1979 Soros established his first foundation, the Open Society Fund, in new york. He established the first Eastern European Foundation in Hungary on 1984, and the Soviet Soros Foundation on 1987. Now, he funds the foundation network, which operates in 365,438+0 countries, covering Central and Eastern Europe, the former Soviet Union and central Eurasia, and South Africa.
Haiti, Guatemala and the United States. These foundations are committed to building and maintaining infrastructure and public facilities in an open society. Soros also established other important institutions, such as China Europe University and the International Science Foundation.
Soros received honorary doctorates from the Institute for New Society, Oxford University, Budapest University of Economics and Yale University. 1995 The University of Bologna (Italy) awarded the highest honor-Laurea Honor is Causa to Mr. Soros in recognition of his efforts to promote an open society all over the world.
Soros is the chairman of the board of directors of LCC Soros Fund, and the Private Investment Management Office confirmed that he is a consultant of Quantum Fund Group. Quantum fund is the oldest and largest fund in the quantum group, and it is generally considered as the best performance of any investment fund in the world in its 28-year history.
Growth record
George soros is a "financial genius". Since the establishment of 1969 "Quantum Fund", it has made incredible achievements, with an average annual comprehensive growth rate of 35%, which is beyond the reach of all investment experts. He seems to have a super ability to control the world financial market.
He has great wealth, he is a famous philanthropist, but he is also a crocodile that surprises you. I wonder when he will give you a heavy blow. Soros became famous for the first time in the world after bringing down the Bank of England. It was precisely because of the Asian financial turmoil that broke out five years ago that many Asian countries' financial systems were on the verge of collapse and their economies were in trouble. He is the incarnation of angel and devil, an incredible combination of the two.
Adventurers will succeed.
1930, george soros was born into a wealthy Jewish family in Budapest. My father is a lawyer, determined and shrewd, and his influence on Soros is enormous and far-reaching. Not only taught Soros self-esteem, strength and self-confidence, but also educated Soros from an early age and treated wealth with a peaceful attitude. In his later years, Soros also practiced his father's teaching and put hundreds of millions of wealth into charity.
In his childhood, Soros was excellent in all aspects, and he was a victorious general in all kinds of activities. With his parents' love, superior family background and his own Excellence, he is an enviable son of heaven. But this life was soon broken. From 65438 to 0944, with the Nazi invasion of Budapest, Soros's happy childhood came to an end, and he took his family to escape. It was a period full of danger and pain. Thanks to his father's shrewdness and strength, his fake ID card and the shelter provided by good people, his family finally escaped this disaster. Later, Soros said that 1944 was the happiest time in his life, and he learned the skills of survival from the crisis of life and death. Two of these experiences were very helpful to his speculative career. The first is not afraid of taking risks, and the second is not to put all your eggs in one basket when taking risks.
1947, 17-year-old Soros left Hungary to seek development in advanced western countries. He first went to Bern, Switzerland, and then immediately went to London. The original beautiful imagination of London was shattered by reality. This is not a world for the poor, but a paradise for the rich. He can only make a living by doing odd jobs, and life is not fun and fresh.
In order to change his fate, Soros was admitted to the London School of Economics on 1949. Soros took the route of 1977 Nobel Prize winner John Meade. Although Meade is famous, Soros thinks he has learned nothing from it. He likes another liberal philosopher, Karl Popper, and he encourages him to think seriously about the way the world works and try to explain problems from a philosophical perspective. This laid a solid foundation for Soros to establish a new theory of financial market operation.
Once, poverty almost made Soros drop out of school, but the wisdom of the London School of Economics helped Soros overcome loneliness. He found great pleasure in books and thoughts. He also wrote a book, but he didn't finish it, so he put it on hold, because graduation is just around the corner, and no matter how many fantasies young Soros has about the future, he must make a living.
1953 In the spring, Soros graduated from the London School of Economics, but this degree didn't help him at all. He went to any job he could find, first selling handbags in seaside resorts in northern England. This experience made him feel the hardships and difficulties of life, especially the importance of money. He began to gradually give up his unrealistic ideas and look for a job that could provide a high salary. In order to enter the threshold of investment banks in London, he wrote a cover letter to all investment banks in the city. Finally, the opportunity came. Singh and Freedlander offered a trainee job. Soros finally got rid of the long-term poverty and got a job at 123456, from which he began his financial career.
Soros fell in love with this job and became a trader with great expertise in gold stock arbitrage, especially in making money by using the price difference between different markets. He began to have some money, but the monotony of London could no longer satisfy the growing Soros. He decided to go to new york, the world's largest financial center and a paradise for adventurers!
The Victory of Quantum Fund
Soros came to new york with only $5,000, but he has a competitive advantage, that is, he is from London, and what new york needs is a financial expert who knows the British market very well. So, under the introduction of friends, Soros came to F.M. Ye Mei Company and became an arbitrage trader specializing in gold and stocks.
Although arbitrage has become one of the most popular forms of financial gambling, it was very depressed 30 years ago. No one wants to invest a lot of shares in order to earn millions of dollars from the company's takeover shares. In the 1950s, when life was monotonous, businessmen like george soros could only make a profit by carefully studying and using the tiny price difference of the same stock in different markets to buy at a low price and sell at a high price. But at that time, Europeans only dealt with Europeans and Americans only contacted Americans. This local concept has made Soros profitable and made great contributions to European securities.
1960, Soros made the first successful experiment on foreign financial markets. Through investigation, Soros found that due to the rise of Allianz's stock and real estate business, its share price was greatly discounted relative to the asset value, so he suggested that people buy Allianz's stock. Morgan Guarantee Company and Dreyfus Company bought a large number of shares in Allianz. But others don't believe it. In fact, Soros is right, and the value of Allianz's stock has tripled. Soros gained great fame.
1963, Soros began to work for Ehud Brecher, an American company mainly engaged in foreign securities trading. Soros was hired as an analyst. At first, I mainly engaged in foreign securities analysis. Because of his network in Europe and his ability to speak many European languages, including French and German, Soros naturally became a pioneer in this field. Four years later, he became the head of the research department of Ehud Company.
A few years later, Soros made a lot of money for the company and became the right-hand man of the boss and the pillar of the company. But at this moment, this restless man is already brewing to leave. He doesn't want to work for others, he wants to start his own business.
1973, Soros and his friend Rogers founded Soros Fund Management Company. When the company first started operating, there were only three people: Soros was a trader, Rogers was a researcher and one was a secretary. Nobody paid attention to this little guy at that time, but Soros was gaining momentum. He subscribes to a large number of business journals and studies piles of reports every day. He is looking for every opportunity and every gap.
Here comes the opportunity. 1973, Egypt and Syria invaded Israel on a large scale, and Israel was defeated because of its backward weapons. From this war, Soros believes that American weapons and equipment may also be outdated, and the US Department of Defense may spend huge sums of money to re-equip the army with new weapons. So Soros Fund began to invest in stocks of companies with large orders from the Ministry of National Defense, and these investments brought huge profits to Soros Fund.
Soros is unique in that before a stock becomes popular, he can see hope through dark clouds, and he knows why he wants to buy or not. When he finds himself at a disadvantage, he can get out of the predicament.
Short selling is Soros's favorite trick. Soros admits that he likes to make a profit by winning short selling, which brings him joy after planning. The company bet on several large institutions and then sold them short. Finally, when the stock prices plummeted, the company made a lot of money. Although it seems to others that shorting is too risky, because Soros has done enough research and preparation in advance, his adventure will end in victory in all likelihood.
From 65438 to 0975, george soros began to attract attention in Wall Street circles. His ability to make money attracted people's attention. From 65438 to 0979, Soros decided to rename the company Quantum Fund, which originated from Heisenberg's uncertainty law of quantum mechanics. Because Soros believes that the market is always in an uncertain state, always fluctuating. You can make money by betting on uncertainty.
At this time, Soros's operation in the British stock market was very smooth. At the peak of the stock market, he shorted the pound. He took many measures to buy the British stock market at a very low price, which was huge and was said to be worth $ 1 billion. He finally earned 1 billion dollars in this move. The company's performance is also incredible, with an increase of 65,438+002.6% and assets reaching $38,654,380+0 billion. He is a famous big shot on Wall Street!
Financial predators are famous all over the world.
Although Soros is a well-known master on Wall Street, what really made him known to the outside world were the two major crises in the 1990s, in which Soros was a key figure. One is the Bank of England incident of 1992.
For hundreds of years, the pound has been the main currency in the world and occupies an extremely important position in the world financial market. Although at the end of the 20th century, due to the economic recession, the position of the pound in the world market began to decline. However, as an important institution to ensure market stability, the Bank of England has always been a strong pillar of the British financial system, with extremely rich market experience and strong strength. No one ever dared to confront the financial system of this country, but Soros surprised everyone and launched an unprecedented attack on the pound and the Bank of England.
1989 1 1 month, East and West Germany were unified. In the eyes of many people, a unified Germany will soon revive and prosper. 1On February 7th, 1992, the Maastricht Treaty signed by the EU 12 member states even cheered everyone up: a "Greater Europe". However, after a calm analysis, Soros believes that the new Germany will experience a period of economic difficulties due to the reconstruction of the former East Germany. Germany will pay more attention to its own economic problems and have no time to help other European countries tide over the economic difficulties, which will have a far-reaching impact on the economies and currencies of other European countries. Monetary union is not necessarily a good thing.
Sure enough, less than a year after the treaty was signed, it was difficult for some European countries to coordinate their economic policies. At that time, the British economy was in a long-term downturn and was in a difficult situation. It is impossible for Britain to maintain a high interest rate policy. The only feasible way to stimulate economic development is to lower interest rates. Although Prime Minister Major has repeatedly stressed the need to safeguard the pound and its position in the European monetary system, Soros believes that this is just a bluff, and he is already secretly preparing to attack.
1September, 1992, Soros and some mutual funds and multinational companies that have been engaged in arbitrage for a long time sold weak European currencies in the market, forcing the central banks of these countries to borrow huge amounts of money to support their respective currencies. In this contest, Soros is the backbone, and he spent $654.38+000 billion alone.
1992 September 15, Soros decided to short a lot of pounds. The exchange rate of the pound against the mark has plummeted. Although it was reported that the Bank of England bought 3 billion pounds, it still failed to stop the pound from falling. By the end of the evening, the exchange rate of the pound against the mark almost fell to the lower limit stipulated by the European exchange rate system. The pound is on the verge of exiting the European exchange rate system. /kloc-in September of 0/6, the British government completely failed and withdrew from the European exchange rate system. Although the British government even used $26.9 billion worth of foreign exchange reserves to defend the pound in this operation, it ended in failure. The British call this day "Black Wednesday".
Subsequently, Italy and Spain also announced their withdrawal from the European exchange rate system. The Italian lira and Spanish pesetas began to depreciate sharply. Soros became the biggest winner of the pound attack. His photo was published in major magazines and was called "the man who defeated the Bank of England" by The Economist magazine. This year, Soros's fund increased by 67.5%. He also topped the wall street income list of Financial World magazine with a net profit of $650 million, a record that has been maintained to this day.
Then, Soros turned his attention to Southeast Asia and set off the Asian financial crisis that caused a sensation in the world. In the early 1990s, when the western developed countries fell into recession, the economies of Southeast Asian countries experienced miraculous growth. In the frenzy and excitement of the bubble economy, Asia did not realize the loopholes in its own economic system, but Soros had noticed it.
With the passage of time, the signs of overheating in Southeast Asian countries have become more prominent, although the central bank has adopted the method of continuously raising bank interest rates to reduce inflation. But at the same time, this method also provides many opportunities for speculation. Banks themselves have joined the ranks of speculators. This has caused serious consequences. Short-term foreign debts of banks in various countries have greatly increased. Once foreign hot money quickly flows out of the financial markets of various countries, it will lead to a painful impact. Among them, the most serious problem is Thailand. Because Thailand was the country with the highest degree of financial market liberalization in Southeast Asian countries at that time.
Soros decided to attack the Thai baht on a large scale first, and then swept the capital markets of the whole Southeast Asian countries. From 65438 to 0997, arbitrage fund managers such as Soros began to sell Thai baht in large quantities, and Thailand's foreign exchange market immediately became choppy and turbulent. The Thai baht has been falling all the way, and the Thai government has used $30 billion in foreign exchange reserves and $654.38+0.5 billion in international loans to try to turn the tide. However, this mere $45 billion is only a drop in the ocean compared with the endless international hot money. Hurricane Soros quickly swept through Indonesia, the Philippines, Myanmar, Malaysia and other countries. The Indonesian rupiah, Philippine peso, Myanmar dollar and Malaysian ringgit depreciated sharply, leading to terrible scenes such as factory closures, bank closures and rising prices. Hurricane Soros, which swept through Southeast Asia, swept away billions of dollars of wealth at once, and reduced decades of economic growth in these countries to ashes. All Asians remembered this terrible day and this terrible person, and people began to call him a "financial crocodile". In the eyes of some Asians, Soros is even a heinous and morally corrupt guy!
However, Soros himself does not think so. He said: "I am a complicated person. In some parts of the world, I am famous for forcing the Bank of England to yield and bankrupt Malaysians, that is, as a speculator and a devil. But in other parts of the world, I am regarded as a defender of the' open society'. "
Indeed, he is a complicated person, which is impossible to guess. Compared with Soros's ruthless war in the financial market, he is also a philanthropist and philosopher. The Dayton Peace Prize he won was named after the Dayton Peace Agreement that ended the civil war in Bosnia and Herzegovina signed by 1995. In 2000 alone, Soros's Bosnia and Herzegovina Aid Fund invested nearly 500 million US dollars in the fields of education, health and social development in Bosnia and Herzegovina, and donated 25,000 US dollars for the reconstruction of Bosnia and Herzegovina. He also set up a foundation with his own money, which is specially used for poor students to go to school. ...
This is Soros. People can never predict what his next step will be, whether to hold high the banner of peace or another painful earthquake that shocked the world. But in any case, he is one of the greatest investors in our world, which brings us deeper thinking.
Secret of success
There are a pair of sharp eyes to find the economic bubble, and a cold heart to sweep the market at the same time.
The ability to obtain the most certain profit from uncertainty.
The courage to risk short selling.
Jim rogers, born in 1942, was the founding partner of 1997 Quantum Fund, which frightened Southeast Asian countries. 1968, jim rogers started trading stocks with only $600, but in 197 1 year, he and george soros formed a "quantum fund" and became the most successful arbitrage fund. Jim rogers, who was only 37 years old, "retired" on 1980 because he disagreed with george soros on the development direction and philosophy of life of the quantum fund, resulting in the first loss of198/kloc-0, and the fund scale was reduced by 50%. Jim rogers has140,000 USD in his hand and started a new speculative career.
Jim rogers graduated from Yale University and found a job of work-study program in summer vacation through the recommendation of a friend who works on Wall Street. I knew nothing about Wall Street at that time. I don't know the difference between stocks and bonds, or even the difference between stocks and bonds. The only thing I know about Wall Street is that it is located somewhere in new york City, and a very unpleasant thing happened at 1929 (stock market crash). Rogers 1964 to 1966 studied at Oxford university. American students studying in Oxford at that time were only interested in politics, and only Rogers was interested in studying the Financial Times in London. Rogers always invests in scholarships donated by Oxford University. When he met the stock market, he made some money in the bull market. 1970 After graduating from Oxford University, Rogers began his investment management career. I first worked as an analyst in a small company on Wall Street, doing everything in bonds, stocks, foreign exchange and commodity futures. In the early trading career until September 1970, there was no success. Rogers learned a lesson from those days: learn to do nothing unless you know what you are doing. You should also learn that it is best not to rush into the arena unless you wait until the time is completely favorable, so that even if you make mistakes, you will not be seriously injured. Rogers has never suffered a major loss since September 1970.
At this time, george soros contacted Rogers several times, and was immediately attracted by his diligent working attitude and superhuman working ability, and appreciated his investment philosophy and theory very much. 197 1 year, they finally established the most successful investment fund "Quantum Fund" on Wall Street. At that time, there were only two partners and a secretary, and the quantum fund was on its way. George soros specializes in buying and selling transactions, and Rogers is responsible for collecting information and analyzing. He brought his passion for work and superhuman analytical ability to the "Quantum Fund". Sometimes even if two people disagree, they will still make a deal, because one of them must be more determined. However, this rarely happens. Usually when we want to make a transaction, we will reach a consensus first. Rogers really doesn't like to use the word "consensus" because the "consensus" investment strategy often fails, but it seems that we always reach a consensus before trading. The successful cooperation between the two people has enabled the Quantum Fund to achieve an average annual rate of return of more than 50% for ten consecutive years.
Many people admire the "quantum fund" for its small scale, but it can invest all the foreign exchange, commodities, futures, bonds and stocks in the world at the same time. This is due to Rogers' amazing memory. Over the years, Rogers has spent a lot of time cramming a lot of things into his mind and writing down all the major changes that have taken place in various markets in the past. When Rogers taught at Columbia University, students were always surprised that Rogers could tell about the major changes in various markets in the past. The reason why he can write down so many things is entirely because Rogers has been familiar with the past information of commodities, bonds, stocks and other markets for many years. For example, Rogers knew that the cotton futures market entered a bull market at 186 1, and the price rose from 0.5 cents/pound to 1.05 USD/pound. For the major changes in the market in the past, Rogers will first observe the abnormal phenomena in the market charts over the years. For example, if you find a trend similar to the cotton market in 186 1, you will ask yourself, "What makes this trend so? What happened at that time? " Then I began to look for answers, and I could learn a lot in the process of looking for answers. Just like the market of high-tech internet stocks since 1999 "5. 19", there are many similarities between the market of high-tech internet stocks and the market of high-tech internet stocks in the United States: high-tech internet stocks don't care about the income in the last year or two or whether they can make money, but investors care about the long-term and huge benefits brought by the Internet to the change of human lifestyle. Due to the increasing network demand, semiconductor and software technology stocks that provide hardware for the network will also have a chain reaction.
Rogers is both an outstanding investor and an excellent university teacher. Since 1983, Rogers has opened the most popular advanced securities analysis course at Columbia University in the United States, and even Warren Buffett has listened to his class and cheered again and again. At present, Rogers is also the host of Your Portfolio, the most popular financial program on American Consumer News and Business Channel. Rogers is in charge of the investment course at Columbia University. This course requires students to find out the main changes in the market in the past. Students call this course "bull market and bear market". Rogers asked students to study the formation of hundreds of long and short markets. Every bull market or bear market, whether it is stocks or futures, always has its reasons for rising. Rogers asked the students, if they were then, on what basis they could predict the major changes in this big market. For example, when the price of rubber rose 20 times after 2 cents/kg, I would ask the students, "If it were you, how did you know that the price of rubber would rise sharply?" Students may answer: "I know that the price of rubber will rise sharply because there will be war." However, he asked, "How did you know there would be a war?" It is through this understanding of history that Rogers taught students to analyze market trends.
Rogers is well-read and knowledgeable. He always thinks that the most important quality of investors is the ability to think independently. His profound knowledge laid a solid foundation for his independent thinking. Rogers has not paid much attention to the securities analysts on Wall Street. He thinks that these people follow the crowd, and no one can make a fortune by following the crowd, because most people in the speculative market lose money. In the past, quantum funds have been successful because they can predict major long-term changes and business cycle changes that others have not noticed. Now Rogers has made great gains in the securities industry with this skill. During the period of 1974, the profit of American Rocker Airlines, which produces aircraft and military equipment, dropped sharply, and there were many rumors in the market that the company was about to go bankrupt. During this period, the stock price fell to the bankruptcy price: 2 yuan. From the perspective of international competition, sober Rogers will see that the contest between the United States and the Soviet Union in military technology will inevitably intensify, and the US government will attach great importance to producing the best national defense equipment. Therefore, Locke Airlines will receive strong policy assistance from the US government. Based on this foresight, after buying a large number of shares of Rockair, the shares of Rockair suddenly broke out from silence, and the share price rose from 2 yuan to 120 USD.
The most outstanding feature of Rogers is that when the market is the craziest, his mind is surprisingly calm. When the market starts to jump, he becomes a decisive short seller again. A few days later, people can see that those crazy people have become a panic group. As he said: "If the market continues to run in the wrong direction, especially to a crazy climax, then you will know that the market will provide you with another opportunity to make big money." 1987 1 10 In October, when a reporter interviewed James Rogers, he foresaw that the US stock market was about to plummet, so he sold stocks in time. 198710 June19, the American stock market plummeted, and his short-selling operation was successful again.
Rogers trading analysis is mainly based on fundamentals, and occasionally look at the analysis chart. Sometimes, the analysis chart will tell you that the market has deviated greatly. In this case, Rogers usually considers whether to continue to be long or short. When the soybean futures price rose to an all-time high of $9.60, Rogers still clearly remembered the reason, because the night before Rogers went short, Rogers had dinner with a group of futures exchange traders, and one of them kept talking about the reason why he bought soybeans. However, Rogers gave him a top answer: "To be honest, I really don't know if you made a mistake about the bullish view of soybeans, but I shorted because the market trend was too crazy."
Rogers is confident in every deal, otherwise he wouldn't have done it at all. One rule of investing is to do nothing unless something really important happens. Most investors always like to go in and out and find something to do. They may say, "Look how smart I am, my income has tripled." Then they will use the money they earn to do other things. They just can't sit down and wait for the natural development of the general trend. Many investors see that the market is good, so they might as well try their luck in it. In fact, it is a dead end leading to bankruptcy. Rogers is always waiting, and finally you will find the money at your feet. Some people who have suffered losses in the stock market will say, "I lost a sum of money, and I must find a way to earn it back." The more you encounter this situation, the more calm you should be, and wait until something new happens in the market before taking action. "Quiet as a virgin and moving as a rabbit" is the best portrayal of successful investors.
This is a special point for modern investors to invest in global markets. James Rogers is a leader in this field. In stock selection, what we are most concerned about is not how much profit a company will make in the next quarter, but what impact macro factors such as society, economy, politics and military will have on the fate of an industry and what changes will be made in the prosperity of the industry. As long as the investor's prediction is accurate, and the market price of a stock is far from this predicted price, then this is the most profitable stock. Therefore, once Rogers found that some long-term policy changes and economic trends were beneficial to an industry, he immediately foresaw that the industry was about to prosper, so he bought shares of all companies in this industry in large quantities. 1984, when the Austrian stock market, which was rarely noticed and understood by the outside world, plummeted to half of 196 1, Rogers personally visited Austria. After careful investigation and study, I decided that the opportunity had come. He bought a lot of stocks and bonds of Austrian enterprises. In the second year, the Austrian stock market came back to life, and the Austrian stock market index rose 145% in the skyrocketing. Rogers made some gains, so he was called "the father of Austrian stock market". "
In order to be a shoo-in in international investment activities, Rogers likes to travel around the world, visit all parts of the world, experience new things and make new friends. He believes that these are the most direct ways to understand the dynamics of the securities market. 1990, Rogers and his girlfriend rode his beloved BMW motorcycle around the world (except the North Pole and the South Pole), with a journey of 104700 km, breaking the Guinness World Record. This way of combining investment research with tourism and entertainment enriches his personal life, and also prepares valuable first-hand information for his correct investment, and writes a book "Rogers Global Investment Travel". 1In May 1996, Rogers visited China again. James thinks that when he travels around the world again in 20 years, China will become a world economic power with indomitable spirit, and 2 1 century will be the century of China people. Just as he has made numerous successful predictions in his previous global international investment experience, we believe this is also a very wise prediction.