Soros on Soros: Staying Ahead of the Curve

Soros describes his exceptional career in finance and provides his perspective on investing and global finance, politics, and what he views as the new world order. He follows his life from Holocaust survivor and student of philosophy and finance at the London School of Economics, to his emergence as the singularly most successful and powerful trader of the twentieth century. Soros tells the story of his extraordinarily successful Soros Fund Management, and its $12 Billion dollar Quantum Fund, which for years produced a remarkable average annual return of 30%.[2][1]

Soros describes "Black Wednesday", the time he made 1 billion dollars selling the British pound short, as well as the considerable fortune he once lost speculating on the yen.[1] In simple terms, "Black Wednesday", was a formal devaluation of the British pound by around 20% against the dollar, the German Mark, and other currencies that took place on September 16, 1992. Soros, in the two weeks prior to September 16, on behalf of his hedge fund, and backed by a multitude of the fund's co-investors, acquired and sold around ten billion British Pounds. Other private speculators were also involved in the sale of the Pound. After the pound dropped around 10-20%, Soros, on behalf of his fund, bought them back and realized a considerable profit. Balancing the criticism by many British citizens and economists that this move damaged the English economy, Soros had previously invested heavily in British securities during this period, and during the nationalization of industries imposed by Margaret Thatcher, Soros's funds were heavily invested in English industries including Jaguar automobiles and British Telecom.[3]

Former Secretary of State Henry Kissinger said of the book, "If you have ever wanted to sit down for a candid conversation with a phenomenal financial success, George Soros's book provides the opportunity. You will meet a complex man and a first-rate mind."[7]

Foreign relations expert Zbigniew Brzezinski, praised Soros's book and his philanthropic efforts, noting Soros "has translated a remarkable personal financial success into a truly generous and historically significant effort to promote postcommunist democracy".[7]

Paul A. Volcker also praised the book, but focused on Soros's philanthropic efforts, writing, "What really drives the man now, with a personal fortune beyond all personal need, is a different kind of strategic investing--investment to build in Eastern Europe the kind of open societies he came to value in his own life".[1]

The Wiley website has written that Soros on Soros "is a must read for anyone interested in world finance and international policy.", and an insight into what makes one of the "greatest financial wizards of this or any age tick".[7]

Alex Barrow, writing for the Macro Ops Financial website has noted Soros's greatest single insight into his investment strategy is that he doesn't have a particular style of investing, or more specifically he changes his style to fit the conditions of a particular market and era. He considers Soros on Soros a scaled down version of Soros's Alchemy of Finance, which he considers a valuable but somewhat difficult read. Barrow importantly notes that in general Soros's "prose is sorely lacking. As a result, his brilliance comes across slightly muddled and his ideas too abstruse for many to grasp", although Barrow writes that due to its brevity and interview-like style, Soros on Soros suffers less from this problem.[2]