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Title: The Alchemy of Finance: Reading the Mind of the Market by George Soros ISBN: 0-471-04206-4 Publisher: John Wiley & Sons Pub. Date: April, 1994 Format: Paperback Volumes: 1 List Price(USD): $27.95 |
Average Customer Rating: 3.68 (28 reviews)
Rating: 2
Summary: Disappointing,
Comment: In this book, Soros openly admits that he is completely unable to predict major developments in finance and economics. In addition, he admits that he has never been able to profit consistently in commodities markets. What does that leave us with? Soros is a glorified stock picker, and the Quantum Fund, a glorified mutual fund. Soros does not discuss equity analysis techniques, however; the book is comprised of macroeconomic analysis and prediction which is - by Soros' own admission - of questionable value.
Indeed, it is almost embarassing to read Soros' predictions - that the dollar will depreciate dramatically in the 90s, that Japan will surpass the US as economic leader, that the US economy will succomb to fiscal and trade deficits. Soros' predictions are not just wrong, they are the complete opposite of what actually has occurred.
Soros argues that he cannot predict anything, he can only explain economic developments as they unfold. If his predictions are invalid, however, why are his explanations valid? His predictions and explanations are premised on the same set of erroneous beliefs.
Those seeking practical and accurate financial theory should not read this book. Those seeking chapters like The Quandary of the Social Sciences and Reagan's Imperial Circle are invited to tackle this self-aggrandizing book. Better choices: Intermarket Technical Analysis by Murphy or Macro Trading and Investment Strategies by Burstein.
Rating: 5
Summary: required reading for aspiring money managers
Comment: Soros is the greatest publicly known investor of our times. His Quantum Fund numbers attest to that. In this book, he makes a Herculian effort to explain how he did it, including a real-time diary, which is as informative in revealing how often he is wrong-headed (and so exits) as it reveals how he piles on more leverage on a winning position. He also tries to honestly write about how some decisions are simply intuitive, and not the result of reasoned analysis. Though most investors will not be involved in macro-investing, where Soros simultaneously considers equity prices, forex, commodities, politics and economics, and using 5 to 1 leverage invests accordingly in stocks, bonds, currencies, both long and short --- still this is a must-read for anyone considering a carreer as a money manager. If you wanted to be an artist, you would read the biography of da Vinci, a master of art. Soros is a master of finance. The way the Beatles inspired a generation of musicians, so Soros inspired a generation of hedge fund managers.
Rating: 1
Summary: Financial Philosophy From Another Planet.
Comment: Oh my goodness! What the heck is this? I can't tell you what this is, but I can tell you what it isn't: It isn't a book on investing, it isn't usable in the real financial world, and George Soros obviously didn't use the information in his book to make money in the markets. I guess it must be a book for some MBA graduate program or something like that because it aint' for investing!
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Title: Soros on Soros: Staying Ahead of the Curve by George Soros ISBN: 0471119776 Publisher: John Wiley & Sons Pub. Date: 04 August, 1995 List Price(USD): $27.95 |
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Title: The Crisis of Global Capitalism: Open Society Endangered by George Soros ISBN: 1891620274 Publisher: PublicAffairs Pub. Date: 02 December, 1998 List Price(USD): $26.00 |
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Title: George Soros on Globalization by George Soros ISBN: 1586481258 Publisher: PublicAffairs Pub. Date: 05 March, 2002 List Price(USD): $20.00 |
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Title: The New Market Wizards : Conversations with America's Top Traders by Jack D. Schwager ISBN: 0887306675 Publisher: HarperBusiness Pub. Date: 26 January, 1994 List Price(USD): $17.00 |
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Title: Soros: The Life and Times of a Messianic Billionaire by Michael T. Kaufman ISBN: 0375405852 Publisher: Knopf Pub. Date: 19 February, 2002 List Price(USD): $27.50 |
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