George Soros Story

According to Forbes, he is the 56th richest person in the world, philanthropist, social activist, writer and definitely legendary. Right, you have a sense of who we are talking about. George Soros was awarded all these titles; or more appropriately, he deserved them for most of his 89 years on earth. No matter how you refer to him, the key thing remains the same - he is someone who has been discussed over the years. Particularly since the night he made his billions. Okay, guys, this number may make it difficult to keep track of the zeros.

In what way was Soros able to accomplish this? Was there anything else that he did? Then why are people around the world and the Forex community, in particular, so enamored of him? In honor of this day, we remember the world-famous and perhaps the most generous trader of all time.

Dark life for a bright child

Soros's story shouldn't have initially been like a "zero-to-hero" scenario. A native of Budapest, György Schwartz comes from a family of upper-middle-class Jews who will have given their son a prosperous future. Even so, considering his roots and the time period he grew up in, it is difficult not to interject some "if only". Consequently, the war corrected György's life in many ways.

In order to avoid the Anti-Semitic prosecution and to hide and split up the family, the Jews took another surname, faked documents, and lived in constant fear of being caught and killed... Although Soros' relatives faced such terrible conditions, they still managed to help those who were suffering the same. Fortunately, the family survived, and Soros immigrated to England at the age of 17, with the aim of studying and becoming a philosopher.

There is sweetness and bitterness to London salad days

What is the name of the university George Soros attended in London? There is a chance that some of you think about a low-ranked university that a Jewish boy who suffered enormous hardship during the war could afford. It is hard for them to comprehend how he could study instead of working hard to ensure his survival. Why study instead of working hard? His studies were supported by working as a waiter and a railway porter part-time. Secondly, the university he got accepted to was London School of Economics (LSE).

Isn't that not bad? As a consequence of staying with his uncle, Soros studied at one of the most prestigious universities of England under Karl Popper. The great teacher's ideas were similar to Soros's own, but, rather than being interested in politics, he had been interested in economics. 26 year old graduate from LSE has two years of experience working for the merchant bank Singer & Friedlander and has finished both Bachelor and Master programs. There begins the exciting journey.

...Oh, sorry, Jew in New York

Soros began trading in the US as an arbitrage trader and specialized in European stocks, which were then gaining in popularity. In addition to trading and analyst positions at Wall Street firms, he never stopped studying philosophy and developing the ideas rooted in Popper's ideology. The year 37 was the year that he managed his first offshore fund, First Eagle Fund, and tried out some trading strategies. Despite the experiment's success, a second hedge fund was created two years later - the Double Eagle. The fund had $12 million under management in 1973. The Soros Fund was renamed the Quantum Fund after Soros and Rogers decided to leave. During its nine-year lifespan, the fund grew to $381 million.

Soros was also active in philanthropy apart from his trading activities. While he was extremely successful, he was not a rich and greedy man - he invested much of his fortune in helping others. At 54, he founded the Open Society Foundations to support the development of education, public health, and business, as well as to support freedom of expression, equality, and justice throughout the world. Having survived the war and escaped prosecution must have been a great influence, huh?

It was a glorious day

Having feet on the ground allows one to finance others at such a volume. Well, Soros has made an impressive career out of that. Stable annual average returns are generated by his investment funds (once reaching 122%!). However, there was one extremely profitable day for Soros. In 1992, he bet a considerable amount against the pound and made one billion dollars in one night by playing on the UK currency crisis. Not only did he earn money that day, but he also gained the title of 'the man who broke the Bank of England,' the respect of many economists and politicians, even the ability to make a difference in the economic and political events occurring around the world. Despite even the most serious failures, such as losing money on the wrong bet on the value of the Japanese yen in 1994 and being fined for insider trading on Société Générale's shares, this success has stood the test of time.

The star that shines brightly

After trying out new strategies and speculating on various market movements, Soros has accumulated a net worth of $8.3 billion by the end of February 2020. The rate of compounding his investments was 26.3% over a forty-year period between 1969 and 2009. That's higher than Warren Buffett's return of 21.4% over the same period.

While returning outside investors' funds, he continues to serve as chairman of Soros Fund Management LLC. In addition, he keeps donating money to the Open Society Foundations, which operate in more than 100 countries and have 37 regional offices countries. The 89-year-old stays on top of key social, economic, and political events, and he expresses his views and opinions by giving interviews and posting on Twitter (yeah, he's still active). The books on his biography as well as his numerous books are still being sold around the world.

It wasn't possible for us to describe Soros's life in such detail. It is our hope, however, that our moderate article has helped you see why this story had such a notable and instructive impact. Even if all conditions appear unfavorable, it is always possible to achieve success in trading.

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