George Soros

Discount the obvious, bet on the unexpected

When you sell options, you get paid for assuming risk. That can be a profitable business, but it does not mix well with the risks inherent in a leveraged portfolio.

The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility).

The only thing that could hurt me is if my success encouraged me to return to my childhood fantasies of omnipotence - but that is not likely to happen as long as I remain engaged in the financial markets, because they constantly remind me of my limitations.

It is credit that matters, not money (in other words, monetarism is a false ideology).

When interest rates are low we have conditions for asset bubbles to develop, and they are developing at the moment. The ultimate asset bubble is gold.

Whenever there is a conflict between universal principles and self-interest, self-interest is likely to prevail.

When money is free, the rational lender will keep on lending until there is no one else to lend to.

Markets can influence the events that they anticipate.

A lot of the evil in the world is actually not intentional. A lot of people in the financial system did a lot of damage without intending to.

I contend that financial markets never reflect the underlying reality accurately; they always distort it in some way or another and the distortions find expression in market prices. Those distortions can, occasionally, find ways to affect the fundamentals that market prices are supposed to reflect.

Playing by the rules, one does the best he can, irrespective of the social consequences. Whereas in making the rules, people ought to be concerned with the social consequences and not with their personal interests.

I'm only rich because I know when I'm wrong.

The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.

Studying economics is not a good preparation for dealing with it.