George Soros > Quotes

“I'm only rich because I know when I'm wrong.”
― 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

“It is much easier to put existing resources to better use, than to develop resources where they do not exist.”
― 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, The Alchemy of Finance

“Misconceptions play a prominent role in my view of the world.”
― 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

“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, The Alchemy of Finance

“I start from the position that every human endeavor is flawed: if we were to discard everything that is flawed there would be nothing left. We must therefore make the most of what we have; the alternative is to embrace death. The choice is a real one, because death can be embraced in a number of ways; the pursuit of perfection and eternity in all its manifestations is equivalent to choosing the idea of death over the idea of life. 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, The Alchemy of Finance

“On the abstract level, I have turned the belief in my own fallibility into the cornerstone of an elaborate philosophy. On a personal level, I am a very critical person who looks for defects in myself as well as in others. But, being so critical, I am also quite forgiving. I couldn't recognize my mistakes if I couldn't forgive myself. To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride. Once we realize that imperfect understanding is the human condition, there is no shame in being wrong, only in failing to correct our mistakes.”
― George Soros, Soros on Soros: Staying Ahead of the Curve

“Values are closely associated with with the concept of self - a reflexive concept if ever there was one. What we think has a much greater bearing on what we are than on the world around us. What we are cannot possibly correspond to what we think we are, but there is a two-way interplay between the two concepts. As we make our way in the world our sense of self evolves. The relationship between what we think we are and what we are in reality is the key to happiness - in other words, it provides the subjective meaning of life.”
― George Soros, The Alchemy of Finance

“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

“In my view, philanthropy goes against the grain; therefore it generates a lot of hypocrisy and many paradoxes. Here are some examples: Philanthropy is supposed to be devoted to the benefit of others, but philanthropists are primarily concerned with their own benefit; philanthropy is supposed to help people, yet it often makes people dependent and turns them into objects of charity; applicants tell foundations what they want to hear, then proceed to do what the applicant wants to do.”
― George Soros

“The prevailing wisdom is that markets are always right. I take the opposition position. I assume that markets are always wrong. Even if my assumption is occasionally wrong, I use it as a working hypothesis. It does not follow that one should always go against the prevailing trend. On the contrary, most of the time the trend prevails; only occasionally are the errors corrected. It is only on those occasions that one should go against the trend. This line of reasoning leads me to look for the flaw in every investment thesis. ... I am ahead of the curve. I watch out for telltale signs that a trend may be exhausted. Then I disengage from the herd and look for a different investment thesis. Or, if I think the trend has been carried to excess, I may probe going against it. Most of the time we are punished if we go against the trend. Only at an inflection point are we rewarded.”
― George Soros, Soros on Soros: Staying Ahead of the Curve

“There is a powerful case for the market mechanism, but it is not that markets are perfect; it is that in a world dominated by imperfect understanding, markets provide an efficient feedback mechanism for evaluating the results of one's decisions and correcting mistakes.”
― George Soros

“At present, the developed countries condescend to the developing ones.”
― George Soros, The Age of Fallibility: Consequences of the War on Terror

“My peculiarity is that I don't have a particular style of investing or, more exactly, I try to change my style to fit the conditions.”
― George Soros, Soros on Soros: Staying Ahead of the Curve

“Economic theory is devoted to the study of equilibrium positions. The concept of equilibrium is very useful. It allows us to focus on the final outcome rather than the process that leads up to it. But the concept is also very deceptive. It has the aura of something empirical: since the adjustment process is supposed to lead to an equilibrium, an equilibrium position seems somehow implicit in our observations. That is not true. Equilibrium itself has rarely been observed in real life — market prices have a notorious habit of fluctuating.”
― George Soros, The Alchemy of Finance

“I commissioned two political experts to advise me about what I could do to oppose the re-election of President Bush.”
― George Soros

“My main concern is with the world order”
― George Soros, The Age of Fallibility: Consequences of the War on Terror

“The world order needs a major overhaul.”
― George Soros, The Age of Fallibility: Consequences of the War on Terror

“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. But I hate to think what would have happened if I hadn't made money: My ideas would not have gotten much play.”
― 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

“It is dangerous to build systemic reforms on a close association with one particular government. Systemic reforms need broad public participation and support. That is what makes them irreversible.”
― George Soros

“It's more difficult, you know, to bring about positive change than it is to make money. It's much easier to make money, because it's a much easier way to measure success — the bottom line. 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. Why not use an entrepreneurial, rather than a bureaucratic, approach. As long as people genuinely care for the people they're trying to help, they can actually do a lot of good.”
― George Soros

“Perhaps you were too idealistic.
I admit it. But I don't believe I overestimate the importance of ideals. Only when people believe in something can they move the world. The
trouble is that people simply don't believe in open society as a goal worth fighting for.”
― George Soros, Soros on Soros: Staying Ahead of the Curve

“Az adott társadalmi szituációk résztvevőiként mindannyiunknak rendelkeznünk kell bizonyos nézetekkel, amelyek alapján cselekszünk. De milyen alapon cselekedjünk, amennyiben elfogadjuk, hogy nézeteink nagy valószínűséggel tévesek, de legalábbis a valóság hiányos vetületei. A válasz ugyanaz, mint amit Popper adott a tudományos módszerre: nézeteinket átmeneti igazságokként kell kezelni, és közben biztosítani kell az állandó felülvizsgálatot. Ez a nyílt társadalom alaptétele.”
― George Soros, The Bubble of American Supremacy

“How do you see your own Jewish identity?
I am proud of being a Jew-although I must admit it took me practically a lifetime to get there. I have suffered from the low self-esteem that is the bane of the assimilationist Jew.
This is a heavy load that I could shed only when I recognized my success.
I identify being a Jew with being in a minority. I believe that there is such a thing as a Jewish genius; one need only look at the Jewish achievements in science, in economic life, or in the arts. These were the results of Jews' efforts to transcend their minority status, and to achieve something universal. Jews have learned to consider every question from many different viewpoints, even the most contradictory ones. Being in the minority, they are practically forced into critical thinking. If there is anything of this Jewish genius in me, it is simply the ability to think critically. To that extent, Jewishness is an essential element of my personality and, as I said, I am very proud of that.”
― George Soros, Soros on Soros: Staying Ahead of the Curve

“The main obstacle to further progress on the resource curse is China, and to a lesser extent India.”
― George Soros, The Age of Fallibility: Consequences of the War on Terror

“Although we cannot rid ourselves of misconceptions, we can correct them when we become aware of them.”
― George Soros, The Age of Fallibility: Consequences of the War on Terror

“The very first sentence of the September 2002 National Security Strategy (the President's annual laying out to Congress of the country's security objectives) reads, "The great struggles of the twentieth century between liberty and totalitarianism ended with a decisive victory for the forces of freedom and a single sustainable model for national success: freedom, democracy, and free enterprise."
The assumptions behind this statement are false on two counts. First, there is no single sustainable model for national success. Second, the American model, which has indeed been successful, is not available to others, because our success depends greatly on our dominant position at the center of the global capitalist system, and we are not willing to yield it.”
― George Soros, The Bubble of American Supremacy