George Soros- The Return of a Legend
After years of sitting on the sidelines, legendary investor and billionaire George Soros has returned to trading. Global markets and their struggling economies have the philanthropist concerned about the future of finance. Soros entered the market through Soros Fund Management and bought gold and shares of gold mining companies. When markets face tough times, many financiers turn to gold as a secure investment.
Soros re-enters the market with some significantly bearish positions. Not only did he invest in gold and gold mines, but he sold a large block of individual stocks. Soros in well-known for his 1992 position on the British pound when he bet against the currency and netted over $1 billion in profit.
Soros returned to his offices earlier this year and began directing some of the fund’s trades. According to executives, Soros did not involve himself in the trades unless the firm suffered losses. Soros did not execute many trades over the past several years. Instead, the 85-year old legendary investor involved himself more in philanthropic ventures and political issues. George Soros is a big contributor to the Hillary Clinton presidential campaign. Soros also donated millions of dollars to other causes supported by the Democratic Party.
George Soros is the author of numerous best-selling books including ‘The Crash of 2008 and What it Means,” ‘The Age of Fallibility,’ ‘Soros on Soros: Staying Ahead of the Curve,’ and the timeless classic ‘The Alchemy of Finance: Reading the Mind of the Market’.
Some say that Soros latest trades are easy shorts due to a poor jobs report showing the weakest job numbers in seven years. The trades are significant in that Soros is entering the markets on the heels of weak economic data. In the past, Soros would not execute large blocks of trades following poor economic data. However, Soros may see something other investors cannot see, U.S. markets reaching all-time highs under the umbrella of unstable economic conditions.