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The Alchemy of Finance, by George Soros
Free PDF The Alchemy of Finance, by George Soros
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New chapter by Soros on the secrets to his success along with a new Preface and Introduction.
New Foreword by renowned economist Paul Volcker
"An extraordinary . . . inside look into the decision-making process of the most successful money manager of our time. Fantastic." -The Wall Street Journal
George Soros is unquestionably one of the most powerful and profitable investors in the world today. Dubbed by BusinessWeek as "the Man who Moves Markets," Soros made a fortune competing with the British pound and remains active today in the global financial community. Now, in this special edition of the classic investment book, The Alchemy of Finance, Soros presents a theoretical and practical account of current financial trends and a new paradigm by which to understand the financial market today. This edition's expanded and revised Introduction details Soros's innovative investment practices along with his views of the world and world order. He also describes a new paradigm for the "theory of reflexivity" which underlies his unique investment strategies. Filled with expert advice and valuable business lessons, The Alchemy of Finance reveals the timeless principles of an investing legend.
This special edition will feature a new chapter by Soros on the secrets of his success and a new Foreword by the Honorable Paul Volcker, former Chairman of the Federal Reserve.
George Soros (New York, NY) is President of Soros Fund Management and Chief Investment Advisor to Quantum Fund N.V., a $12 billion international investment fund. Besides his numerous ventures in finance, Soros is also extremely active in the worlds of education, culture, and economic aid and development through his Open Society Fund and the Soros Foundation.
- Sales Rank: #36860 in Books
- Published on: 2003-08-01
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x 1.20" w x 6.00" l, 1.09 pounds
- Binding: Paperback
- 391 pages
From Publishers Weekly
Soros, who manages the Quantum mutual fund based in Venezuela, here traces the fund's performance in a controlled experiment using leverage in many markets (stocks, bonds, indexes, currency, etc.), to test the Reaganomics "imperial circle" and to demonstrate his own economic theory of "reflexivity." It is investors' perception of market values, claims the author, which perpetuates up-or-down price trends, foreign exchange movements, periodic government regulation, and so on. The most studious investment calculations, he concedes, are in the end more alchemy than science. As to such problems as the massive U.S. domestic and trade deficits and the Damoclean Third World debt, Soros offers innovative suggestions, including an international oil-based currency and a system of variable interest-rate bonds keyed to the volume of a borrower country's export trade.
Copyright 1987 Reed Business Information, Inc.
From Library Journal
Soros, manager of the billion dollar Quantum Fund, certainly has credentials that merit attention to his personal approach to money management. As might be expected, he describes his so-called "theory of reflexivity" in a manner more appealing to serious market players than to the casual investor. Of more general interest is his account of a one-year real time series of investment decisions that resulted in his Quantum Fund more than doubling in value. Libraries serving a serious investment community should add this. Joseph Barth, U.S. Military Academy Lib.
Copyright 1987 Reed Business Information, Inc.
Review
“…contains a detailed description of his trading methods and repays careful reading.” (Investors Chronicle, 1st April 2005)
“…these updated classics are packed with investment wisdom…” (What Investment, November 2003)
Most helpful customer reviews
76 of 83 people found the following review helpful.
Lesson in Dealing with Uncertainty
By C. Kurdas
In this updated edition, Soros summarizes his worldly philosophy--the connection between thought and reality and how it applies to financial markets. The heart of the book remains Mr. Soros's account of what he did with Quantum Fund in the mid-1980s, both as an example of his approach and a remarkable lesson in how to make money in markets where most of the time nobody, including Mr. Soros, knows what's coming next.
His philosophical tenet, Reflexivity, denotes a feedback loop: Individuals act on their views of a situation, thereby changing the situation. For example, if traders believe a stock is going up, they buy it, thereby bidding it up. But their belief caused the result; there may be no fundamental reason for the rise.
Thus what we think determines what we do and has consequences, but typically it is not correct.
Inspired by Heisenberg's rule about quantum particles, Soros proclaims a human uncertainty principle which suggests our understanding is often incoherent and always incomplete. From his case study, one notices that uncertainty continually besets Mr. Soros in managing his hedge fund, which has the same name as the particles subject to Heisenberg's uncertainty principle.
General models do not always translate into money making practice. But Soros provides an insight of great practical significance: traders need to be adaptive, because there is no way of knowing beforehand how a market situation will turn out.
The Quantum Fund experience demonstrates how that works. This exercise in global macro strategy, a master speculator's take on commodity, currency and equity markets, is a a litany of doubts and hazards.
He's been losing on currency trades for several years. Then in September 1985, he makes a killing by buying a lot of yen just before central banks switch to a new exchange rate system and the yen rises. There is a pattern: he sustains losses, reduces positions, gets out, then sees a great opportunity and pounces. In short, he constantly and quickly adapts to events.
Despite various setbacks, Quantum Fund's NAV per share rose 121% in 1985 and 43% in 1986. Such numbers make for legend and Mr. Soros became one.
How did he do it? He keeps an open mind and continually modifies his outlook with new information. As he remarks, "the markets provide a merciless reality check," and Mr. Soros never stays with an idea that fails the test. Most of the time he can't predict what's coming, but he promptly corrects course in response to feedback. That limits losses. On rare occasions he can see through the fog of uncertainty and hauls in the booty.
This is not an easy book to read, but as another hedge fund manager, Paul Tudor Jones, describes it in the foreword, it is a timeless guide.
1 of 1 people found the following review helpful.
Five Stars
By The Dutch Beholder
Loved it. Soros is a scary billionaire socialist Mr. Evil, but I loved this book
94 of 111 people found the following review helpful.
Soros = great mind, terrible writer
By A Customer
Anyone who has had as much success as Soros must be doing something right, so I respect his mind. Unfortunately, he is a terrible writer. He could take ten pages explaining why 2 + 2 = 4.
Here's an example:
"[the shoelace theory]...can be interpreted as a synthesis of Hegel's dialectic of ideas and Marx's dialectical materialism. Instead of either thoughts or material conditions evolving in a dialectic fashion on their own, it is the interplay between the two that produces a dialectic process."
This passage is a microcosm of the entire book: he makes a valid point, but it's not a particularly significant or difficult point. The only difficulty is in parsing his turgid language. I sense he is a great investor who wants to be considered a great thinker, and he believes that in order to accomplish this he has to use big words to express his theories.
Soros's widely praised theory of reflexivity is a valuable contribution, but he doesn't need 400 pages to convey it. I didn't read this book expecting a "how to make money in the stock market" tutorial, but I did expect to gain a better insight into how the markets function. I did not get that.
Don't waste your time.
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