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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)
“…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)
Product Description
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.
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.
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Most Helpful Customer Reviews
9 of 9 people found the following review helpful
Format:Paperback
Soros explains here his key analytical principle of reflexivity - essentially a positive feedback loop - in the context of boom-bust cycles in financial markets and economies, and its applications in his extraordinarily successful "global macro" trading system during the 1970s, 80s, and early 90s.
He gives unique contrarian insights into our understanding of supposedly cut-and-dried economic and financial ideas, such as his trenchant denial of the efficient markets hypothesis and financial markets equilibria. He draws surprising links between economic phenomena which hitherto were supposed to be independent of each other, the best example being his emphasis on the propensity for bank lending to reflexively influence the collateral values of the financial assets which it finances in such a way as to lead to a boom-bust cycle.
That mainstream economists would quibble with Soros's ideas are to be expected, for economists are known for being unreasonably disputatious and uncommonly sensitive to outsiders' criticisms of their theoretical sacred cows. But in the analysis of market trends and dislocations, and trading opportunities, I know where I would put my money, given a choice between academic economists and Soros.
Success speaks for itself. Soros applied his theories so successfully that he became the most successful hedge fund manager ever, his flagship Quantum Fund generating an average annual return of 30%+ between 1969 and 1995.
One cannot but admire his tremendous courage, for example, in taking on the Bank of England and breaking its back, as it were, in his famous 10 billion dollar Sterling short trade in 1992 which netted him a cool billion, and made him a legend among traders and feared by central bankers worldwide. His honesty in admitting his missteps, and coolness with which he analysed his failures, is equally impressive, and sets an example for all professional investors.
George Soros is a not just a legend, but a genius with one of the finest analytical minds of his time. He elevated trading to a fine art, an alchemy of which he was an inimitable wizard.
He gives unique contrarian insights into our understanding of supposedly cut-and-dried economic and financial ideas, such as his trenchant denial of the efficient markets hypothesis and financial markets equilibria. He draws surprising links between economic phenomena which hitherto were supposed to be independent of each other, the best example being his emphasis on the propensity for bank lending to reflexively influence the collateral values of the financial assets which it finances in such a way as to lead to a boom-bust cycle.
That mainstream economists would quibble with Soros's ideas are to be expected, for economists are known for being unreasonably disputatious and uncommonly sensitive to outsiders' criticisms of their theoretical sacred cows. But in the analysis of market trends and dislocations, and trading opportunities, I know where I would put my money, given a choice between academic economists and Soros.
Success speaks for itself. Soros applied his theories so successfully that he became the most successful hedge fund manager ever, his flagship Quantum Fund generating an average annual return of 30%+ between 1969 and 1995.
One cannot but admire his tremendous courage, for example, in taking on the Bank of England and breaking its back, as it were, in his famous 10 billion dollar Sterling short trade in 1992 which netted him a cool billion, and made him a legend among traders and feared by central bankers worldwide. His honesty in admitting his missteps, and coolness with which he analysed his failures, is equally impressive, and sets an example for all professional investors.
George Soros is a not just a legend, but a genius with one of the finest analytical minds of his time. He elevated trading to a fine art, an alchemy of which he was an inimitable wizard.
1 of 1 people found the following review helpful
Format:Paperback
I was disappointed with this book. Its not that there's nothing interesting in there, because there is much. But the interesting bits are almost swamped by his philosophical ramblings.
The reason for the book is his idea of reflexivity - the idea that people's expectations affect markets as much as markets affect people's expectations. In itself it is a good idea and certainly gives some explanatory power, as he demonstrates through a boom/bust model. Its clear Soros knows that he hasn't described it properly, as in this newer edition he has added a new introduction which does explain it in a more concise way. He even acknowledges its limitations. But unfortunately he has left much of the previous philosophical texts in, even though they have now been rendered somewhat superfluous.
The last part of the book feels almost as bad. His musings on the events of the mid/late 80s have not dated well and now give more amusement than insight. It is tempting to try make some analogies with the current economy, but the differences matter more. I am cautioned though that while his ideas seem outlandish now sometimes these things do come round full cycle.
The heart of the book though is different. It is a trading diary. Written approximately once a fortnight for over a year it gives insights into Soros's thinking, and his trading. The first impression his how normal his thoughts seem - he focuses a lot on his mistakes and problems with his trades and he gives the impression of making many. The reader soon realises that first impressions can be mistaken as over this period he manages to double the value of his Quantum fund. Soros clearly has something that most of us lack. If only he could actually tell us what it was!
The reason for the book is his idea of reflexivity - the idea that people's expectations affect markets as much as markets affect people's expectations. In itself it is a good idea and certainly gives some explanatory power, as he demonstrates through a boom/bust model. Its clear Soros knows that he hasn't described it properly, as in this newer edition he has added a new introduction which does explain it in a more concise way. He even acknowledges its limitations. But unfortunately he has left much of the previous philosophical texts in, even though they have now been rendered somewhat superfluous.
The last part of the book feels almost as bad. His musings on the events of the mid/late 80s have not dated well and now give more amusement than insight. It is tempting to try make some analogies with the current economy, but the differences matter more. I am cautioned though that while his ideas seem outlandish now sometimes these things do come round full cycle.
The heart of the book though is different. It is a trading diary. Written approximately once a fortnight for over a year it gives insights into Soros's thinking, and his trading. The first impression his how normal his thoughts seem - he focuses a lot on his mistakes and problems with his trades and he gives the impression of making many. The reader soon realises that first impressions can be mistaken as over this period he manages to double the value of his Quantum fund. Soros clearly has something that most of us lack. If only he could actually tell us what it was!
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Most Recent Customer Reviews
Disappointing
Mr Soros is a great financier and philanthropist but a poor writer. Over 100 page are spent on the central idea of reflexivity but it is a fairly easy concept. Read more
Published 13 months ago by Book fan
Not all lead turns into gold
Probably this book went way over my head.
The one insight I think I got from it was that during the tech boom, many of the new products were appearing, not because of... Read more
The one insight I think I got from it was that during the tech boom, many of the new products were appearing, not because of... Read more
Published on 25 Oct 2007 by calmly
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