Anyone who cares to browse the list of world’s top investors or Forbes’s list of richest people in the U.S. will know of George Soros. Today, he is the leader of a top-performing hedge fund and is especially acclaimed for his philanthropic donations to human rights and political causes. He created history with his bold investments and was even held responsible for ‘breaking’ the Bank of England. Let’s catch some glimpses of this charismatic man down the memory lane.
George was born in Hungary in 1930, but after a decade or so of witnessing misery under the Nazi rule, he moved to England in the 1940s to complete his education at the London School of Economics. Later, he found an opportunity on Wall Street and was able to migrate to the United States. His investment career started in the late 1950s in New York City with reflexivity becoming his investment technique. It was here that he learned the skills of investing and is successful today. Follow George Soros on Twitter.
In 1969, Soros first created his now legendary fund with twelve million dollars and his own private for in 1973. It went on to become the legendary Quantum Fund and the fund responsible for making Soros famous in the world of finance. Till the early 2000s, the fund continued to give an annual average return of about 20%. It dipped a little in 2011 following Soros’s decision to return the money of outside investors in Quantum.
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Breaking the Bank episode
In 1992, Soros’ Quantum Fund placed a $10 billion bet against the unstable British pound which the Bank of England was trying desperately to stabilize but failed. This earned a profit of $1 billion for Soros and also his reputation. History was repeated with the faltering Yen, and Japanese economy in 2013 and Soros again made the $1 billion profit.
Philanthropy and Politics
In 1979, George Soros founded the OSF (Open Society Foundations) and became a philanthropist. Working towards democracy and human rights, the foundation today funds various programs like independent journalism, government spending, public health and even early childhood education. He also opened it in Hungary in 1984 to help establish a vibrant, tolerant and answerable democracy in Hungary. Today the Foundation works in over 70 countries and helps in the betterment of the society. The bulk of its funds is distributed to non-profit groups and social causes in the U.S. and abroad.
The persona of Soros is such that it elicits strong opinions both from the finance as well as political niche. Still, you cannot help but be inspired by the man and his immense contribution to the betterment of the society. For those looking to learn more about George Soros can do so by going to this link – http://www.biography.com/people/george-soros-20926527.