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Friday, November 29, 2013

Unpredictable risks caused 2008 economic crisis, says Soros at Budapest CEU

Risks can be quantified but all of their elements cannot be calculated in advance and this led to the 2007/2008 financial crisis, US financier and philanthropist George Soros said on Wednesday at the university he founded in Budapest.
The Hungarian-born businessman launched the Hungarian edition of his latest book The Soros Lectures at the Central European University, where he is honorary chairman of the board.

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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.