George Soros has gained recognition as one of the greatest traders and speculators of all time on opensocietyfoundations.org. He started his career in the 1950s. In 1970 he started his Soros Fund Management. This was the vehicle for amassing a fortune now worth an estimated $27.3 billion. He developed his own trading style. He was a trend follower, however, he was always looking for cracks in the trend. At these points he would reverse his position and go short. Most trend followers use the motto “The trend is your friend” and overstay their positions. George Soros made an extensive study of the markets and found that this is not true and that at some point the trend reverses.
The Soros Management Fund by Soros set a record of making net profits of 30% each year for 30 years. In 1992 he went short $10 billion British Pounds ahead to the devaluation of the Pound. His profit was $1 billion Pounds.
In 1979 he retired from active trading and began a second career in philanthropy. He founded Open Society Foundations on forbes.com in more than 100 countries. These foundations foster respect for the individual and truth in government.
George Soros has written several books and essays and wrote commentaries on world events. One of these commentaries focuses on the recent stock market sell off that has wiped out $2.5 trillion from global equities. George Soros cites China’s recent devaluation of the Yuan as creating ripples throughout world markets. With the US stock market crash of 2008-09 China’s export market took a sharp tumble. China is now in the process of reshaping their economy toward a domestic consumption model. The People’s Bank of China slashed interest rates and pumped hundreds of billions of Yuan into the economy. They even resorted to closing their stock market after a drop of 7%. However the volatility continued and the practice was abandoned. The volatility spread throughout world markets and created wholesale selling for the first part of January 2016.
China has set a five year target to increase the convertibility of the Yuan and dismantle capital controls.
Soros sees persistent danger in the years going forward. He foresees a crisis similar to the 2008 market crash in the United States.