Biography of George Soros, a man who earned a billion dollars a day
Famous financier George Soros is ranked seventh in the list of the richest people in America. And, perhaps, one of the first – among the most influential. In early 2012, the personal wealth of the stock market guru was estimated by Forbes magazine at $ 20 billion. In 2017, the master had 25.2 billion, and in 2019, Soros is credited with only 8.2 billion. It would seem that this is incomparable with the wealth of Warren Buffett (83 billion), if the world did not know how much Soros spends on charity projects.
In general, the activities of the master are not limited to finances only. He is a philanthropist, a founder of organizations and foundations in 25 countries and a sponsor of various world oppositions.
Soros was born in 1930 in Hungary in the family of a lawyer. In 1947, George moved to the UK, where he graduated from the London school of Economics in three years. A prestigious diploma did not bring good work – the guy worked as a salesman, waiter and porter. At that time, Soros learned in full what discrimination is (he devoted a lot of time and money to fighting it later).
In 1956, Soros moved to the United States, where he immediately got to Wall Street. George imitated the work of successful stock market players. He also invented his own method of trading – internal arbitration.
Biography of George Soros. Quantum Hedge Fund
In 1970, the main brainchild of George Soros appeared, which gave him a lot of money. We are talking about Quantum Fund. 30% – this average income brought a hedge fund to those who entrusted their funds to the genius of the stock market and his colleagues. In total, investors earned thirty-two billion thanks to the bright mind of Quantum Manager.
The most successful day of Hedge Fund is 16 September 1992. Soros prepared for it for a long time, buying a pound sterling. The meaning of speculation was reduced to the fact that George at one point sold 5 billion, collapsing the rate of British currency to a minimum. Then there was a reverse purchase of their own assets. The pound was not able to lie for a long time and quickly corrected its position. So Soros in one day earned a billion dollars.
As expected, the worst purchase of the master occurred in the year of the world crisis – 2008. By a strange coincidence, it was the Russian Corporation Svyazinvest. Having acquired the company for almost two billion, after the crisis, he was able to resell it for only 625 million.
But Soros does not have time to repeat that money is only a component of success, but not an end in itself. Therefore, the guru of stock trading spends more than $ 300 million annually on non-commercial projects. In particular, Open Society Fund supports democratic institutions in Eastern Europe, including the post-Soviet space.
