Discount the obvious, bet on the unexpected
Interpretation
The quote encourages thinking beyond what is immediately apparent and taking risks on unconventional ideas.
George Soros emphasizes the importance of looking beyond what is obvious in decision-making and investment. By betting on unexpected outcomes, individuals can uncover opportunities that others overlook, allowing for a greater chance of success in uncertain environments.
In practice
In a business meeting while discussing future investments.
The securitisation of mortgages added a new dimension of systemic risk. Financial engineers claimed they were reducing risks through geographic diversification: in fact they were increasing them by creating an agency problem. The agents were more interested in maximising fee income than in protecting the interests of bondholders. That is the verity that was ignored by regulators and market participants alike.
The collapse of the global marketplace would be a traumatic event with unimaginable consequences. Yet I find it easier to imagine than the continuation of the present regime.
Regulating and taxing marijuana would simultaneously save taxpayers billions of dollars in enforcement and incarceration costs, while providing many billions of dollars in revenue annually.
We are the most powerful nation on earth. No external power, no terrorist organization can defeat us. But we can defeat ourselves by getting caught in a quagmire.
My foundations support people in the country who care about an open society. It's their work that I'm supporting. So it's not me doing it. But I can empower them. I can support them, and I can help them.
The criminalization of marijuana did not prevent marijuana from becoming the most widely used illegal substance in the United States and many other countries. But it did result in extensive costs and negative consequences.
Excellence isn’t about meeting the spec, it’s about setting the spec. It defines what the consumer sees as quality right this minute, and tomorrow, if you’re good, you’ll reset that expectation again
To have a successful career, you have to approach it as an entrepreneur, even if you are working for someone else. Your career is your own private business. You have to market yourself and your abilities and knowledge just as you would a product or service.
If you don't win a Super Bowl, you're not considered successful in the National Football League. I can remember, when we finally won that first one, feeling so good for the players and fans.
It is necessary to prepare and to plan so that we don’t fritter away our lives. Without a goal, there can be no real success. One of the best definitions of success I have ever heard goes something like this: success is the progressive realization of a worthy ideal. Someone has said the trouble with not having a goal is that you can spend your life running up and down the field and never cross the goal line.
A big market is something that doesn't really concern me too much. It's cool to think about, it's good for off-the-court deals. But I'm more of a basketball player. That's what I want to be known as. And this is the best place for me to play basketball. I'm glad I'm here.
I like people who are working on practical things and who are working in teams. It's not so important to get the glory. It's much more important to get something that works. It's a better way to live.
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