Download The Sages: Warren Buffett, George Soros, Paul Volcker, and by Charles R. Morris PDF

By Charles R. Morris

The writer may have tried this to be a sequel to his bestseller "The Trillion greenback Meltdown", that these sages did percentage a similar foresight and philosophy as his personal. Pardon me that as an individual who had learn many books of and approximately Soros and Buffet, i'm obliged to remark this compilation of biographies is sub par, particularly the part on Soros that is like a bad precis of Soros's "The Alchemy of Finance". If now not for the part on Volcker, i'd have rated it a one superstar. now not worthy on sprucing one's trading/investment area, nor gaining any perception of the present monetary turmoil. in brief, no longer suggested!

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Extra info for The Sages: Warren Buffett, George Soros, Paul Volcker, and the Maelstrom of Markets

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26 THE SAGES The 1992 episode involving the British pound is much more straightforward but is a splendid example of Soros’s consummate boldness. “THE MAN WHO BROKE THE BANK OF ENGLAND” Currency regimes, in Soros’s perspective, are rich mines of reflexivity, since they frequently evolve as contests of perception between traders and governments. * But once an exchange rate is fixed, it is a natural target for speculators, who constantly probe a government’s resolve. At bottom, a proper exchange rate is determined by the home country economy.

Interest rates fell sharply in the United States starting in the mid-1990s, which should have choked off the inflow of foreign capital. But it was replaced by interest-insensitive capital from export-driven nations like China that bought American bonds to supply liquidity to American consumers. Starting in the mid-1990s, academics began to acknowledge the possibility of a new quasi-equilibrium under the general rubric of a “Bretton Woods II” regime. At least a decade earlier, Soros had perceived the system’s ramifications and was among the first to worry about the concentration on finance.

If traders take dollars for the promise to deliver a fixed amount of rubles a month from now, they will make large profits if the dollar value of rubles falls in the meantime. * According to Chicago School free-market theorists, efficient markets should ensure that exchange rates adjust smoothly in small increments. As the doctrine gained influence in the 1980s, most larger countries shifted to free-floating regimes. The theory was wrong. Instead of stabilizing adjustments, violent seesawing was much more common.

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