A Quote by George Soros
We [at Soros Fund Management] use options and more exotic derivatives sparingly. We try to catch new trends early and in later stages we try to catch trend reversals. Therefore, we tend to stabilize rather than destabilize the market. We are not doing this as a public service. It is our style of making money.
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If I'm practicing making up what the characters will do, it's never good. In fact, when I catch myself doing that, I try to get rid of that section, and try and let them start making the decisions.
Part of the core of my system, is a way of trying to give the characters more control. If I'm practicing making up what the characters will do, it's never good. In fact, when I catch myself doing that, I try to get rid of that section, and try and let them start making the decisions.
The market being in a trend is the main thing that eventually gets us in a trade. That is a pretty simple idea. Being consistent and making sure you do that all the time is probably more important than the particular characteristics you use to define the trend. Whatever method you use to enter trades, the most critical thing is that if there is a major trend, your approach should assure that you get in that trend.
Too many people try to do the new job, new spouse, new house, new car thing in 18 months. That's a good way to end up broke. We've got to resist the temptation to catch up with our parents in 18 months. Slow down. You have the rest of your life to play catch up. After all, it's just stuff.
What you and I need to do is learn to forget our differences. When we come together, we don't come together as Baptists or Methodists. You don't catch hell 'cause you're a Baptist, and you don't catch hell 'cause you're a Methodist... You don't catch hell because you're a Democrat or a Republican. You don't catch hell because you're a Mason or an Elk. And you sure don't catch hell 'cause you're an American; 'cause if you was an American, you wouldn't catch no hell. You catch hell 'cause you're a Black man. You catch hell, all of us catch hell, for the same reason.
When fate throws a dagger at you, there are ways to catch it. If you catch it by the blade, you can harm yourself. But if you catch it by the handle, you can use it to help you fight through the obstacles ahead.
People are storytelling creatures. We like stories that go somewhere, and therefore we like trends - because trends are things that either get better or get worse, so we can either rejoice or lament. But we mistakenly depict many things as trends moving in some direction. We take the "full house" of variation in a system and try to represent it as a single number, when in fact what we should be doing is studying the variation as it expands and contracts. If you look at the history of the variation in all its complexity, then you see there's no trend.
People will make worse financial decisions for them if they're choosing from a lot of options than if they're choosing from a few options. If they have more options they're more likely to avoid stocks and put all their money in money market accounts, which doesn't even grow at the rate of inflation.
I try to build on our management philosophy. I try to understand what the threats and opportunities are for us. Uh, I try to make sure that we're driving innovation and creative destruction hard enough so we're not blindsided, and that our attitude is to, in starting any initiative, any business, is to focus on how we can create value for others, rather than how we maximize profit, because you can make money focusing on, "How do I maximize profit?"
Better to be too early and have to try again, than be too late and have to catch up.
This is something I haven't told many people, because it's embarrassing. We always used to catch flies with our hands. I was the only one who could catch 'em. One-handed, two-handed. I actually studied flies. I'd watch 'em. How do you catch flies? They fly up. If I can catch that, I can catch anything.
I came up in the U.K., which is a very catch-as-catch-can style, and then I somehow ended up in Japan and spent eight years there learning strong style. I got to spend some time in Mexico learning the lucha libre style, and the WWE is a hybrid style of everything mixed together.
Never be afraid to try something new. Remember, amateurs built the ark; professionals built the Titanic. Never, btw, ask that androgynous paper clip anything. S/he is just a stooge for management, leading you down more rabbit holes of options for things called Wizards, Macros, Templates, and Cascading Style Sheets.
Mutual fund managers are trapped in this rather deadly vicious circle: the more successful they are, the more money flows into their mutual fund. Then, it is more difficult for them to beat the market averages or even to match their own past performance.
Now, I have the opportunity to catch more balls and I relish the opportunity, ... Its something Ive always wanted. I think I needed a change. It was like Groundhog Day, doing the same thing over and over again. What better place could I be than to come to New York and try to put everybody to the side and say, This is who I am.
There is no substitute to taking a lot of a catches as a youngster if you want to do slip catching - you've got to catch, catch, catch. And more than doing the normal stuff, you have to vary your catching - you've got to take some catches with the tennis ball, you got to take some closer, some further away.
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