Warning: session_start(): open(/var/lib/php/session/sess_18gibh7dniku3s1ajava35qtjr, O_RDWR) failed: No space left on device (28) in /var/www/html/includes/config.php on line 34

Warning: session_start(): Failed to read session data: files (path: /var/lib/php/session) in /var/www/html/includes/config.php on line 34
addabook - The Crash of 2008 and What it Means
addabook home timeline gallery
signup or login
The Crash of 2008 and What it Means
The New Paradigm for Financial Markets
George Soros
read on November 1, 2009

Blech. This book is.. not what I expected. To be fair, I didn't do much research before buying it. I didn't know much about Soros, except he was a billionaire arbitrageur. I figured it would be good to get his take on the recent bubble/crash. After having gone through Bailout Nation's more top-level account, I was hoping this book would cover the crash in more detail. I've made it through the first third of the book and given up. It has not yet mentioned anything at all about the 2008 crash. In fact, in the first third of the book it doesn't mention anything about financial markets - or anything even remotely related to finance. The book instead is Soros' take at a philosophy text. He just goes on and on about Karl Popper, reflexivism, and falsification. I'm sure a lot of what he has to say is worth hearing. In fact, his comments on reflexivism were very interesting. But I don't have the patience for it right now. I wanted to hear about subprime loans and credit default swaps - I felt cheated by the title and never really got past that.

Someday I'll be in a philosophy mood, and maybe then I'll come back to this.

Author Bio:

George Soros (born August 12, 1930) is a Hungarian-American investor, business magnate, and philanthropist. Soros is considered by some to be one of the most successful investors in the world. As of February 2017, Soros has a net worth of $25.2 billion making him one of the 30 richest people in the world. Born in Budapest, he escaped Nazi Germany occupied Hungary and emigrated to England in 1947. He attended the London School of Economics graduating with a bachelor's and eventually a master's in philosophy. His business career began with him taking various jobs at merchant banks before starting his first hedge fund, Double Eagle in 1969. Profits garnered from his first fund laid the seed money for him to start Soros Fund Management, his second hedge fund in 1970. Double Eagle was renamed the Quantum Fund, and was the principle firm Soros advised. At its founding, the Quantum Fund had $12 million in assets under management, and as of 2011, has $25 billion, the majority of his overall net worth. He is known as "The Man Who Broke the Bank of England" because of his short sale of US$10 billion worth of Pound sterling, making him a profit of $1 billion during the 1992 Black Wednesday UK currency crisis. His early studies of philosophy lead him to develop and apply Karl Popper's General Theory of Reflexivity to capital markets, which he claims renders him a clear picture of asset bubbles, fundamental/market value of securities, as well as value discrepancies used for shorting and swapping stocks. He is a well-known supporter of American progressive and American liberal political causes and dispenses his donations through his foundation, the Open Society Foundations. Between 1979 and 2011 Soros donated more than $11 billion to various philanthropic causes. He played a significant role in the peaceful transition from communism to capitalism in Eastern Europe in the late 1980s and early 1990s, and provided one of Europe's largest higher education endowments to the Central European University in his hometown.