... linked the strength of the dollar to the strength of the econ-
omy and to the interest rate differential. When the dollar refused
to weaken, the last of the trend fighters gave up and the exchange ...
tionships with the help of two other variables: the budget deficit
and capital inflows.
The economy strengthened because the stimulus of the budget
def...
...
equals
the total equity of the fund.
A
short position in U.S. dollam indicates the amount by
which
the
currency exposure exceeds the equity of the fund.
(3)
Currency exposure shown
as
of ...
the total equity of
the
fund.
A
short position in
U.S.
dollars indicates the amount by which the
currency exposure exceeds the equity of the fund.
(31...
... to find them; and, what was the most painful of all,
sometimes
I
got them wrong. One way or another,
I
often invested
,
THE
ALCHEMY
READING THE MIND
OF
THE MARKET
GEORGE SOROS
NEW ... debt. The valuation of the collateral is sup-
posed to be independent of the act of lending; but in actual fact
the act of lending can affect the value of the...
... in the collapse of the
conglomerates. Since they were entitled to share in the profits but
did not have to share in the losses of the funds they managed,
Reflexivity
in
the Stock Market
4 ... stock market. The possibility that stock
market developments may affect the fortunes of the companies is
left out of account. There is a clear parallel with the th...
... process where the direction of economic
policy and the direction of the financial markets mutually rein-
force each other.
It is the response of the financial markets that has given me the
Phase ... identify the "thesis" that the current
market rally incorporates and evaluate its chances of success; the
other is to locate the present moment within...
... to the latter alternative. I shall mention only
a few: the steepening of the yield curve; the rise of gold; and the
disarray in the Group of Five process. The stock market also
shows signs of ... based.
Most of my recent macro moves turned sour; only the decision
to short the yen has saved the day.
I
can apply the profit on the
yen either to offset...
... corresponds to the way that financial
markets operate. That means that the markets themselves can be
viewed as formulating hypotheses about the future and then sub-
mitting them to the test of the actual ... Scientific theories are judged by the
facts; financial decisions are judged by the distorted views of the
participants. Instead of scientific method, financ...
...
corrected.
The
Crash
of
'87
349
risk at the cost of enhancing the instability of the system. In prac-
tice, the breakdown of &apos ;the system did not allow the individual to
escape unscathed. ... meaningful to others as it is to me, The key
is to distinguish between the fact of death and the idea of death.
The fact of death is linked with the...
... debt. The valuation of the collateral is sup-
posed to be independent of the act of lending; but in actual fact
the act of lending can affect the value of the collateral. This is true
of the ...
27
The Problem of Imperfect Understanding 31
The Problem of the Social Sciences 34
e
The Participants' Bias 40
The Concept of Reflexivity 41
Refle...
... recognizes the active fraction of heparin. Cell. Mol.
Biol. 43 , 237– 242 .
24. Weiler, J. & Linhardt, R. (1989) Comparison of the activity of
polyanions and polycations on the classical and the alternative
pathways ... this
binding leads to the activation of Complement, as we
observed for DNA (data not shown). The mechanism of
this activation, independent of th...