... 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...
... losses 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 ... 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...
... 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...
... 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 ...
curities and the
,moFgage insurance companies were on the hook.
The potential liability exceeded the assets of some of the insur-
ance companies in que...
...
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...
... 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 a major top, although it has not quite reached the ... 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...
... anything, that strengthens my
argument that there is a conflict of interest between the domestic
responsibilities of the Bundesbank and its role as the anchor of the
EMS. The events of the last two ... 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 fact...
... proverb
Reading to Generate Ideas
55
Art of Creative Thinking 1-134:Creative Thinking 3/4/07 10:37 Page 55
The use of reading is to aid us in thinking.
Edward Gibbon
‘I love to lose myself in other ... enjoy-
able way of developing those faculties.
The real object of education is to take you to the condition
of continuously asking questions.
Under the hospitable r...
... 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 ...
lems relating to the observer were resolved, whereas the problems
of the observer can be directly attributed to the indeterminacy of
the subject matter. Thus...