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Friday, August 6, 2010

Billionaire George Soros Portfolio

George Soros
Hungarian-born George Soros is famous for co-founding the Quantum Fund, a private hedge fund responsible for the bulk of Soros' $14 billion fortune. The fund, which was launched in 1970, was notorious for focusing on overseas investments - particularly major bets on currencies and emerging market stocks.

Some of the new positions taken on by Soros Fund Management last quarter include an $81 million stake in Cobalt Energy (NYSE:CIE), a $54.2 million stake in PNC Financial Services (NYSE:PNC) and a $33.1 million bet on Telecom Argentina (NYSE:TEO).

Those buys were offset in part by large position closures, including a $66.4 million stake in food processing firm Bunge Limited (NYSE:BG) and a $22.4 million stake in Coach (NYSE:COH). (To learn more about this high-stakes investor, see George Soros: The Philosophy Of An Elite Investor.)

Source: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2010/08/05/investopedia46151.DTL#ixzz0vpvG2c7g
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George Soros was born in Budapest, Hungary, in 1930. His father was taken prisoner during World War I and eventually fled from captivity in Russia to reunite with his family in Budapest. Soros was thirteen years old when Hitler's Wehrmacht seized Hungary and began deporting the country's Jews to extermination camps. In 1946, as the Soviet Union was taking control of the country, Soros attended a conference in the West and defected. He emigrated in 1947 to England, supported himself by working as a railroad porter and a restaurant waiter, graduated in 1952 from the London School of Economics, and obtained an entry-level position with an investment bank.

In 1956, Soros immigrated to the United States, working as a trader and analyst until 1963. During that time, he developed his own theory of markets called 'reflexivity', which he has laid out in his recent books THE ALCHEMY OF FINANCE and THE CREDIT CRISIS OF 2008 AND WHAT IT MEANS. In 1967 he helped establish an offshore investment fund; and in 1973 he set up a private investment firm that eventually evolved into the Quantum Fund, one of the first hedge funds, through which he accumulated a vast fortune.