- 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: 4.0 out of 5 stars See all reviews (4 customer reviews)
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Amazon Bestsellers Rank:
105,283 in Books (See Top 100 in Books)
- #22 in Books > Business, Finance & Law > Economics > International Economics > Finance
- #40 in Books > Business, Finance & Law > Accounting > International
- See Complete Table of Contents
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"A breathtakingly brilliant book..." -- Esquire. "An extraordinary... inside look into the decision-making process of the most successful money manager of our time. Fantastic..." -- The Wall Street Journal.
--This text refers to an out of print or unavailable edition of this title.
Review
"An extraordinary...inside look into the decision-making process of the most successful money manager of our time. Fantastic."
--This text refers to the
Hardcover
edition.
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Economic theory is devoted to the study of equilibrium positions. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Back Cover
Economic theory is devoted to the study of equilibrium positions. Read the first page
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Most Helpful Customer Reviews
6 of 6 people found the following review helpful
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.
5 of 5 people found the following review helpful
Format:Audio CD|Amazon 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!
All in all a very interesting thesis, especially to anyone with any knowledge of the man or the markets. Although it is economic theory and market psychology, etc, it is written more as manifesto and so engaging and accessible.
Not for the newcomer though, it would probably pay to have read a bit about trading, derivatives etc before attempting this one.
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!
All in all a very interesting thesis, especially to anyone with any knowledge of the man or the markets. Although it is economic theory and market psychology, etc, it is written more as manifesto and so engaging and accessible.
Not for the newcomer though, it would probably pay to have read a bit about trading, derivatives etc before attempting this one.
Format:Paperback
This is a remarkable book by a remarkable man. Billionaire George Soros is one of the most notorious, successful speculators of the 20th century and one of the most freehanded philanthropists. Here he outlines a theory that leads to the conclusion that markets are not morally good, that the financial system is rigged to protect the interests of the rich and powerful, and that economics is a spurious science. Much can be said in criticism of this book. It is replete with logical fallacies, muddies the arguments of those with whom the author disagrees, sets up straw men, and does not take adequate account of work done by philosophers and psychologists in some of the areas the author explores. But, getAbstract finds that there is also a great deal of good that can be said. Soros is an original thinker, at his best when he is talking about his own direct experience. He is straightforward about how his ideas have changed, and about his trading and forecasting errors. And why shouldn't he be, when, as he says, his errors are the keys to his success?
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