How George Soros Became So Legendary
There are few investors on this planet that have not heard of George Soros at all. He is a lightening rod of controversy for some and admiration for others. There is basically no in between. This is largely because of the interesting ways in which he has made his money and also because of the political actions he takes with that money.
George Soros made one of the most famous trades ever back in 1992 when he made a huge bet against the British Pound which netted him $1 billion in profit in just 24 hours. It was probably the quickest billion dollars anyone has ever made and one of the most famous trades ever taken, which later became known as “breaking the Bank of England”.
At the same time, it was a huge bet which just as easily could have gone against him but if you want to make the big bucks you have to risk big bucks. It was definitely a gambler’s move, and not something that would be recommended for just your casual investor. Despite this, Soros made out like a bandit and has only continued to grow his net worth averaging over 26% for the past 41 years. In fact, if you would have invested $10,000 with Soros back when he started in 1969, it would be worth over $143 million!
Why Is Soros So Controversial?
George Soros certainly draws enough criticism from the public. This happens as a result of his liberal political outlook and the fact that he backs liberal causes all throughout the world with large amounts of money. Most recently, George Soros was involved with giving $25 million dollars to the Hillary Clinton for President campaign as well as other Democrats running for office in this most recent election. This particular investment did not pay off, but Soros drew ire from the political Right regardless.
The billionaire has also been active in working on the Syrian refugee crisis. He has tried to work with European countries and others to resettle those who are escaping the brutal civil war in Syria. He considers this a humanitarian crisis and wants to do what he can to prevent people from suffering more than they have to. Of course, even this is something that draws scorn from some people who disagree with such actions.
In Retirement But Still Picking Stocks
Soros has officially declared that he is retired from the day to day stock picking that he once did for his funds. He has more than enough money to last the rest of his lifetime as well as the lives of his children and their children and their children and so on. As a result, he spends more of his time working on the political and charity causes.
The fund still continues to select investments and gather new investor’s money for its operations. Some recent changes to the fund included purchasing up Tivo shares and massively reducing shares of Dish Network. This could be indicative of a move that goes to show that Soros and his investment funds believe that the world of technology is moving towards a different way of how we use our technology.
The fund has sold out of a lot of its gold positions, but Amazon is getting a lot of love from them. It is great to see because all of this information is available to even people who are not invested in the Soros funds. The information is a little delayed compared to when the trades are actually made, but it is still valuable insight nonetheless.
Although his ways may be controversial to some, there is no question that George Soros is one of the savviest investors in the history of the world. He knows what he is doing, and his results speak for themselves.