This book includes a new chapter by Soros on the secrets to his success along with a new preface and introduction. It also includes a new foreword by renowned economist Paul Volcker. 'An extraordinary ...inside look into the decision-making process of the most successful money manager of our time. Fantastic' - "The Wall Street Journal". George Soros is unquestionably one of the most powerful and profitable investors in the world today. Dubbed by "Business Week" as 'the Man who Moves Markets', Soros made a fortune competing with the British pound and remains active today in the global financial community.Now, in this special edition of the classic investment book, "The Alchemy of Finance", Soros presents a theoretical and practical account of current financial trends and a new paradigm by which to understand the financial market today. This edition's expanded and revised introduction details Soros' innovative investment practices along with his views of the world and world order. He also describes a new paradigm for the 'theory of reflexivity' which underlies his unique investment strategies. Filled with expert advice and valuable business lessons, "The Alchemy of Finance" reveals the timeless principles of an investing legend. This special edition will feature a new chapter by Soros on the secrets of his success and a new foreword by the Honorable Paul Volcker, former Chairman of the Federal Reserve. George Soros (New York, NY) is President of Soros Fund Management and Chief Investment Advisor to Quantum Fund N.V., a $12 billion international investment fund.Besides his numerous ventures in finance, Soros is also extremely active in the worlds of education, culture, and economic aid and development through his Open Society Fund and the Soros Foundation.
'An extraordinary inside look into the decision-making process of the most successful money manager of our time. Fantastic.'
- The Wall Street Journal
'A breathtakingly brilliant book. Soros is one of the core of masters who can actually begin to digest the astonishing complexity of the game of finance in recent years.'
- Esquire
'A seminal investment book ... it should be read, underlined, and thought about page-by-page, concept-by-idea. He's the best pure investor ever, probably the finest analyst of the world in our time.'
- Barton M. Biggs, Morgan Stanley
1.The Theory of Reflexivity
Anti-equilibrium
The Problem of Imperfect Understanding
The Problem of Social Sciences
The Participants' Bias
The Concept of Reflexivity
2. Reflexivity in the Stock Market
3. Reflexivity in the Currency Market
4. The Credit and Regulatory Cycle
PART II - Historical Perspective
5. The International Debt Problem
6. The Collective System of Lending
7. Reagan's Imperial Circle
8. Evolution of the Banking System
9. The 'Oligopolarization' of America
PART III - The Real-Time Experiment
10. The Starting Point: August 1985
11. Phase 1: August 1985 - December 1985
12. Control Period: January 1986 - July 1986
13. Phase 2: July 1986 - November 1986
14. The Conclusion: November 1986
PART IV - Evaluation
15. The Scope for Financial Alchemy
16. The Quandary of the Social Sciences
PART V - Prescription
17. Free Markets vs Regulation
18. Toward an International Central Bank
Exchange Rates and International Debt
Oil
An International Currency
19. The Paradox of Systemic Reform
20. The Crash of '87
About George Soros
GEORGE SOROS is Chairman of Soros Fund Management, which serves as the principal investment advisor to the multibillion dollar Quantum Group of Funds. Soros's flagship Quantum Fund is recognized as the most successful investment fund ever, returning an average 31 percent annually for more than thirty years. Soros has been an important philanthropist since 1979. His charitable foundations are active in more than fifty countries and spend nearly half a billion dollars each year to support projects in education, public health, civil society development, human rights, and many other areas.
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