow Jones average in New York fell 508 stone 5 points, a record at the time. Other traders caught the information and took the opportunity to slam down the sold stocks, reducing the cash discount on futures by 20 percent to $250 million for 5,000 contracts Soros thus lost more than $200 million in one day Soros lost about $650 million to $800 million in the Wall Street meltdown, according to reports The meltdown caused the net assets of the Quantum Fund Soros hated losing money, but he could endure the pain. For others, making mistakes was a source of shame; for him, recognizing mistakes was something he could be proud of because, in his view, a flawed understanding of things was an innate human companion, and he would not He is always ready to correct his mistakes so as not to stumble again where he has fallen before. He is never emotional in the financial markets, because he understands that a sensible investor should be calm and cannot be blamed for everything. And when you start over, you might as well start small." When you make a bad decision, resulting in huge losses, self-blame is meaningless, it is important to admit their mistakes, timely withdrawal from the market, as far as possible to reduce losses only to preserve the strength of the competition, you will be able to make a comeback Soros has more acutely aware of the mistakes than others When he finds a discrepancy between his expectations and the way events actually work, he doesnt sit still and ignore the damn discrepancies, he conducts a hysterical inventory to find out whats wrong and once he finds it, he corrects his view to try to get back on his feet. The key to an investor being called a "great investor" is not whether he is always a big winner in the market, but whether he has the courage to admit defeat, to get up from each defeat and to become even stronger. "This is one of the reasons why Soros, after the fiasco of October 1987, was able to make the Quantum Fund grow by 14.1% in 1987, reaching a total of $1.8 billion Soros is not the kind of person who worships tradition like a god, he has his own unique set of market theory he believes that the financial markets are volatile and disorderly, the stock market The key to winning the market is to grasp this group psychology Soros is better at finding the interconnectedness of related markets when predicting the direction of the market, which allows him to accurately determine once a market fluctuations, other related markets will occur what the chain reaction, in order to better profit in multiple markets at the same time Soros in the financial market to gain In addition to relying on his unique market theory, also lies in his superhuman boldness because Soros believes that the biggest mistake an investor can make is not too bold and reckless, but too cautious although some investors can also accurately anticipate the market direction, but because they are always worried that once the market reversal, will suffer losses, so do not dare to establish a large position when the market has been consistently Once Soros has made a prediction about the market based on relevant information, he is very confident in his own predictions, and when he is sure that his investment decisions are beyond reproach, then the establishment of a large position is not hesitant, of course, to establish a huge position, requires superhuman courage and courage, otherwise, he will not be able to withstand the enormous pressure brought about by the fight across the Soros is like a money leopard on Wall Street, extremely agile, good at capturing investment opportunities once the time is ripe, he will be prepared to fight, react quickly  In 1992, Soros seized the opportunity to successfully snipe the British pound this rock-bottom move, so that he is used to hiding behind the scenes suddenly focused on the world public, becoming world-famous investment The British pound has been the worlds major currency for 200 years, the original gold standard system, pegged to gold, the pound in the worlds financial markets occupy an extremely important position only the First World War and the 1929 stock market crash, forcing the British government to abandon the gold standard system and adopt a floating system, the pound in the world markets status has been declining and as an important institution to protect the stability of the market --Bank of England, is a strong pillar of the British financial system, with a wealth of market experience and great strength no one has ever dared to confront this countrys financial system, or even thought of   Soros decided to do something that no one had done before, shaking the Great Britain this so-called Soros is not an impulsive person, he will not take the money of investors to do unnecessary risks, he is looking for opportunities in the wooden break With the fall of the Berlin Wall in November 1989, many people believe that a new unified Germany will quickly rise and prosperity but Soros after a calm analysis, but the new Germany due to the reconstruction of the original East Germany, will experience a period of economic orange. In 1990, Britain joined the European Exchange Rate System (ERM), a new monetary system created by Western European countries. Soros believed that Britain had made a decisive mistake because the ERM system would allow the currencies of Western European countries to be pegged to each other instead of to gold or dollars; each currency would be allowed to float only within a certain range of exchange rates, and once the range was exceeded, the central bank of each member country would be obliged to intervene in the market by buying and selling its own currency to stabilize the exchange rate of that countrys currency within the specified range; within the specified range of exchange rates, the central bank of each member country would be obliged to intervene in the market by buying and selling its own currency. Within the specified range of exchange rate fluctuation, the currency of member countries can float against the currencies of other member countries, and the German mark as the core As early as before the United Kingdom joined the European exchange rate system, the exchange rate between the British pound and the German mark has been stabilized at the exchange rate level of 1 pound to 2.95 marks but the British economy was in recession, to maintain such a high exchange rate as a condition to join the European exchange rate system, for the United Kingdom On the one hand, it would lead to Britains dependence on Germany and its inability to act boldly to solve its own economic problems, how to raise or lower interest rates, to protect its economic interests and to promote the devaluation of its currency; on the other hand, it is doubtful whether the British Central Bank has sufficient capacity to maintain its high exchange rate Especially on February 7, 1992, the 12 member states of the European Union signed the The Maastricht Treaty, a treaty that makes some European currencies such as the British pound and Italian lira apparently overvalued, will put the central banks of these countries under great pressure to cut interest rates or devalue, and will they be able to maintain coherence with Germany, which has a strong economy, in terms of economic policies? Will Germany, as the core country, sacrifice its national interests to help these countries once their markets are in turmoil and they are unable to resist?  The genius of Soros is to foresee the future trends faster than others. Once some of the "chains" that make up the European exchange rate system are loosened, speculators like him will take advantage of the situation and attack these loosened "chains", while other trend followers will follow the trend and make the exchange rate even more volatile, and eventually, the reliance on the trend-chasing mechanism will be much greater than the markets capacity to accept them. In the end, the reliance on the wind chasing mechanism is much greater than the capacity of the market to accept them, until the entire steak system is destroyed. As a matter of fact, in less than a year after the signing of the Maastricht Treaty, some European countries will have difficulty coordinating their economic policies when the British economy is in long-term recession, is in a difficult situation, the United Kingdom can not maintain the policy of high interest rates, in order to stimulate the development of the economy, the only feasible way is to lower interest rates. Although British Prime Minister Roger May has repeatedly affirmed that Britain will adhere to its policy of maintaining the value of the pound under the European exchange rate system, but Soros and some other speculators in the past few months have been expanding the size of the position, in preparation for sniping the pound With the passage of time, the British government to maintain high interest rates of economic As time goes by, the British governments economic policy of maintaining high interest rates is under increasing pressure, it asked the German Bundesbank to lower interest rates, but the German Bundesbank is concerned that lowering interest rates will lead to domestic inflation and may trigger economic collapse, refused the British request to lower interest rates The British economy is increasingly in recession, the British government needs to devalue the pound to stimulate exports, but the British government is constrained by the European exchange rate system, must barely maintain the exchange rate of the pound to the mark at 1: into The British governments high interest rate policy was questioned by many financial experts, and domestic business leaders also strongly demanded a reduction in interest rates in the resumption of the 1992 season. The British government is just bluffing The pound to the mark ratio is falling, from 2.95 to 2.85, and from 2.85 to 2.7964 The British government, in order to prevent speculators from making the pound to the mark ratio below the lower limit of 2.7780 set in the European exchange rate system, has ordered the Bank of England to buy 3.3 billion pounds to intervene in the market, but the governments intervention did not produce good expectations. This made Soros more convinced of his previous judgment, he decided to strike when the crisis came to the fore In September 1992, speculators began to attack those weak currencies in the European exchange rate system, including the British pound, Italian lira, etc. Soros and a number of long-term hedging operations of mutual funds and multinational companies in the market to sell weak European currencies, so that the central banks of these countries had to split huge amounts of money to support The British government plans to borrow trillions of pounds from international banking organizations to stop the continued devaluation of the pound, but this is like a drop in the bucket Soros alone used $10 billion in this battle with the British government Soros sold $7 billion of pounds and bought $6 billion of strong currencies in this huge bet. -At the same time, Soros, considering that the devaluation (appreciation) of a countrys currency usually leads to the rise (fall) of the countrys stock market, bought another $500 million worth of British stocks and sold a huge amount of German stocks. Soros is the biggest gambler in this "betting game". Other people may have their hearts beating wildly when making investment decisions with billions of dollars, but this is never Soross style. Perhaps one of the biggest secrets of his ability to keep creating myths in the world of finance is that he has superhuman psychological qualities After placing his bets, Soros began to wait for the mid-September 1992, the crisis finally broke out rumors of an imminent devaluation of the Italian lira were circulating everywhere on the market, and the lira was sold in large quantities September 13, the Italian lira devalued by 7%, although still within the This gave Soros good reason to believe that some members of the European exchange rate system would eventually not allow the European exchange rate system to determine the value of their currencies, and that these countries would withdraw from the European exchange rate system On September 15, 1992, Soros decided to short the British pound in large quantities against the mark all the way down to 2.80, although there Although the news that the Bank of England purchased 3 billion pounds, but still failed to stop the decline of the pound by the end of the evening, the pound against the mark has almost fallen to the lower limit of the European exchange rate system pound has been on the verge of withdrawal from the European exchange rate system British Chancellor of the Exchequer took various measures to cope with the crisis First, he once again asked Germany to lower interest rates, but Germany again refused; reluctantly, he asked the Prime Minister will In the middle of the day, the Bank of England raised the interest rate twice, and the interest rate was already as high as 15%, but still with little success, the exchange rate of the British pound still failed to stand on the minimum limit of 2.778 In this action to defend the British pound, the British government used $26.9 billion worth of foreign exchange reserves, but finally suffered a crushing defeat and was forced to withdraw from the European exchange rate system. European exchange rate system the British called September 15, 1992 - the day of withdrawal from the European exchange rate system as Black Wednesday Subsequently, Italy and Spain have also announced the withdrawal from the European exchange rate system Italian lira and Spanish matcha began to depreciate significantly But as a battle with The other side of the British government - Soros is the biggest winner in this attack on the pound, once described by The Economist) magazine as the man who brought down the Bank of England in the final bow trampling Black Wednesday two weeks, Soros from the pound short trading profits have been close to $ 1 billion, in the United Kingdom, France and Germany interest rates Long on futures and short on the Italian lira trading brought his total profits up to $2 billion, of which Soros personal income of 1/3 in the year, Soross fund grew 67.5% he personally also topped (Financial World) magazines Wall Street income ranking table for a net profit of $650 million Genius theory Soros invested in financial markets at the same time, but also continued to develop and refine his own investment theory  Soros believes that the stock market itself has a self-propelled phenomenon when investors are confident in a companys operations and buy large amounts of the companys stock their buying makes the companys stock price rise, so the companys business activities are more comfortable: the company can gain profits by increasing borrowing, selling shares and stock market-based mergers and acquisitions, more easily meet investor expectations, bringing more investors into the buying fold But at the same time, when the market becomes saturated, increasing competition frustrates the profitability of the industry, or blind follow-through in the market drives stock prices up consistently, it can lead to overvalued stocks that become shaky until the stock price collapses Soros calls this linkage, which starts out self-propelled but eventually defeats itself, an "interaction" and it is this interaction force that leads to the emergence of the financial market boom and bust process   Soros believes that a typical boom and bust process has the following characteristics:     (1) the market trend is still unclear and difficult to judge;  nbsp;    (2) the beginning of the transition to a self-propelled process;     (3) successfully withstood the test of market direction;      (4) market confirmation continues to grow;      nbsp; (5) a deviation between reality and perception;    (6) the development to the upside down stage;    (7) then, the emergence of steps opposite to the self-propelled process The secret of investment success lies in recognizing the inevitability of changes in the situation, the Timely recognition of the threshold for reversal Soros stressed that when a trend continues, the opportunity for speculative trading is greatly increased loss of confidence in the market trend makes the trend itself reversed, and once a new market trend is created, it will begin to develop according to its own laws In terms of stock selection, Soros also has his own unique insights when he selects stocks in an industry, generally choose the best and worst at the same time The stocks of the best-performing companies in this industry are the first choice of all other investors considering buying them, which is the only way to ensure that their prices will be pushed up; and the worst companies in this industry, such as those with the highest debt ratios and the worst balance sheets invest in such stocks, which provide the opportunity to make huge profits once the stock finally attracts investors In addition, Soros likes to bet on both sides of the fence. When he analyzes the macro, he searches for sectors and companies that will profit from this by forecasting international politics, financial policies around the world, changes in inflation, interest rates and currencies, and goes long on these stocks; at the same time, he also identifies sectors and companies that will suffer as a result, and sells a lot of shares of those sectors and companies short so that Once his predictions were correct, he would make huge double gains Soros, although he did not follow conventional actions in the financial markets, was equally interested in the rules of the game in the markets, except that his interest was in trying to understand when those rules would change because, in his view, when all participants became accustomed to a certain rule, the rules of the game would also change and that change would Soros was described by some in the media as a ruthless "financial killer" because of the attack on the British pound, which cost the British government a lot of money. Due to his childhood experience, he has always been relatively indifferent to money from a social point of view, he advocates the control of money, condemning shameless money worship; but if you look at it from a personal point of view, when the development of things can not be reversed, he will also speculate on the currency, because he believes that this is allowed by the rules of the game of financial markets In fact, for Soros, in addition to making money, he has many more important things to do In fact, for Soros, besides making money, he has many more important things to do, and that is to contribute more to society through philanthropy Soros has his ambitious goal of using his wealth to promote social openness and national self-determination, so that people can freely express themselves and pursue their own goals. People in closed societies are ruled by authoritarianism and hardly have freedom, and he wanted to import the idea of Western open societies with his money into what he considered closed countries He chose some Eastern European countries such as Hungary, Poland, Romania, and the Soviet Union as the target of his philanthropic support, and established a series of foundations in these countries at a cost of hundreds of millions of dollars But his deep involvement in Eastern Europe also caused much controversy Plus, the He spent a lot of time and energy on philanthropy, which reduced his time to take care of the Quantum Fund, causing some shareholders to be quite critical of it, and Soros gradually put some of his main focus back into Wall Street Soros financial risks Soros liked to stay behind the scenes, he had a long history of intentionally avoiding the press and media, and did not want to show his face because, in his view, running a global investment firm, once people So, fame is sometimes not a good thing for an investor, but can only bring disaster, but with Soross career soaring, especially after his successful attack on the British pound, it is almost impossible to resume a quiet life as before. The media will let go of it? He became the leader of the market, the media have portrayed him as the man who can change the market This finally aroused the suspicion of Washington politicians House Banking Committee Chairman Henry Gonzales asked the Federal Reserve Bank and the Securities and Exchange Commission to George Soross Quantum Fund engaged in foreign exchange transactions to pay close attention to, and Soross impact on the foreign exchange market to make an assessment, in order to determine whether Soros For Soros, Henry Gonzales request was like a sword hanging over his head, wondering what awaited him and the hedge funds he managed (quant funds are mostly hedge funds). After worrying, Soros was able to take it in stride. He did not stop his work, but began to look at the financial markets for his next target.  In June 1993, Soros found through his analysis that the British real estate industry was at a low point and was undervalued. He bought a 4.8% stake in British Land at a cost of $775 million through a fund set up with Richman. This led to a crazy increase of £667 million in the stock market of real estate companies, and according to his 4.8% stake in British Land, he made £5.2 million at once. This real estate investment fully demonstrated Soross power in the market, and also made Soros more confident in his position as a market leader. He wrote a letter to the British newspaper The Times stating his view on the German mark. The market quickly reacted to this and the mark fell from pennies on June 11 to 59 cents on June 25, and the Quantum Fund made a profit of about $400 million. At the beginning of 1994, Soros began to sell the German mark short at a huge cost, when he was rumored to have sold $30 billion of the German mark short. He believed that the high interest rate policy would seriously damage the German economy and was sure that the German government would lower interest rates and devalue the German mark. However, Germanys economic strength was much stronger than that of the UK in 1992 and could not be compared; Soross public talk about the imminent fall of the DM in the second half of 1993 also alerted the German Central Bank, and the Germans did not want to see Soros gamble with the DM, and did not want to see him win. In the end, the German government maintained its current interest rate policy, and the German mark remained extremely strong, which undoubtedly made Soros plan fall through, and the amount of loss was huge. While shorting the German mark, Soros also made a major decision-making mistake, that is, he bet that the yen would fall against the dollar. The yen rose sharply against the U.S. dollar, by as much as 5%, which dealt Soros a heavy blow. Shorting the German mark and the yen cost Soros a total of $600 million, which had a serious impact on Soros investment image, but was not fatal. Soros, who had just emerged from the disaster, had to face the hearing held by Congress on the disruption of financial markets by hedge funds. During the hearing, Soros also tried to downplay the role of hedge funds in the overall investment landscape, claiming that their volume was a relatively small share of the overall market and that there was no need to be particularly nervous about it. The House Banking Committee saw no need for further regulation of hedge funds. The sword hanging over hedge funds was removed for the time being, and Soros and his Quantum Fund were able to act with confidence and boldness. After a series of ups and downs in the stock market, Soros gradually developed the skill of symbiosis with contradictions because the stock market is affected by a variety of factors, and different factors acting on the stock market can bring conflicting effects such as On the one hand, the U.S. stock market is bullish, while on the other hand, the price of oil is falling, which will offset the deflationary effect and lead to economic collapse. While it may seem unthinkable that a speculator would temporarily be on two completely divergent tracks, it is in fact wise to do so on many occasions. Soros illustrates his "two-way" strategy with this example: "If I initially make a real investment and then sell short If I initially make a real investment and then sell an equal share short, then a 20% drop in price (even if it affects both the long and short sides) will leave me with only 80% of my investment on the long side If I recover my short investment in time, I can make up for this loss; 6if the price rises so that the short trade suffers a loss, it will be smaller than the loss of the long trade when the price falls" Of course, the reality is more complicated than this example Of course, the reality is much more complicated than this example, because he often operates in several markets at the same time, and generally speaking, few people can really count. Throughout 1994, Soros was under increasing pressure. In 1994, the Quantum Fund grew by only 2.9% over the previous year. "These media comments inevitably affected Soros himself, who was in his 60s, at the peak of his career and had planned to retire in a hurry if his results in 1994 were as impressive as before. But how could he turn a blind eye to the media attacks that surrounded him due to the 1994 miss? Soros could not accept such an end to his investment career, he decided to repeat the glory of Soros began to dive for big targets "Devil" Soros Soros finally targeted Southeast Asia in the early 1990s, when the developed countries in the West are in the process of economic recession, the economies of Southeast Asian countries but a miraculous growth, economic strength The economic development model of Southeast Asia was once a model for developing countries to follow before the outbreak of the economic crisis Southeast Asian countries are very optimistic about their national economies, in order to speed up the pace of economic growth, have been deregulated financial, financial liberalization, in order to become the new world financial center, but Southeast Asian countries in the economic prosperity of the aura of flash but ignored But Southeast Asian countries in the economic prosperity of the glittering aura but ignored something very important, that is, the economic growth of Southeast Asian countries is not based on the growth of unit input output, but mainly depends on the increase of external inputs on the basis of financial deregulation, undoubtedly on the beach to raise a tall building, the respective currency without any protection exposed to international lending, extremely vulnerable to the impact of international lending from all directions plus due to rapid economic growth, Southeast Asian countries generally The danger of economic crisis is gradually increasing    as early as 1996, the International Monetary Fund [microblogging] economist Maurice Goldstein predicted that in the Southeast Asian countries, the national currencies are experiencing the impact from all sides and may break out But Goldsteins prediction did not attract the attention of Southeast Asian countries, but rather aroused resentment Southeast Asian countries are still intoxicated by the economic miracle they have created Such a huge financial vulnerability in Southeast Asia, naturally, could not escape the eyes of Soros he has been waiting for a favorable time, hoping to fight another England-style In 1993, Soros believed that the Malaysian currency ringgit was undervalued, and decided to take the ringgit as a breakthrough He joined forces with some arbitrage fund managers and began to besiege the ringgit But Malaysias Prime Minister Mahathir was determined to maintain the low value of the ringgit, Mahmir took a series of strong measures to strengthen the control of the countrys capital markets, Rensoulos and some arbitrage fund managers had no opportunity to take advantage of But the small defeat in Malaysia did not deter Soros, he simply waited for a better opportunity. As time went on, the signs of overheating in Southeast Asian economies became more pronounced, and the central banks of famous countries adopted the method of increasing bank interest rates to reduce the inflation rate, which also provided many opportunities for speculation, even the banking sector itself. Even the banking sector itself was borrowing/borrowing/speculating foreign currencies such as dollars, yen, and marks, joining the ranks of speculators, which had the serious consequence of increasing the short-term foreign debts of national banks. The problem is most serious in Thailand because Thailand was the most liberalized financial markets in Southeast Asia, Qin iron tightly focused on the U.S. dollar, the free flow of capital in and out of the Thai economy bubble the most, Thai banks moved a large number of foreign inflows of U.S. dollar loans into the real estate industry, resulting in a serious imbalance between supply and demand, resulting in a large number of bad debts, bad debts in the banking sector, a serious deterioration in asset quality ¥ In the first half of 1997, it is estimated that the bad loans of the Thai banking sector were as high as between 1,000 billion and 900 billion Thai francs (about 31 billion to 35 billion U.S. dollars), coupled with the unreasonable structure of borrowing, which added to the woes of the Thai banking sector. 95% of the overseas loans of the Thai banking sector were short-term loans of less than one year. In March 1997, when the Central Bank of Thailand announced that the domestic 9 finance companies and 1 house loan companies have low quality assets and liquidity problems, Soros thought that the opportunity of a lifetime has come; brain, Soros and other arbitrage fund managers began to sell a lot of Thai forest, Thailands foreign exchange market immediately turbulent, turbulent Thai strains The Thai strains fell all the way down to a low of 26.70 mills per dollar in May, the Central Bank of Thailand in an emergency to take a variety of emergency measures, such as the use of 12 billion U.S. dollars in foreign exchange to buy people Qin iron, raise overnight lending rates, restrict the lending behavior of domestic banks, etc. These strong measures make Soros trading costs increased sharply, and lost 300 million U.S. dollars at once, but only elements of Soros have confidence in his original theory, and Insist that his views are correct, he will not only not close the original position, and even increase the position of $ 300 million in losses can not deter Soros, he believes that Thailand even if he makes every effort, but also can not resist his impact he is determined to win Late June 1997, Soros raised more huge funds, once again launched a fierce attack on Thai iron, the major exchanges are in chaos, Qin iron fell more than wildly, the traders frantically sell Thai iron. The Thai government used $30 billion in foreign exchange reserves and $15 billion in international loans in an attempt to save the day, but this small amount of $45 billion was like a drop in the bucket compared to the infinite amount of international lobbying money, to no avail. On July 2, the Thai government had no choice but to change the 13-year old currency-linked exchange rate system and implement a floating exchange rate system because it could no longer compete with Soros. The floating exchange rate system Thai pearl is more than wildly falling, July 24, the Thai sh had fallen to a record low of 32.63 sh per U.S. dollar Thai government by international speculators at once swept away 4 billion U.S. dollars, many Thai peoples pockets were also emptied Soros initial success, and not satisfied, he decided to sweep the whole of Southeast Asia, and then a fierce fishing Soros hurricane soon swept to Indonesia, the Philippines, Burma, Malaysia and other countries Indonesia, the Philippines, Myanmar, Malaysia and other countries. Philippines, Burma, Malaysia and other countries Indonesian rupiah, Philippine peso, kyat, Malaysia ringgit have been devalued sharply, leading to factory closures, bankruptcy, rising prices and other scenes of misery This Soros hurricane sweeping Southeast Asia in one fell swoop removed tens of billions of dollars of wealth, so that these countries decades of economic growth into ashes The financial crisis in Asia also quickly spread to Latin America and Eastern Europe and other Asian foreign exchange and securities markets, Brazil, Poland, Greece, Singapore, Taiwan and other countries and regions of the foreign exchange and securities markets have also been turbulent, the value of currency and securities have fallen, the governments of these countries also had to use the treasury to support the national currency and securities market many countries have laughed at the point of talking about "Soros" Soross strikes in the financial markets have caused the debt and trade deficits of many developing countries to soar, and the devastation has been so great that countries have begun to strengthen their financial governance and prevent Soros at all times, which has made Soross actions less easy. After sweeping Southeast Asia, Soross invisible hand began to quietly reach out to the Pearl of the Orient, which had just returned to the motherland - Hong Kong. In mid-July 1997, the Hong Kong dollar was subjected to massive speculative selling, and the exchange rate of the Hong Kong dollar was hit, sliding all the way down to the psychological barrier of 7.7500 Hong Kong dollars per US dollar; the Hong Kong financial market was in chaos, and the doors of major banks were crowded with people running against the Hong Kong dollar, which was the first emergency in many years. The Hong Kong Monetary Authority immediately entered the market and forcibly intervened in the market, buying a large amount of Hong Kong dollars to maintain the Hong Kong dollar exchange rate against the U.S. dollar above the 7.7500 Hong Kong dollar heart receding mark The initial week did have the desired effect, but soon the Hong Kong dollar exchange rate fell below the 7.7500 Hong Kong dollar mark The Hong Kong Monetary Authority then used its foreign exchange reserves to intervene in the market, pulling the Hong Kong dollar exchange rate back up to 7.7500 above the Chinese yuan, showing Soross first tentative attack failed in the Hong Kong Monetary Authoritys strong defense. Based on past experience, Soros is never the kind of person who is willing to give up easily, and he began to buy a large amount of forward on the Hong Kong dollar, ready to pay attention to the glory of the battles in England and Southeast Asia, but this time Soross decision can not be considered wise, because he may have forgotten to consider the Chinese behind Hong Kong Mainland, Hong Kong and mainland Chinas foreign exchange reserves of more than 200 billion U.S. dollars, plus Taiwan and Macau, foreign exchange reserves of not less than 374 billion U.S. dollars, such a strong strength, not England, Thailand and other countries can be compared to this attack on the Hong Kong dollar, the chances of winning the assurance is not very For Hong Kong, the maintenance of the fixed exchange rate system is to maintain peoples confidence, once the fixed exchange rate system led by Soros and other international Once the fixed exchange rate system is lost under the impact of international lobbyists led by Soros and others, people will lose confidence in Hong Kong, which will ruin Hong Kongs prosperity, so defending Hong Kongs currency stability is destined to be a life-and-death battle. The Hong Kong Monetary Authority immediately planned an elaborate counter-attack the next day. The Hong Kong government raised the interest rate of the Hong Kong dollar by issuing a large amount of government bonds, which in turn pushed the exchange rate of the Hong Kong dollar to rise sharply against the US dollar. When the currency began to sell speculatively again, the Hong Kong Monetary Authority raised short-term interest rates sharply, causing interbank overnight lending rates to skyrocket. The Bank of China (3.92,0.00,0.00%) will cooperate with the Hong Kong Monetary Authority to crack down on Soros speculative activities, which is undoubtedly a kind of strong-hearted agent for Hong Kong, but definitely bad news for Soros. On July 25, 1997, a meeting of the central banks of 11 countries and regions in the Asia-Pacific region, including China, Australia, Hong Kong SAR, Japan and ASEAN countries, issued a statement in Shanghai that the Asia-Pacific region was doing well economically and that they should strengthen cooperation to combat currency speculation. Soros gave a lesson, do not overestimate their own energy to influence the market, otherwise, the market will sometimes give you a downside, let you eat a lot of pain 2012, he shorted the yen and pound billions of dollars 2012, Soros fund shorting the yen binge earnings of the news once again let the financial mogul become a hot topic of discussion there is news that the pound may become the next shorting target lurking Two years again to short the yen raking in $1.2 billion 83-year-old "financial predator" Soros strikes again, this time, his target is not the pound, nor Southeast Asian currencies, but has always been known as a safe-haven currency yen According to sources familiar with the leak, since November 2012, Soros Fund in the United States, New York, London and Japan Tokyo three sides, through a variety of "cover" means to quietly increase holdings of derivatives to achieve the purpose of shorting the yen since Shinzo Abes campaign for the Japanese Prime Minister, Soros Fund began to build a large short position in the yen, until Shinzo Abe was successfully elected and actively implement its "quantitative easing "policy, Soros use the yen depreciation and the Japanese stock market rose double opportunity, in about three months time to earn nearly $ 1 billion It is reported that Soros short yen, so that the companys 2012 investment return of about 10%, and the last four months rose nearly 20% if measured by its $ 24 billion in assets, the total return may even be close to $ 1.2 billion Japan National debt has increased dramatically as the main reason for the success of sniping In the past decade, the Japanese government vigorously promote the national debt, Japans fiscal revenue for the reliance on debt has made Japans national debt such as snowballing bigger and bigger, almost reaching the situation of income over expenditure Data show that, compared with the debt/GDP ratio of nearly 150% of the countries in the heart of the European debt crisis, Japans figure is as high as 200%, but still able to rely on borrowing new money The global economic downturn in recent years has allowed Soros to target Japans volatile fat An industry investor believes that the yen is being shorted by hedge funds for fundamental reasons, but also because of the internal causes of its economic system 2012, Soros blocked the target began to appear, September 13, the Federal Reserve launched QE3, the dollar against the yen (98.86,-0.1600,- 0.16%) not only did not depreciate, but also signs of appreciation September 26, Shinzo Abe was elected president of Japans largest opposition party, the Liberal Democratic Party, is expected to be appointed Prime Minister of Japan, Shinzo Abe is strongly advocating quantitative easing to deal with deflation So, "shorting the yen" has become the most popular speculative transactions on Wall Street in the past three months. From November 2012 to now, the yen has fallen nearly 20% against the dollar, February 2013 is a 33-month low, the worst performance for the same period in 1985 The next target: the British pound On February 22, 2013, the international credit rating agency Moodys downgraded the rating of British sovereign debt, from the original top level 3A to AA1, the rating outlook set at "This is the first time that the UK has lost the highest rating from an authoritative rating agency. People are increasingly worried about the value of British assets or shrinkage, and the pound has begun to weaken. , the U.S. Commodity Futures Trading Commission (CFTC) published data show that nearly five months, the number of short speculators in the pound for the first time than long from this data, investors short the pounds enthusiasm second only to the yen In this regard, the Financial Times quoted UBS (UBS) global head of foreign exchange Mansoor Mohi-uddin (MansoorMohi-uddin) that "The pound looks to be facing the same risks as the yen and is likely to be the next major currency to depreciate massively" There is also evidence suggesting that the pound will not plunge against the dollar at least in the short term Bloomberg aggregates show that the spread between the UK 10-year Treasury bond and the US Treasury bond over the same period is 17.8 percentage points, which has widened cumulatively by According to reports, late Monday, a total of $ 1 billion of Australian dollar short orders appeared in Hong Kong and Singapore markets, the huge short orders are rumored to come from Soros funds a trader said. "If indeed Soros did, he is likely to be betting on interest rate cuts in the recent, 1 billion dollars on the Australian dollar will not have much impact" six months, Soros has shorted the yen and the British pound, making a lot of money, this time we seem to see the figure of the financial predator shorting the Australian dollar Australias Federal Reserve announced a reduction in benchmark interest rates 25 After the announcement of the news, the Australian dollar quickly fell by more than 70 points, Soros shorting the Australian dollar again succeeded The Australian Federal Reserve resolution statement pointed out that the current rate cut is appropriate, Australias economic growth is slightly below the trend level, while credit demand is low, the value of assets rose spending increased, the value of resource investment may top this year, there is room for growth in other areas, inflation will In line with the target level Soros proved to be another big winner, after the Australian Federal Reserve cut interest rates, the Australian dollar fell rapidly, as of 12:43 pm AUDUSD (1.0201,0.0019,0.19%) at 1.0179 Short AUD is not a blind gamble The Australian Federal Reserve recently released data show that the Australian manufacturing sector, residential building permits, retail sales and business confidence data are The performance is very weak, suggesting that the economy needs support At the same time, the Australian unemployment rate is at its highest point since 2009, the Australian labor force participation rate has steadily declined since the beginning of 2011, advertising recruitment continues to shrink, suggesting that the labor market situation is deteriorating, the continued hardening of the Australian dollar has also led to the bankruptcy of some manufacturers This year, in the three major economies of the United States, Europe and Japan to compete for easing in the international context, in Domestic and international factors under the dual role of Soros judged the Australian Federal Reserve to cut interest rates as a matter of course Last year began to short the yen net profit of 1 billion Soros and the funds managed since November last year to short the yen, a net profit of nearly $1 billion, so that the companys investment return of about 10% last year, the return so far this year is 5% Soros Fund Management (SorosFundManagement) chief ScottBessent, chief investment officer of the companys internally managed portfolio also has 10%, betting on long Japanese stocks Nikkei 225 index since the end of September last year so far soared more than 28% (full name) Soros as the worlds number one investor is well deserved from his entry into the field of international finance so far, he has achieved impressive results, almost no one can compare with it perhaps some investors will also Although he has experienced painful failures, he has always been able to rise again from where he fell and become even stronger. Some people call Soros a "financial killer", "the devil", he led the speculative capital in the financial markets, the waves, the sea, scraping the wealth of many countries empty the pockets of thousands of people, making them penniless overnight, so But Soros never hid that he as an investor to maximize profits as the goal, he once justified himself by saying that he speculated in currency only to make money in trading, some people profit, some people lose, this is a very normal thing, he is not harming anyone he does not have a sense of guilt for anyone who suffered losses in trading, because he may also suffer losses Whether it is known as a financial wizard, or Whether he is known as a financial wizard or a financial killer, Soros financial talent is well recognized His salary is higher than the gross domestic product of at least 42 member countries of the United Nations [microblogging], and he is richer than 42 countries, which is a full recognition of his financial talent Although he is a controversial person, there is no doubt that he is a very influential person

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