Download PDF The Alchemy of Finance: Reading the Mind of the Market (Wiley Investment Classics), by George Soros
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The Alchemy of Finance: Reading the Mind of the Market (Wiley Investment Classics), by George Soros
Download PDF The Alchemy of Finance: Reading the Mind of the Market (Wiley Investment Classics), by George Soros
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Pressestimmen
"...contains a detailed description of his trading methods and repays careful reading." (Investors Chronicle, 1st April 2005) "...these updated classics are packed with investment wisdom..." (What Investment, November 2003)"Wer genau wissen will, wie das ungarische Finanzgenie gegen das Pfund spekulierte, kommt hier voll auf seine Kosten. In seiner Alchemistenküche gibt George Soros fantastische Einblicke in den Entscheidungsprozess eines mit allen Wassern gewaschenen Spekulanten." (WERTPAPIERE - Das Börsenjournal, 4. Dezember 2003)"...these updated classics are packed with investment wisdom..." (What Investment, November 2003)
Synopsis
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.
Alle Produktbeschreibungen
Produktinformation
Taschenbuch: 391 Seiten
Verlag: Wiley; Auflage: 2. (19. August 2003)
Sprache: Englisch
ISBN-10: 0471445495
ISBN-13: 978-0471445494
Größe und/oder Gewicht:
15,2 x 3 x 22,9 cm
Durchschnittliche Kundenbewertung:
3.6 von 5 Sternen
9 Kundenrezensionen
Amazon Bestseller-Rang:
Nr. 2.533 in Fremdsprachige Bücher (Siehe Top 100 in Fremdsprachige Bücher)
Ein tolles Buch mit Einblick zu den Finanzmärkten. Die Themen sind sehr komplex, aber man wird kaum abstreiten können dass die "Reflexivity" an den Finanzmärkten einen starken Einfluss hat auf Unternehmen, deren Werte und auch deren Überlebenskraft.Vor allem sehr gut fand ich, dass der Autor richtigen Einblick in seine Gedankengänge liefert, er beschreibt mit Charts aus der Vergangenheit, wir Kurse sich entwickelten, und warum er wann welchen Trade getätigt hat.
This deep and profound book has been criticized by many as being opaque and unreadable. While Soros's writing style is rather obscure to say the least, this does not alter the fact that this book contains some of the most original and advanced ideas ever conceived of in the field of finance. Soros's exceptional analytical abilities shine through, despite the turgid prose. I must stress though that this is not a book for beginners - you definitely need a reasonable grasp of markets, global capital flows, and economic theory to fully understand the book.Soros begins by introducing his theory of reflexivity. This involves situations where people's judgement of fundamentals (e.g. trusts buying and selling of stocks, or banks providing credit) can actually alter the fundamentals. For example, if banks lend lots of money to Mexico, this means Mexico can spend more and increase its GDP for a year or two. This increase in GDP then makes Mexico seem more creditworthy, so influencing banks to lend even more. Clearly if sentiment changes, the cycle can work in reverse, which will cause a self-reinforcing crash, as happened in Asia in 1998.While his theoretical framework is interesting, the real strength of this book is in Soros's analysis of the financial markets from the 1970s into the mid-80s. It is fascinating to see him analyse the major structural changes of that era (e.g. the savings and loans fiasco, the incredible boom and bust in the dollar, the stockmarket bull run, the 3rd world debt crisis, the collapse of OPEC) as they unfold, and even better to see how he fits this information into his real-time trading. As Paul Tudor Jones says in the introduction, this was at a time when technical systems trading was at it height, yet here is Soros using pure fundamental analysis to short oil at $28-31, and then riding the eventual collapse down to $11 per barrel. Even more impressive was his huge ($1 billion+) short dollar/long DM/long Yen position in 1985, which he added to after the September Plaza Accord and held from Y242/DM2.92 all the way to Y155/DM2.07. Soros made his name on the British pound, but his profit there was much less in percentage terms than on these incredible trades from the mid eighties, which helped propel the Quantum fund to a 126% gain over 11 months.Unfortunately, Soros ends the book badly. His analysis of his own trading is interesting, but he then veers off on a discussion on the merits of regulation vs free markets, and proposes an international central bank. While this is an interesting topic, Soros seems a little out of his depth at times, and completely fails to consider many important issues (e.g. the restrictions on individual freedom that regulation imposes; the fallibility and sometimes excessive power of regulators, etc). He also give a short description of the 87 crash (where he lost hundreds of millions) which is quite interesting.But despite this anticlimax, this book is absolutely essential reading for anyone interested in speculation, economics, financial markets, and who wishes to develop an understanding of global events. Soros, for all his flaws, is undoubtedly one of the greatest financial minds of all time, and it would be a remarkable achievement for any intelligent person to read this book and not come away much wiser.
In The Alchemy of Finance George Soros describes the intellectual framework on which his remarkable investment success is based. Soros explains all aspects of this framework in a clear and understandable manner using examples ranging from the rise and collapse of Real Estate Investment Trusts in the 1970s to the international debt problem of the late 1970s and early 1980s.Soros also provides a detailed description of how he translates the intellectual underpinnings of his approach into actual investment decisions. In doing so, he offers a rare view into the inner workings of the most successful hedge fund in history during its most successful period.The final part of the book is perhaps the most fascinating. In it Soros deals with several subjects, including systemic reform and the stock market crash of 1987.George Soros is a brilliant, knowledgeable and experienced human being. By reading The Alchemy of Finance readers can profit from those three attributes.
I actually want to rate this book 10 stars out of 5. The theory of reflexivity, the great concept that Mr. Soros invented, works as well in the other aspects of reality as in the financial markets. I actually used it to explain a situation and prevented a breakup of a relationship. MR. Soros should be ranked not only as the greatest investor but also as one of the best and most influential thinkers of our time.Back to investing. The most amazing thing that I learnt from the book is that predictive powers can have less of an effect in annual returns than most people realise. In the evaluation chapter, Mr. Soros explained that although he has made many mistakes in anticipating events, he has made big money.What's more is needed to say about this book, I really think everyone on the face of this planet should read and understand this book.
If you want a different way to see finantial markets and life in general, I have the pleasure to recomendate you this outstanding book. By the way is hard reading. Mr. George Soros, if you read this, I would be pleased to keep in touch with you, I am sure that I can improve your will. Sincerously,Francisco Hernandezbianculli@hotmail.com
There's nothing wrong Soros's ideas, this much is obvious given his stunning investment record. He fancies himself the investment/philosopher king, though, and is incapable of expressing himself clearly. He suffers that post grad mentality that suggests the heavier the diction, the more profound the insight. For investment professionals willing to put up with this, the book is worth a read. For the average investor, however, this book is a waste of time.
Soros has given us a great insight into the workings of the market. While his writing style is extremely tedius, the book is a must for any advance investor. I stress advanced. This is not a book for the casual investor or for someone who does not want to study Soros thought in detail. Outside of Soros' attempt to write like a German philosopher, this is a fantastic book.
A very detailed and interesting recollection of Soros'finance strategy. But at the end of the book I am left with the feeling that the reason why he asks for so much regulation is because it is easier to forecast and influence the regulator than the market. I would trust him with my money but not with a classroom of economics students.
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