Enter your email address:

Thursday, October 31, 2013

Billionaire Soros Throws Support Behind Clinton in 2016 Race for the White House

Billionaire financier George Soros shows no equivocation with his stance in support of Hillary Clinton on the 2016 Presidential election, after pledging $25,000 to political action committee Ready For Hillary.
"His support for Ready for Hillary is an extension of his long-held belief in the power of grassroots organizing," said Soros spokesman Michael Vachon, according to a report by Reuters.

Wednesday, October 30, 2013

Soros wins with Xylem and Tableau Software

You Win Some, You Lose Some: Tuesday A Wash For Soros on Wall Street

Today’s daily gainers are Xylem Inc (NYSE:XYL), Pitney Bowes Inc. (NYSE:PBI), Tableau Software Inc (NYSE:DATA) and daily losers are The Goodyear Tire & Rubber Company (NASDAQ:GT), MeadWestvaco Corp. (NYSE:MWV), Constant Contact Inc (NASDAQ:CTCT).
Today’s top gainer is Xylem Inc. (NYSE:XYL). The tech company’s stock price rose +11.30% to $32.20 after signing an agreement with WaTech® to evaluate new water technologies and accelerate the commercialization of innovative products and services. This comes as a good bit of news for George Soros, who owns 401,000 Xylem shares purchased at $25.89 each. This position represents 0.12% of his fund.
Coming in second is Pitney Bowes Inc. (NYSE:PBI). The software and hardware company performed +10.26% ($21.21) despite reporting a miss in target earnings. Tiger Global holds 1.8 million shares, which represent 0.47% of its portfolio. Tiger paid an average price of  $11.95 per asset.

Tuesday, October 29, 2013

Corporate Executives Join Soros-Backed 'Fly-In' Campaign to Push Amnesty

Several corporate executives have joined forces with prominent local lawmakers, Facebook’s Mark Zuckerberg, and George Soros’ National Immigration Forum (NIF) to organize a campaign on Monday to target GOP lawmakers on Capitol Hill to get them to try to support amnesty.
Those executives include Microsoft CEO Steve Ballmer, Boeing CEO and chairman Jim McNerney, Marriott hotels chairman and CEO Bill Marriott, NewsCorp chairman and CEO Rupert Murdoch, and Disney president and CEO Bob Iger.
Full story: http://feedproxy.google.com/~r/BigGovernment/~3/1kLgx2bvSaM/story01.htm

Monday, October 28, 2013

Soros - Get Ready For Hillary 2016

Its founding mission was to lead a nationwide grassroots movement encouraging former U.S. Senator and Secretary of State Hillary Clinton Ready for Soros Clinton 2016to run for President in 2016. By its ninth month as an active organization, RFH boasted “over one million supporters and over 20,000 grassroots donors.”
Ready For Hillary was co-founded by Allida Black and Adam Parkhomenko. Black, who earned a Ph.D. from George Washington University in 1993, is currently a Research Professor of History and International Affairs at GWU. She was also the founding editor of The Eleanor Roosevelt Papers, a project designed to “preserve, teach and apply Eleanor Roosevelt's writings and discussions of human rights and democratic politics.” Moreover, Black is a lesbian activist who lauds Mrs. Clinton for her “support for LGBT rights and marriage equality.”

Sunday, October 27, 2013

Financier George Soros backs Hillary Clinton for U.S. president

"Financier George Soros backs Hillary Clinton for U.S. president"

Soros, 83, has pledged $25,000 to political action committee Ready For Hillary, the largest and best-funded independent group backing a potential Clinton candidacy. The wife of former President Bill Clinton would be widely viewed as the favorite for the Democratic presidential nomination if she decides to run.
"His support for Ready for Hillary is an extension of his long-held belief in the power of grassroots organizing," said Soros spokesman Michael Vachon.
But symbolically, Soros' support could mean much more - particularly at a time when Clinton's supporters are seeking to ward off potential challengers to her in Democratic presidential primaries.
Soros was a huge financial backer of Democrats during the 2004 election cycle, donating an estimated $27.5 million. He also contributed heavily to Senator Barack Obama's presidential campaign in 2008. Clinton lost the Democratic nomination to Obama that year.

Saturday, October 26, 2013

Billionaire Soros Joins 'Ready for Hillary' Team

Liberal billionaire investor George Soros kicked in $25,000 to Ready for Hillary, the super PAC organizing support for a possible 2016 presidential run by former Secretary of State Hillary Clinton, Politico reported Thursday.

Soros will be co-chair of the group's national finance council, Soros' political director Michael Vachon said in an emailed statement.

"George Soros is delighted to join more than 1 million Americans in supporting Ready for Hillary," Vachon said. "His support for Ready for Hillary is an extension of his long-held belief in the power of grass-roots organizing."

Read More:  http://www.newsmax.com/Newsfront/george-soros-hillary-clinton-pac-president/2013/10/24/id/532952#ixzz2ipGOMr1o

Friday, October 25, 2013

George Soros backs pro-Hillary Clinton super PAC

WASHINGTON — Billionaire financier George Soros is joining forces with others urging Hillary Rodham Clinton to run for president in 2016, becoming the best-known Democratic donor to provide his money and name to the Ready for Hillary super PAC.
The move, announced Thursday by the super PAC via Twitter, could attract other big-name donors to a possible Clinton candidacy, potentially making it harder for other Democrats to compete financially with Clinton should she decide to seek the nomination.
Soros will serve as a co-chair of the super PAC's national finance council. Each member commits to contribute or raise at least $25,000 for the political action committee. The council meets Nov. 12 in New York City.
Read More : http://www.usatoday.com/story/news/politics/2013/10/24/george-soros-joins-fundraising-effort-to-promote-hillary-rodham-clinton-presidential-bid-ready-for-hillary-super-pac/3177411/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+usatoday-NewsTopStories+%28USATODAY+-+News+Top+Stories%29

Thursday, October 24, 2013

Soros Goes Two-for-Three On Biggest Losers of the Day

Today’s daily gainers are Federal-Mogul Corp (NASDAQ:FDML), Canadian Pacific Railway Limited (NYSE:CP), Alpha Natural Resources, Inc. (NYSE:ANR) and daily losers are STMicroelectronics N.V. (NYSE:STM), International Tower Hill Mines Ltd. (NYSEMKT:THM), Unwired Planet, Inc. (NASDAQ:UPIP).

Federal-Mogul is today’s top performing stock

Federal-Mogul Corp (NASDAQ:FDML), a supplier of various components, accessories, and systems in the United States and internationally, surged +17.84% today to reach $18.43 on the heels of the announcement of higher-than-expected earnings. With 76.6 million shares, FDML represents 3.64% of Carl Icahn’s portfolio. The billionaire has gained 34.59% in this position, having paid an average price of $13.75 per share.

Monday, October 21, 2013

George Soros : The Dollar is the Weakest Currency except for all the others

“The dollar is the weakest currency except for all the others,” George Soros, chairman of Soros Fund Management, told The New York Times last week.

Sunday, October 20, 2013

Soros-funded group plans “conservative fly-in” to get House to vote on Amnesty

An organization funded by globalist George Soros is planning a “fly-in” of individuals claiming to be conservatives in an attempt to pressure House Republicans to take up the Democrat’s amnesty bill. Following the recent raucous in Washington over the past few weeks over the continuing resolution and the debt ceiling, the president as well as other Democrats use extremely vitriolic language to describe the Republican party. Among the words bandied about were arsonist, terrorist, suicide bomber, treasonous, and even attempts to compare them to Confederates who supported slavery.
Read more at http://usfinancepost.com/soros-funded-group-plans-conservative-fly-in-to-get-house-to-vote-on-amnesty-8628.html#2MBcG3qZPH8m6LI9.99

Saturday, October 19, 2013

We Need Both, Euro Bonds and structural Reform in Individual Countries

George Soros : “We need both, euro bonds and structural reform in individual countries,” “Euro bonds are a powerful taboo,” said Soros. A guarantee to borrow at a fixed euro-bond rate would reduce the need to transfer aid to debt-laden southern European states because the guarantee would never be called, he said. “The danger of default would disappear,” he said. “That’s the free lunch you don’t have” at the moment. Transfer payments create “a disequilibrium” that is “unacceptable in the long term,” he said in a recent interview with Bloomberg

Friday, October 18, 2013

George Soros, Carly Fiorina, Albert Schweitzer: Liberal Arts Slackers

I was recently invited to Washington DC to give a talk at the 36th Annual Fulbright Association Conference about the relevance of a liberal arts education in the 21st century economy. As the president of Pitzer College and an avid proponent of the liberal arts, this was not the first time I have received such an invitation.
I'm always pleased to have a chance to talk about the way we learn and teach, but I have to say, it's getting increasingly difficult for me to gin up another bully pulpit defense of a well-rounded education. I mean, really, at what point did we have to start defending the value of knowledge? Of complexity? Of depth? Of communication? And frankly it strikes me as odd to be asked to defend the liberal arts in a town where the government is shut down. There are some politicians who need to do some defending, not me.
I feel a particular kinship now to those physicians who have to keep explaining that Raisinets aren't really a fruit or that Cheetos have no nutritional value. I sympathize with financial analysts who have to make clear that there are consequences to spending more than you earn, and with elementary school teachers who have suggested that too much television inhibits the reading habits of children.

Thursday, October 17, 2013

George Soros: Greece Needs Comprehensive Debt Relief To Recover Fast

Spiegel Online.

George Soros On Greece

The legendary investor pointed out the fact that Greece will “never pay back its debt,” and the country was able to achieve a primary surplus amid difficulties. Last month, Greece reported that its primary surplus in the first eight months of the year was €1.5 billion instead of an estimated €2.5 billion budget deficit.
Panagiotis Petrakis, economy professor at the University of Athens commented that the situation in Greece is under control with the primary surplus, but it does not point to a vigorous economy. Greece Prime Minister Antonio Samaras is confident that
his government will return to growth next year after enduring a severe recession for six years.
During the interview, Soros said investors will return to Greece and the country would be able to recover rapidly if the troika [International Monetary Fund (IMF), European Central Bank (ECB), and the European Commission (EC)] forgo the repayment of debt as long as it meets the conditions imposed by the official sector.I can testify from personal experience that investors would flock to Greece once the debt overhang is removed,” added Soros.

Wednesday, October 16, 2013

Soros Has Bad Day as Teradata, J.C. Penney Tank

Today’s daily gainers are Allied Nevada Gold Corp. (NYSEMKT:ANV), IAMGOLD Corp (NYSE:IAG), NovaGold Resources Inc. (NYSEMKT:NG) and daily losers are Teradata Corporation (NYSE:TDC), Caesars Entertainment Corp (NASDAQ:CZR), J.C. Penney Company, Inc. (NYSE:JCP).

Allied Neveda is today’s top performing stock

Allied Nevada Gold Corp. (NYSEMKT:ANV), a gold and silver producer, experienced a major gain today. Its stock price shot up +5.42%, reaching $4.29. In fact, it was a good day for gold overall, up +0.58%. Billionaire John Paulson benefitted from this one. Paulson owns 1.5 million ANV shares (0.07% of his fund), acquired at an average price of $34.10.
Next up on our list of daily gainers is IAMGOLD Corp (NYSE:IAG), another company boosted by gold today. The firm’s stock price climbed +3.90% today to $4.53. Paulson again reaped the benefits here, as he holds 3.8 million IAG shares, representing 0.12% of his portfolio. Unfortunately, he’s got a lot of ground to make up for with this stock, for which he originally paid an average $15.83 (it is currently valued -71.50% below that number).

Tuesday, October 15, 2013

How George Soros plays the Stock Market

 By Meena Krishnamsetty and Jake Mann

Opinions of George Soros vary depending on whom you ask, but there's no arguing against the Hungarian-American hedge fund manager's investing pedigree. Earlier this month, Soros shared his thoughts on the Eurozone crisis at the Global Economic Symposium, and most of the usual headlines that surround the billionaire are focused on his macroeconomic views.

That's all fine and dandy. We'd like to point out, though, that George Soros' Soros Fund Management does maintain a $9 billion equity portfolio too. Due to the market-beating potential of hedge funds' best stock picks (discover how we returned 47.6% in our first year), it's useful to understand how a prominent investor like Soros is playing the stock market.

At the end of last quarter, George Soros and his management team disclosed a little over 200 equity holdings, with 15% of their capital allocated to their top five stock picks. This level of concentration is not uncommon for a large hedge fund, but a few of the specific names may surprise you

Monday, October 14, 2013

Lowest P/E Stocks in Soros Portfolio

As of the Sept. 20, 2013 update by GuruFocus, the portfolio of George Soros of Soros Fund Management listed 203 stocks, 59 of them new, with a total value of $9.22 billion, and a quarter-by-quarter turnover of 19%.

Here's a review of the four lowest P/E stocks in the Soros portfolio:

Tivo Inc. ( TIVO )

P/E: 5.40

Up 24% over 12 months, Tivo Inc., the pay television company, has a market cap of $1.5 billion; its shares were traded at around $12.33. TIVO trades with a P/B of 2.80.

Guru Action: As of the second quarter of 2013, George Soros holds 1,000,000 shares valued at around $11.05 million.

TIVO is a new holding for Soros who has bought and sold out twice since the second quarter of 2008. His most recent new buy of 1,000,000 shares was made in the second quarter of 2013; he bought shares at an average price of $11.80, for a gain of 4.5%.

Read more: http://www.nasdaq.com/article/lowest-pe-stocks-in-soros-portfolio-cm286491#ixzz2hhyOzHOl

Sunday, October 13, 2013

Soros-connected Vote-counting Firm Expands in U.S.

A Spanish vote-tabulation firm with ties to billionaire globalist George Soros is purchasing software to give it greater power over the voting in U.S. elections.
In a press release under a Barcelona and Tampa, Florida dateline, Scytl announced:
Scytl's end-to-end election modernization solution covers the full election cycle (Pre-election, Election Day and Post-election), providing electoral bodies the most secure, transparent, auditable and accessible solution in the marketplace and allows Scytl to offer personalized election modernization roadmaps to their customers combining both traditional and online voting solutions as needed.

Saturday, October 12, 2013

George Soros’s (incomplete) proposal to save Europe

George Soros’s (incomplete) proposal to save Europe

George Soros has formulated one more call for Eurobonds here.
I’m in agreement with most of it.  Yet, not all.
  • Divergence in the Eurozone was largely caused by Germany not complying with the 2% inflation rule. Deflation, ever since 1999, gave Germany a means to lower the real exchange rate and steal demand from its partners (beggar-thy-neighbor).
  • There is nothing good with Greece running a surplus: A surplus means that financial assets owned by the private sector are reduced by the same amount (as a matter of accounting).

Friday, October 11, 2013

George Soros Speech on the Future of Europe

By George Soros

I shall take a holistic approach to the future of Europe. I have developed a conceptual framework, which has guided me in my decisions throughout my adult life. The framework is much broader than the financial markets; it deals with the relationship between thinking and reality. What makes that relationship so complicated is that the thoughts and actions of participants are part of the reality they have to think about. Their thinking serves a dual function: on the one hand they try to understand the world in which they live – that is the cognitive function; on the other, they want to influence the events in which they participate – that is the manipulative function. The two functions interfere with each other – I call the interference reflexivity. The cornerstone of my conceptual framework is the human uncertainty principle, which is based on the twin pillars of fallibility and reflexivity.

The human uncertainty principle has far reaching implications for scientific method. It applies only to social phenomena and thereby it separates the social sciences from the natural sciences. Economic theory has sought to imitate the natural sciences, particularly Newtonian physics. Consequently my conceptual framework is in direct conflict with mainstream economic theory.
The differences are especially pronounced in dealing with financial problems in general and the euro crisis in particular. Mainstream economics has pursued timelessly and universally valid laws whose validity can be tested by reference to the facts. I contend that the facts produced by social processes do not constitute a reliable criterion for judging the validity of theories because of the human uncertainty principle. I do not deny the possibility of establishing universally and timelessly valid laws – the human uncertainty principle is one of them – but I consider such laws too vague and general to be of much use in producing specific predictions and explanations.

Thursday, October 10, 2013

Soros Warns : Europe faces Disintegration

"I call it a nightmare — one that is inflicting tremendous pain and suffering that could be easily avoided if the misconceptions and taboos that sustain it were dispelled," "Failure to seize this moment would, I believe, lead to the disintegration and eventual collapse of the European Union,"
"Merkel cannot commit to creating euro bonds, the ultimate guarantee that the currency will need. But she should make clear that option is open, at the end of the process,"
 - in Newsmax

Monday, October 7, 2013

GEORGE SOROS: Greece Is A Victim Of Its Creditors' Misconceptions And Taboos

Legendary investor George Soros previously said the euro crisis is over, while Europe's nightmare is getting worse.
This is because of many "misconceptions and taboos that sustain it."
In a new Project Syndicate column, Soros writes that Greece has been a  victim of such taboos and misconceptions.
"Greece, too, is a victim of its creditors’ misconceptions and taboos. Everyone knows that it can never pay back its debt, most of which is held by the official sector: the ECB, eurozone member states, or the International Monetary Fund. After undergoing a lot of pain and suffering, Greece is close to posting a primary budget surplus. If the official sector could forgo repayment as long as Greece meets the conditions imposed by the Troika (the ECB, the European Commission, and the IMF), private capital would return and the economy could recover rapidly.
"I can testify from personal experience that investors would flock to Greece once the debt overhang was removed. But the official sector cannot write down its debt, because that would violate a number of taboos, particularly for the ECB."

Read more: http://www.businessinsider.com/soros-greece-is-a-victim-of-taboos-2013-10#ixzz2h7DqxKU7

Saturday, October 5, 2013

How George Soros plays The Stock Market

 By Meena Krishnamsetty and Jake Mann

Opinions of George Soros vary depending on whom you ask, but there's no arguing against the Hungarian-American hedge fund manager's investing pedigree. Earlier this month, Soros shared his thoughts on the Eurozone crisis at the Global Economic Symposium, and most of the usual headlines that surround the billionaire are focused on his macroeconomic views.

That's all fine and dandy. We'd like to point out, though, that George Soros' Soros Fund Management does maintain a $9 billion equity portfolio too. Due to the market-beating potential of hedge funds' best stock picks (discover how we returned 47.6% in our first year), it's useful to understand how a prominent investor like Soros is playing the stock market.

Friday, October 4, 2013

AMCC Gives Soros a Boost, Angie’s List Continues to Decline

Today’s daily gainers are Applied Micro Circuits Corporation (NASDAQ:AMCC), International Tower Hill Mines Ltd (NYSEMKT:THM), Sarepta Therapeutics Inc (NASDAQ:SRPT) and daily losers are Angie’s List Inc (NASDAQ:ANGI), Dex Media Inc (NASDAQ:DXM), Herbalife Ltd. (NYSE:HLF).

Applied Micro Circuits AMCC
AMCC is today’s top performing stock

Microchip producer Applied Micro Circuits Corporation (NASDAQ:AMCC) is our top pick for today’s list of gainers. The firm’s share price climbed +7.84% to $13.62 following the announcement of the company’s new CFO, Douglas Ahrens. The news was especially well received by billionaire George Soros, who bought 226,000 AMCC shares at an average price of $8.22 last quarter. This position represents just 0.02% of his portfolio but is up +64.62% overall.

Thursday, October 3, 2013

George Soros: The Euro Crisis might be over, but Europe’s nightmare is getting worse

Billionaire financier and legendary speculator George Soros gave a speech Tuesday at the Global Economic Symposium in Kiel, Germany, titled “The Future of Europe.”

In the speech, Soros declared the euro crisis over:

The euro crisis is now over. This became official in the German elections where the rules governing the euro were not even discussed. Yet the system that emerged from the crisis is far from satisfactory. Mainstream economists would call it an inferior equilibrium; I call it a far-from equilibrium situation.

The euro crisis has already transformed the European Union into something radically different from what was originally intended. The EU was meant to be a voluntary association of sovereign and equal states that surrendered part of their sovereignty for the common good. It has turned into a relationship between creditors and debtors that is by its nature compulsory and unequal.
Read More : http://business.financialpost.com/2013/10/02/george-soros-the-euro-crisis-might-be-over-but-europes-nightmare-is-getting-worse/

Wednesday, October 2, 2013

Soros Says Euro Bonds Wouldn’t Solve Debt Crisis Without Reforms

Billionaire investor George Soros repeated his support for euro bonds to fight Europe’s sovereign crisis, saying joint debt liability would lower the cost of borrowing for individual euro member states.

Common euro-area bonds alone can’t solve the crisis, now in its fourth year he said at the Global Economic Symposium in Kiel, North Germany.

“We need both, euro bonds and structural reform in individual countries,” said Soros.

German Chancellor Angela Merkel, whose Christian Democratic bloc last month recorded its best election result in 23 years, repeatedly rejected the notion of debt mutualization in the euro area, arguing that these would create the wrong incentives for debt-laden states and damp their appetite for economic-policy changes.
“Euro bonds are a powerful taboo,” said Soros. A guarantee to borrow at a fixed euro-bond rate would reduce the need to transfer aid to debt-laden southern European states because the guarantee would never be called, he said.

Tuesday, October 1, 2013

George Soros on Financial Markets, the Subprime Mortgage Crisis, and the Credit Crash (2008)

During September 2008, the crisis hit its most critical stage. There was the equivalent of a bank run on the money market mutual funds, which frequently invest in commercial paper issued by corporations to fund their operations and payrolls. Withdrawal from money markets were $144.5 billion during one week, versus $7.1 billion the week prior. This interrupted the ability of corporations to rollover (replace) their short-term debt. The U.S. government responded by extending insurance for money market accounts analogous to bank deposit insurance via a temporary guarantee[180] and with Federal Reserve programs to purchase commercial paper. The TED spread, an indicator of perceived credit risk in the general economy, spiked up in July 2007, remained volatile for a year, then spiked even higher in September 2008, reaching a record 4.65% on October 10, 2008.

In a dramatic meeting on September 18, 2008, Treasury Secretary Henry Paulson and Fed chairman Ben Bernanke met with key legislators to propose a $700 billion emergency bailout. Bernanke reportedly told them: "If we don't do this, we may not have an economy on Monday." The Emergency Economic Stabilization Act, which implemented the Troubled Asset Relief Program (TARP), was signed into law on October 3, 2008.

Economist Paul Krugman and U.S. Treasury Secretary Timothy Geithner explain the credit crisis via the implosion of the shadow banking system, which had grown to nearly equal the importance of the traditional commercial banking sector as described above. Without the ability to obtain investor funds in exchange for most types of mortgage-backed securities or asset-backed commercial paper, investment banks and other entities in the shadow banking system could not provide funds to mortgage firms and other corporations.

This meant that nearly one-third of the U.S. lending mechanism was frozen and continued to be frozen into June 2009.[132] According to the Brookings Institution, the traditional banking system does not have the capital to close this gap as of June 2009: "It would take a number of years of strong profits to generate sufficient capital to support that additional lending volume." The authors also indicate that some forms of securitization are "likely to vanish forever, having been an artifact of excessively loose credit conditions." While traditional banks have raised their lending standards, it was the collapse of the shadow banking system that is the primary cause of the reduction in funds available for borrowing.

There is a direct relationship between declines in wealth, and declines in consumption and business investment, which along with government spending represent the economic engine. Between June 2007 and November 2008, Americans lost an estimated average of more than a quarter of their collective net worth. By early November 2008, a broad U.S. stock index the S&P 500, was down 45% from its 2007 high. Housing prices had dropped 20% from their 2006 peak, with futures markets signaling a 30--35% potential drop. Total home equity in the United States, which was valued at $13 trillion at its peak in 2006, had dropped to $8.8 trillion by mid-2008 and was still falling in late 2008. Total retirement assets, Americans' second-largest household asset, dropped by 22%, from $10.3 trillion in 2006 to $8 trillion in mid-2008. During the same period, savings and investment assets (apart from retirement savings) lost $1.2 trillion and pension assets lost $1.3 trillion. Taken together, these losses total a staggering $8.3 trillion. Since peaking in the second quarter of 2007, household wealth is down $14 trillion.

Further, U.S. homeowners had extracted significant equity in their homes in the years leading up to the crisis, which they could no longer do once housing prices collapsed. Free cash used by consumers from home equity extraction doubled from $627 billion in 2001 to $1,428 billion in 2005 as the housing bubble built, a total of nearly $5 trillion over the period. U.S. home mortgage debt relative to GDP increased from an average of 46% during the 1990s to 73% during 2008, reaching $10.5 trillion.

To offset this decline in consumption and lending capacity, the U.S. government and U.S. Federal Reserve have committed $13.9 trillion, of which $6.8 trillion has been invested or spent, as of June 2009. In effect, the Fed has gone from being the "lender of last resort" to the "lender of only resort" for a significant portion of the economy. In some cases the Fed can now be considered the "buyer of last resort".


Popular Posts

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.