In 1988, billionaire investor-speculator George Soros wrote a book called The Alchemy of Finance. The book was well-received as a book about the ups and downs of life as a trader, but Soros's theory of reflexivity -- which he believes should replace conventional economic thinking -- was largely ignored.For the past 20 years, Soros has continued to bang the drum on reflexivity, and most people have continued to ignore him, with some economists expressing tremendous disdain for his ideas.
A USA Today profile of this brilliant investor and philanthropist manages to make him look pretty pathetic: " [...] George Soros, now in his eighth decade and enjoying a personal fortune estimated at $9 billion, yearns to be seen as something other than a financial oracle or Democratic Party sugar daddy. The Hungarian émigré, who built a worldwide reputation by out-thinking markets, desperately wants to be acknowledged as a philosopher."
With a new book out, The New Paradigm for Financial Markets: The Credit Crash of 2008 and What It Means, Soros is ever-hopeful that this time he will finally gain the recognition he deserves for the theory he believes to be his "life's work."
Having read a few of Mr. Soros's books, I doubt that his propensity for pontification will appeal to most readers. But the USA Today interview is definitely worth reading to get his thoughts on the current state of the market. He might be heckled as crazy and irrelevant, but I'm always interested in the market predictions of someone who made $9 billion making market predictions.
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Alcoa's Q2 2008 earnings transcript
Reader Comments (Page 1 of 1)
5-13-2008 @ 5:27PM
pjmducks6 said...
U.S.A. Today couldn't make anyone look pathetic. Only a publication that isn't pathetic itself could do that!
5-13-2008 @ 8:34PM
Roger Hargrove said...
This man is silently killing our country with his socialist agenda and most people don't even know it.He puts his money into everything he can to undermine what made this country great.
5-13-2008 @ 9:32PM
H-Bomb said...
Roger,
The only thing you had right was "made" - past tense. Our country stopped being great decades ago. I see the socialism term thrown around a lot when referring to Democrats. I'd like to know what you perceive socialism to be.
5-14-2008 @ 12:10AM
chilla said...
That old dinosaur. He is desperately trying to remain relevent and just can't seem to find a tar pit to stumble into.