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The essays in Financial Turmoil explain the financial crisis from 2008 through to nearly February 2012. His funds’ performance proves that his views are correct, and in what must be a most satisfying way. Soros’ analysis of politics and economics enables him to recognize both bubbles and undervaluations. With access to the same information that the rest of the market has, Dr. Soros’ critiques are not completely convincing, his actions certainly are. Efficient market theory is a formal model, and the point of it for academic economists may not be to describe the world so much as it is to critically examine the underlying assumptions of the theory. His critique of efficient market theory will not satisfy most economists. The economic theory of efficient markets cannot explain bubbles, and neither can it explain why Dr.
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The essence of the theory is that humans create their environment (such as the price levels in markets), and they also react to it. Reflexivity describes why markets constantly overshoot equilibria. What is it about his intuition that enables him to consistently beat the market? And that explains why we want to read his work. His worldview has led him to an extraordinary track record of demonstrating that his intuition is better than that of the many individuals who constitute markets. Soros gives to his worldview of political economy, which he attempts to delineate as a theory. Those essays are collected in Financial Turmoil in Europe and the United States. That is why he has written books, and it is why he composes essays for The Financial Times of London and The New York Review of Books. Soros feels like disseminating his ideas. Obviously he does not need to work at anything unless he feels like it. Many people know of him for having made $1 billion in 1992 by betting against the English Pound Sterling. He has given away more than $8 billion to charity. Soros has made more money than all but a few other human beings on the planet. His goal, when starting his first fund, was to make $500,000 over five years so that he could live as a writer and elaborate on his ideas on philosophy.
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He began his career in British merchant banks and as a trader in New York. Soros (honorary degrees from Oxford, The New School, and Yale, among others) fled Hungary to England after WWII where he studied philosophy at the London School of Economics. Why does George Soros write books? He is one of the best known managers of unregulated offshore funds-also referred to as hedge funds. If we were all as good at political economy as he is there would be no financial bubbles-and there would probably be less financial turmoil.”
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He is an admirable thinker, and an adept policy analyst. Soros shows us once again in these essays that he is not only a competent trader. Understanding what is happening and what is to be done is reason enough to read Financial Turmoil. “The current financial crisis is explained concisely with eloquence.