ðð©ðº "ðð¢ð§ð¦" ðð¯ð·ð¦ð´ðµð°ð³ð´ ðð¢ðº ðð°ð´ð¦ ðð·ð¦ð³ðºðµð©ðªð¯ð¨ ððªðµð©ðªð¯ ðµð©ð¦ ðð¦ð¹ðµ 6 ðð°ð¯ðµð©ð´ [Simple Money Goals]( [Simple Money Goals]( [Simple Money Goals]( Sometimes, colleagues of Simple Money Goals share special offers with us that we think our readers should be made aware of. Below is one such special opportunity that we believe deserves your attention. [Divider] Dear fellow investor, On December 13th, the U.S. Government is going to [make an announcement]( that could radically alter your retirement. Two of America's largest banks - Goldman Sachs and J.P. Morgan - have quietly warned their richest clients to prepare for it. And billionaires George Soros, Seth Klarman and David Tepper have sold 103 stocks in anticipation. It's not hard to see what's happening. But it's hard to know what to do to protect yourself and your future. That's why I put together [this free report for you.]( In it, I tell you [How to Protect Yourself from the Greatest Crisis Facing Retirees in 70 Years.]( Sincerely, Dylan Jovine
CEO & Founder,
Behind the Markets Soros was born in Budapest in the Kingdom of Hungary to a prosperous non-observant Jewish family, who, like many upper-middle class Hungarian Jews at the time, were uncomfortable with their roots. Soros has wryly described his home as a Jewish antisemitic home.[33] His mother Erzsébet (also known as Elizabeth) came from a family that owned a thriving silk shop.[34] His father Tivadar (also known as Teodoro Åvarc) was a lawyer[35] and a well-known Esperanto-speaker who edited the Esperanto literary magazine Literatura Mondo and raised his son to speak the language.[36] Tivadar had also been a prisoner of war during and after World War I until he escaped from Russia and rejoined his family in Budapest.[37][38] The two married in 1924. In 1936, Soros's family changed their name from the German-Jewish "Schwartz" to "Soros", as protective camouflage in increasingly antisemitic Hungary.[39][40] Tivadar liked the new name because it is a palindrome and because of its meaning. In Hungarian, soros means "next in line," or "designated successor"; in Esperanto it means "will soar".[41][42][43] Soros was 13 years old in March 1944 when Nazi Germany occupied Hungary.[44] The Nazis barred Jewish children from attending school, and Soros and the other schoolchildren were made to report to the Judenrat ("Jewish Council"), which had been established during the occupation. Soros later described this time to writer Michael Lewis: "The Jewish Council asked the little kids to hand out the deportation notices. I was told to go to the Jewish Council. And there I was given these small slips of paper ... I took this piece of paper to my father. He instantly recognized it. This was a list of Hungarian Jewish lawyers. He said, 'You deliver the slips of paper and tell the people that if they report they will be deported.' I'm not sure to what extent he knew they were going to be gassed. I did what my father said."[45][46] Soros did not return to that job; his family survived the war by purchasing documents to say that they were Christians. Later that year at age 14, Soros posed as the Christian godson of an official of the collaborationist Hungarian government's Ministry of Agriculture, who himself had a Jewish wife in hiding. On one occasion, rather than leave the 14-year-old alone, the official took Soros with him while completing an inventory of a Jewish family's confiscated estate. Tivadar saved not only his immediate family but also many other Hungarian Jews, and Soros later wrote that 1944 had been "the happiest [year] of his life," for it had given him the opportunity to witness his father's heroism.[47][48] In 1945, Soros survived the Siege of Budapest, in which Soviet and German forces fought house-to-house through the city. George and his mother also spent some time hiding with the family of Elza Brandeisz and even attended their Lutheran church with them.[49] When he was 17, Soros relocated to Paris before eventually moving to England.[50] There he became a student at the London School of Economics.[51] While a student of the philosopher Karl Popper, Soros worked as a railway porter and as a waiter, and once received £40 from a Quaker charity.[52] Soros would sometimes stand at Speakers' Corner lecturing about the virtues of internationalism in Esperanto, which he had learned from his father.[53] After graduating, he wanted to stay in the university and work as a professor but his grades were not high enough, prompting him to work for an investment firm in London.[50] Soros also obtained a Bachelor of Science in philosophy in 1951, and a Master of Science in philosophy in 1954 from the London School of Economics.[4][34] Investment career Early business experience In a discussion at the Los Angeles World Affairs Council in 2006, Alvin Shuster, former foreign editor of the Los Angeles Times, asked Soros, "How does one go from an immigrant to a financier? ... When did you realize that you knew how to make money?" Soros replied, "Well, I had a variety of jobs and I ended up selling fancy goods on the seaside, souvenir shops, and I thought, that's really not what I was cut out to do. So, I wrote to every managing director in every merchant bank in London, got just one or two replies, and eventually that's how I got a job in a merchant bank."[54] Singer and Friedlander In 1954, Soros began his financial career at the merchant bank Singer & Friedlander of London. He worked as a clerk and later moved to the arbitrage department. A fellow employee, Robert Mayer, suggested he apply at his father's brokerage house, F.M. Mayer of New York.[55] F. M. Mayer In 1956, Soros moved to New York City, where he worked as an arbitrage trader for F. M. Mayer (1956â59). He specialized in European stocks, which were becoming popular with U.S. institutional investors following the formation of the Coal and Steel Community, which later became the Common Market.[56] Wertheim and Co. In 1959, after three years at F. M. Mayer, Soros moved to Wertheim & Co. He planned to stay for five years, enough time to save $500,000, after which he intended to return to England to study philosophy.[57] He worked as an analyst of European securities until 1963. During this period, Soros developed the theory of reflexivity to extend the ideas of his tutor at the London School of Economics, Karl Popper.[58] Reflexivity posits that market values are often driven by the fallible ideas of participants, not only by the economic fundamentals of the situation. Ideas and events influence each other in reflexive feedback loops. Soros argued that this process leads to markets having procyclical "virtuous" or "vicious" cycles of boom and bust, in contrast to the equilibrium predictions of more standard neoclassical economics.[59][60] Arnhold and S. Bleichroeder From 1963 to 1973, Soros's experience as a vice president at Arnhold and S. Bleichroeder resulted in little enthusiasm for the job; business was slack following the introduction of the Interest Equalization Tax, which undermined the viability of Soros's European trading. He spent the years from 1963 to 1966 with his main focus on the revision of his philosophy dissertation. In 1966 he started a fund with $100,000 of the firm's money to experiment with his trading strategies. In 1969, Soros set up the Double Eagle hedge fund with $4m of investors' capital including $250,000 of his own money.[61] It was based in Curaçao, Dutch Antilles.[62] Double Eagle itself was an offshoot of Arnhold and S. Bleichroeder's First Eagle fund established by Soros and that firm's chairman Henry H. Arnhold in 1967.[63][64] In 1973, the Double Eagle Fund had $12 million and formed the basis of the Soros Fund. George Soros and Jim Rogers received returns on their share of capital and 20 percent of the profits each year.[56] Soros Fund Management In 1970, Soros founded Soros Fund Management and became its chairman. Among those who held senior positions there at various times were Jim Rogers, Stanley Druckenmiller, Mark Schwartz, Keith Anderson, and Soros's two sons.[65][66][67] In 1973, due to perceived conflicts of interest limiting his ability to run the two funds, Soros resigned from the management of the Double Eagle Fund. He then established the Soros Fund and gave investors in the Double Eagle Fund the option of transferring to that or staying with Arnhold and S. Bleichroeder. It was later renamed the Quantum Fund, after the physical theory of quantum mechanics. By that time the value of the fund had grown to $12m, only a small proportion of which was Soros's own money. He and Jim Rogers reinvested their returns from the fund, and also a large part of their 20% performance fees, thereby expanding their stake.[55] By 1981, the fund had grown to $400m, and then a 22% loss in that year and substantial redemptions by some of the investors reduced it to $200m.[68] In July 2011, Soros announced that he had returned funds from outside investors' money (valued at $1 billion) and instead invested funds from his $24.5 billion family fortune, due to changes in U.S. Securities and Exchange Commission disclosure rules, which he felt would compromise his duties of confidentiality to his investors. The fund had at that time averaged over 20% per year compound returns.[69] In 2013, the Quantum Fund made $5.5 billion, making it again the most successful hedge fund in history. Since its inception in 1973, the fund has generated $40 billion.[70] The fund announced in 2015 that it would inject $300 million to help finance the expansion of Fen Hotels, an Argentine hotel company. The funds will develop 5,000 rooms over the next three years throughout various Latin American countries.[71] Economic crisis in the 1990s and 2000s George Soros during a session on redesigning the international monetary system at the World Economic Forum Annual Meeting 2011. Soros had been building a huge short position in pounds sterling for months leading up to the Black Wednesday of September 1992. Soros had recognized the unfavorable position of the United Kingdom in the European Exchange Rate Mechanism. For Soros, the rate at which the United Kingdom was brought into the European Exchange Rate Mechanism was too high, their inflation was also much too high (triple the German rate), and British interest rates were hurting their asset prices.[72] By September 16, 1992, the day of Black Wednesday, Soros's fund had sold short more than $10 billion in pounds,[65] profiting from the UK government's reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or float its currency. Finally, the UK withdrew from the European Exchange Rate Mechanism, devaluing the pound. Soros's profit on the bet was estimated at over $1 billion.[73] He was dubbed "the man who broke the Bank of England".[74] The estimated cost of Black Wednesday to the UK Treasury was £3.4 billion.[75] Stanley Druckenmiller, who traded under Soros, originally saw the weakness in the pound and stated: "[Soros's] contribution was pushing him to take a gigantic position."[76][77] On October 26, 1992, The New York Times quoted Soros as saying: "Our total position by Black Wednesday had to be worth almost $10 billion. We planned to sell more than that. In fact, when Norman Lamont said just before the devaluation that he would borrow nearly $15 billion to defend sterling, we were amused because that was about how much we wanted to sell." Soros was believed to have traded billions of Finnish markkas on February 5, 1996, in anticipation of selling them short. The markka had been put floating as a result of the early 1990s depression. The Bank of Finland and the Finnish Government commented at the time they believed that a "conspiracy" was impossible.[78] [Simple Money Goals]( You received this email as a result of your consent to receive 3rd party offers at our another website. This ad is sent on behalf of Behind The Markets, 4260 NW 1st Avenue, Suite # 55 Boca Raton, FL 33431 â 4264. If you would like to unsubscribe from receiving offers from Behind The Markets please [click here](.
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