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.
As for accomplishments, I just did what I had to do as things came along.
The pleasure of work is open to anyone who can develop some specialised skill, provided that he can get satisfaction from the exercise of his skill without demanding universal applause.
Good luck is the willing handmaid of upright, energetic character, and conscientious observance of duty.
Young people should think in a different way - they should be job givers not job seeker.
I wasn't brought up as a society girl to go to balls and be a debutante and marry the social set and money and go to parties. No one in my family lived like that. And I never wanted to live like that. I was brought up to believe in work. I always wanted a career. Always.
I have always believed that the only way to cope with a cash crisis is not to contract but to try to expand out of it.
Subscribe for the occasional hand-picked quote. No noise.