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The Alchemy of Finance: Reading the Mind of the Market [Paperback]

George Soros
3.5 out of 5 stars  See all reviews (10 customer reviews)

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There is a newer edition of this item:
The Alchemy of Finance: Reading the Mind of the Market (Wiley Investment Classics) The Alchemy of Finance: Reading the Mind of the Market (Wiley Investment Classics) 3.5 out of 5 stars (10)
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Book Description

25 May 1994
Critical Praise . . .

"The Alchemy joins Reminiscences of a Stock Operator as a timeless instructional guide of the marketplace." – Paul Tudor Jones from the Foreword

"An extraordinary . . . inside look into the decision–making process of the most successful money manager of our time. Fantastic."– The Wall Street Journal

"A breathtakingly brilliant book. Soros is one of the core of masters . . . who can actually begin to digest the astonishing complexity . . . of the game of finance in recent years."– Esquire

"A seminal investment book . . . it should be read, underlined, and thought about page–by–page, concept–by–idea. . . . He′s the best pure investor ever . . . probably the finest analyst of the world in our time." – Barton M. Biggs, Morgan Stanley

George Soros is unquestionably the most powerful and profitable investor in the world today. Dubbed by BusinessWeek as "The Man Who Moves Markets," Soros has made a billion dollars going up against the British pound. Soros is not merely a man of finance, but a thinker to reckon with as well. Now, in The Alchemy of Finance, this extraordinary man reveals the investment strategies that have made him "a superstar among money managers" (The New York Times).


Product details

  • Paperback: 384 pages
  • Publisher: John Wiley & Sons; New edition edition (25 May 1994)
  • Language: English
  • ISBN-10: 0471042064
  • ISBN-13: 978-0471042068
  • Product Dimensions: 22.6 x 15.2 x 3 cm
  • Average Customer Review: 3.5 out of 5 stars  See all reviews (10 customer reviews)
  • Amazon Bestsellers Rank: 685,122 in Books (See Top 100 in Books)
  • See Complete Table of Contents

More About the Author

George Soros is the chairman of Soros Fund Management and the founder the Open Societies Institute, a global network of foundations dedicated to supporting open societies. He is the author of several best-selling books including The New Paradigm for Financial Markets/The Crash of 2008 and What It Means, The Bubble of American Supremacy and The Age of Fallibility. He was born in Budapest and lives in New York City.

Product Description

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) --This text refers to an alternate Paperback edition.

From the Back Cover

Critical Praise . . .

"The Alchemy joins Reminiscences of a Stock Operator as a timeless instructional guide of the marketplace." – Paul Tudor Jones from the Foreword

"An extraordinary . . . inside look into the decision–making process of the most successful money manager of our time. Fantastic."– The Wall Street Journal

"A breathtakingly brilliant book. Soros is one of the core of masters . . . who can actually begin to digest the astonishing complexity . . . of the game of finance in recent years."– Esquire

"A seminal investment book . . . it should be read, underlined, and thought about page–by–page, concept–by–idea. . . . He′s the best pure investor ever . . . probably the finest analyst of the world in our time." – Barton M. Biggs, Morgan Stanley

George Soros is unquestionably the most powerful and profitable investor in the world today. Dubbed by BusinessWeek as "The Man Who Moves Markets," Soros has made a billion dollars going up against the British pound. Soros is not merely a man of finance, but a thinker to reckon with as well. Now, in The Alchemy of Finance, this extraordinary man reveals the investment strategies that have made him "a superstar among money managers" (The New York Times).

Inside This Book (Learn More)
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Economic theory is devoted to the study of equilibrium positions. Read the first page
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Customer Reviews

Most Helpful Customer Reviews
6 of 6 people found the following review helpful
4.0 out of 5 stars Amazing thesis from a brilliant thinker. 13 Dec 2002
Format:Audio CD|Verified Purchase
As the synopsys says, this a book about how Soros views the market and current (at the time he wrote) economic theory, rather than a get-rich-quick guide.
It is massively complex in the ideas presented, necessarily so. I did find my self re-reading certain pages, sections two or three times to get my head around the points he was trying to make. Having said that, I think that the ideas were as simplified and accessible as they could get, whilst retaining the points the author was trying to put across.
George Soros is essentially presenting an opposite theory of how markets work to that of Scholes et al. As Soros's fund is a practical application of his theories, the successes of that may be equated with the value of what he says. However, Soros is pushing a theory that markets are unpredictable and irrational and that models are a straw man ... really saying his speculation is largely an exploitation of that knowledge.
The opposing view (from around the same time) was being implemented practically by Scholes, Meriweather and others in LTCM (See "When Genius Failed"). To see how both sides where successfully exploiting more naive market participants see "All that Glitters".
After the dramatic failure of LTCM, more sway was given to Soros' point of view, largely as his successful fund had been battered but survived more or less in tact. Some time in more recent history that fund also took a big kicking. Bizarrely this does give some more credence to to the theory Soros puts forward .... he is saying that one makes money in markets by being maverick and ignoring popular theory, so once people started copying him it is time to change the game plan or face the consequences!
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7 of 7 people found the following review helpful
5.0 out of 5 stars A masterwork from a master investor 11 Mar 2000
By A Customer
Format:Paperback
In The Alchemy of Finance George Soros describes the intellectual framework on which his remarkable investment success is based. Soros explains all aspects of this framework in a clear and understandable manner using examples ranging from the rise and collapse of Real Estate Investment Trusts in the 1970s to the international debt problem of the late 1970s and early 1980s.
Soros also provides a detailed description of how he translates the intellectual underpinnings of his approach into actual investment decisions. In doing so, he offers a rare view into the inner workings of the most successful hedge fund in history during its most successful period.
The final part of the book is perhaps the most fascinating. In it Soros deals with several subjects, including systemic reform and the stock market crash of 1987.
George Soros is a brilliant, knowledgeable and experienced human being. By reading The Alchemy of Finance readers can profit from those three attributes.
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1 of 1 people found the following review helpful
3.0 out of 5 stars An Eclectic mix of Good and Bad 6 July 2011
By Brian M
Format:Paperback|Verified Purchase
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!
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5.0 out of 5 stars Book 19 Jun 2013
By Yp
Format:Paperback|Verified Purchase
I was searching for that great book a long time and I found here at a very good price.
Definitely value for money.
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4.0 out of 5 stars good 21 Sep 2011
Format:Paperback|Verified Purchase
half way through book and it is a good read its a little confusing at times but the man knows what he is doing so just keep with it a must if you want to understand the big picture
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