The name George Soros engenders visions of wealth and power. This man has become a titan of the investing industry. Moreover, his ability to influence American politics has won both admirers and critics. So, just who is Soros, and how did he become so rich? Following is an explanation to just these questions.
An Immigrant Makes Good
Unbeknownst to most, George Soros was not born in the United States. Instead, he hails from Hungary, where, born in 1930, he fled to Great Britain seventeen years later. A first-rate education at the London School of Economics prepared him for the world of high finance.
London proved a stop on the road of success for this man headed to the top. In 1956, Soros immigrated to America, where he worked as an investment analyst for a succession of firms, F.M. Mayer, Wertheim and Co., and Arnhold and S. Bleichroeder, until 1973.
Thougth obviously doing well financially, Soros wanted more out of life. He then chose to found his own hedge fund, Soros Management, better known for its later name, Quantum Fund.
Soros on Investing
According to Forbes, investors admire Soros for his ability to stand behind his trades. It takes guts to go short on currencies when the whole world says going long is better. Nevertheless, Soros has done just that, generating up to $1 billion in a single day off the rise and fall of the British pound.
Though Soros no longer makes daily trading decisions for the Quantum Fund, he continues to provide investment advice. According to Soros, his success depends on an intuitive feel for when to move against prevailing market trends.
Obviously, not everyone has a penchant for making accurate financial decisions, as does George Soros. Otherwise, there would be more rich people in the world. Yet, his story of success is an inspiration for many an immigrant hoping to wind up a captain of industry.