Hungarian-American financier George Soros is known for his liberal philosophies. He is also known as “the Man Who Broke the Bank of England,” earning $1 billion during the UK Black Wednesday currency crisis of 1992. He managed to correctly predict that the pound sterling would have to be devalued by the British government.

When commenting about Mr. Soros, people have made remarks regarding his successful speculation ability. This enables him to withdraw when he is ahead of the game, resulting in impressive profits. Mr. Soros has written three books predicting financial disaster, which many equated to him crying wolf. Eventually, his predictions came true, in the form of the worldwide financial crisis.

Mr. Soros says his success is really due to his ability to recognize when his predictions are incorrect. He believes that this has allowed him to survive and prosper. He claims that when he is wrong, he feels it physically and once he makes an alternate decision, the pain subsides. Mr. Soros is a strong believer that the crisis that exists in the world financial system will not resolve itself anytime in the near future.

In terms of investing, Mr. Soros believes that an individual’s biases have an impact on market transactions, which can potentially change the perception of economic fundamentals. This concept is referred to as reflexivity. He says that the transitions in perceptions regarding economic fundamentals are indicated by disequilibrium.

Perhaps you believe as Mr. Soros does that the observation and participation of investors within capital markets can influence valuations as well as conditions or outcomes. Or, you may feel that other factors are responsible. No matter which way you see it, there is no denying that Mr. Soros must be doing something right because he has been able to amass a fortune through his investment actions.

Keep learning more:

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2. Why Everyone Needs Cash


3. The 3 Basic Stock Investing Strategies


4. Gold Is The Only Global Currency


5. The 3 Different Types of Bonds


6. Bonds Are a Low-Risk, Low Return Investment


7. How Much Can I Earn With P2P Lending?

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