George Soros is a Hungarian-American business magnate, investor and philanthropist. Many people considered to be among the world’s most successful investors. One of the world’s richest people, Soros has an estimated $25.2 billion in net worth. He was born in Budapest, escaped from Hungary during the Nazi occupation and ended up in England in 1947. While there he earned bachelor’s and master’s degrees in philosophy from the London School of Economics. He then held a variety positions at merchant banks. In 1969 he founded a hedge fund called Double Eagle.
In 1970 Soros used the profits he earned to start his second hedge fund, Soros Fund Management. He renamed his first hedge fund the Quantum Fund. It was started with assets under management of $12 million. He was able to turn it into $25 billion by 2011. His most famous deal was when he made $1 billion in a single day on Black Wednesday in 1992 by short selling $10 billion worth of British pounds during the UK currency crisis. It earned him the nickname “The Man Who Broke the Bank of England”.
George Soros said his development and application of the General Theory of Reflexivity and using it on capital markets helps him to understand the market value of securities, asset bubbles and value discrepancies which he uses for swapping and shorting stocks. George Soros donated $11 billion to philanthropic causes between 1979 and 2011 through his the Open Society Foundations. He is known for supporting American liberal and progressive political causes. Soros played a major role in Eastern Europe’s peaceful transition to capitalism from communism in the 1980s and 1990s on nytimes.com. He also gave Central European University among the largest higher education endowments in Europe. The school is located in his hometown.
Soros has gone from doing odd jobs in Europe, to an entry-level job in a merchant bank, to a position with F.W. Meyer, a New York brokerage house in 1956 on iscovethenetworks.org. European stocks was his specialty. He then became a European Securities analyst at Wertheim & company from 1959 to 1963. He then spent 10 years as an Arnhold and S. Bleichroeder vice president. Using $100,000 of the firm’s money he started a fund and experimented with his trading strategies. Soon he had $250,000 of his own. He used the money to start Double Eagle Fund in 1973.
Since that time George Soros has become one of the most successful and highly respect investors in the world. His funds have generated in excess of $40 billion. He has received honorary degrees from the University of Oxford, Yale University, New York’s New School for Social Research, the Corvinus University of Budapest, and the world’s oldest university, the University of Bologna. This information about George Soros cam be viewed on SnopesCategories: Businessmen, Leader