A whale of wisdom from a legend!
Firstly, a little light about the author. George Soros is one of the most influential investor of our times. In this book, he has clearly described how he goes about understanding the world and the markets, in what he refers to as the “Theory of Reflexivity” and how his decision making in his trading operations always has an underlying belief about the potential outcome of events. The brilliant part is that unlike most other books out there, he uses non-technical methods to forecast the dynamic interplay between the participants of the market.
For those who are history buffs, this book is a great interpretation of the political and economic history of recent times. The analyses on the conglomerate boom of the late 1960s, REITs boom, the abolition of the gold standard and its ramifications, Merger Mania of the 1980s are detailed and fascinating. The analyses on international debt and the cycle of lending using the Eurodollar market was very impressive.
However, the most invaluable part is his trading diary which he maintains during the “Testing period”, in which he is experimenting his thesis and theory in practice all the while explaining his rationale and actions. It is a very informative and thrilling record of how the most successful macro hedge fund was managed until late 1986.
This book is for:
- Economists
- Fund managers
- Serious investors and traders
- Banking professionals
- Policymakers