Legendary investor “broken the Bank of England”
George Soros’ real name is Dzichdzhe Shorak, born and raised in Budapest, Hungary. His childhood would probably have been peaceful had it not been for World War II. When Soros was 15 years old, the Nazis occupied Hungary, and his family was in danger of being sent to a concentration camp because of being Jewish.
Fortunately, Soros and his family escaped, and they went to England to begin living the miserable life of the immigrant population. At the age of 18, he went to study at the London Institute of Economics, had to do more jobs such as picking apples, guarding trains to earn extra income. After graduating from college, his first financial job was at the Singer & Friedlander Company. However, George Soros discovered he was not suitable for this job and quit.
Then he heard that a friend of his father was looking for an assistant at a stockbroker in New York. George came here to work, and his successful career began here. He was continuously promoted and appointed to many important positions in the company. Soros’s working motto is: It doesn’t matter whether it’s right or wrong, how much money you get if you’re right, and how much you lose if you’re wrong.
At the age of 25, George Soros bought his first stock, and continuously made many impressive impressions. After many years of working in the securities industry, he established his own financial management company with a capital of 17 million USD. Three years later, the Soros company’s budget has reached $100 million.
In September 1992, George Soros bet $10 billion on a currency investment in the British pound. After this deal, he made 1 billion USD in just 24 hours, being called by many abstentions “the one who broke the bank of England”. By 1997, at the time of the Asian financial crisis, Soros continued to profit billions of dollars by short selling.
Later, he founded the famous Soros Quantum Fund in the market, with an average return of 30-50%. Besides, he is also a generous philanthropist. As of 2010, this Hungarian-born billionaire has given away about $ 700 million to charity. Currently, this 91-year-old billionaire owns a fortune of $ 8.6 billion.
The secret to success of the legendary investor
In a television interview, billionaire George Soros shared four valuable tips for F0 investors as follows:
Stick to the original goal
To be successful in value investing requires careful planning and analysis. In particular, we must measure risks and not follow the trend of the crowd. It’s not that we’re showing that we’re… smarter than others, it’s that we understand what we’re doing and stick to our plan.
Soros advises: “We have to be absolutely calm and consider everything in the long-term context of the goal, of the plan.” Understanding what you’re doing, why the stock price is up, why the market is volatile, is the key to success.
Ignore the rumors
Information is a very important factor determining success or failure in many fields, especially in the stock market. With accurate information, we can manage risks well in the era of information overload. Information can come from many places, either word of mouth, or from stock forums. However, we must know how to “filter and clear”, know what is necessary and unnecessary information.
Soros believes that one of the things that makes us lose money in the stock market is just listening to rumors, unorthodox news. If we do not carefully examine such information and make hasty decisions, we are very likely to fail. Finally, F0 investors and retail investors should ignore outside opinions and predictions. Be consistent with your strategy.
Don’t learn to predict, learn to adapt
This 91-year-old billionaire said that it is inherently difficult for the financial market in general and the stock market in particular to forecast accurately. Therefore, there are always many scenarios, and reality often plays out the opposite of what we predict.
Therefore, this investment myth advises that we should not learn how to forecast. Instead, draw up multiple scenarios, prepare for any eventuality, and learn to adapt to it.
Just keep quiet
Soros is inherently a very private person, so his speculative secret is to “keep his investment ideas private”. The Institutional Investor once wrote of Soros: “There is a mysterious character like a magician, a loner who never reveals his whereabouts, even keeping a distance from his collaborators.”
He does not want many people to know about his plans and intentions, so it is strictly forbidden for the fund staff to disclose any information without his permission. George Soros said that, if the intentions were discovered, investors would rush into the market, causing prices to change and making the situation unfavorable.
Advice from speculative legend George Soros: I’m rich because I know when I’m wrong
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