Biography of George Soros, the man who made a billion dollars a day
The famous financier George Soros is the seventh richest man in America. And perhaps one of the first – among the most influential. In early 2012, the personal fortune of the stock market guru was estimated by Forbes magazine at $20 billion. In 2017, the maître d’ had $25.2 billion, and in 2019, Soros is credited with only $8.2 billion. This would seem incomparable to Warren Buffett’s wealth (83 billion), if the world did not know how much Soros spends on charitable projects.
In general, his activity is not limited to finances. He is a philanthropist, founder of organizations and foundations in 25 countries and sponsor of numerous opposition organizations.
Soros was born in 1930 in Hungary in the family of a lawyer. In 1947 George moved to the UK, where he graduated from the London School of Economics in three years. The prestigious diploma did not bring a good job – the guy worked as a salesman, a waiter and a porter. At this time Soros learned the full meaning of discrimination (against it he later devoted a lot of his time and money).
In 1956, Soros moved to the U.S., where he immediately hit Wall Street. George imitated the work of successful stock market players. He also invented his own method of trading – internal arbitrage.
Biography of George Soros. Hedge fund Quantum
In 1970, there was George Soros’s main brainchild, which gave him a lot of money. We are talking about the Quantum fund. 30% was the average income the hedge fund brought to those who entrusted their money to the genius of the stock market and his colleagues. In total, investors earned thirty-two billion thanks to the brilliant mind of the Quantum manager.
September 16, 1992 is considered the most successful day of the hedge fund. Soros had been preparing for it for a long time, buying up the pound sterling. The point of speculation was that George at one point sold 5 billion, knocking the British currency to its minimum. Then there was a reverse buying of his own assets. The pound could not lay for long and quickly corrected its position. So Soros made a billion dollars in one day.
As might be expected, the worst purchase of the maître took place in the year of the global crisis – 2008. By a strange coincidence, it was the Russian corporation Svyazinvest. Having bought the firm for almost two billion, he was able to resell it for only $625 million after the crisis.
But Soros keeps repeating that money is only a component of success, not an end in itself. This is why the guru of exchange trade spends over $300 million a year on non-profit projects. In particular, the Open Society Fund supports democratic institutions in Eastern Europe, including the post-Soviet space.