Many people are obsessed with understanding George Soros’s “investment philosophy” which is actually very simple, here I will break it down for you.
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3. This worked out great for him because he was active at a time when markets were really inefficient and trend following worked really well. It probably won’t work any more (eg see Druckenmiller’s recent performance)
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1) reflexivity is the single most important idea necessary for financial markets to make any sense and mainstream economics adopted it subsequent to Soros publishing. 2) all the market does now is trend, have you seen /es ?
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Look at GME, AMC or TSLA, look at Bear or Lehman. The perception of a company even when initially wrong can cause it's premise to come into being. The meme supply creates it's own demand
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Also: don’t be afraid to change your mind, and often. But I guess you can file that one under “risk management”
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Yup I thought about including this but decided it was quite well covered by “follow trends” and “have good risk management” and I liked the idea of a three item list.
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My God you're on fire today.
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Strong subtweet game as always
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There’s an entire paper on this, the conclusion is basically “low beta + quality + leverage + really cheap financing” https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3197185 …
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I think you are missing half of it - his perspective on asymmetric bets, leveraging, and position sizing.
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