InsiderFlow › Investors › George Soros
THE MAN WHO BROKE THE BANK OF ENGLAND · SOROS FUND MANAGEMENT
Speculative macro: big bets on currencies, rates and systemic imbalances, guided by the theory of reflexivity.
George Soros is history's most famous macro speculator. A survivor of Nazi-occupied Budapest, he emigrated to London and then New York, founding the Quantum Fund in 1973: average returns of about 30% a year for thirty years, among the best ever recorded.
On September 16, 1992 — "Black Wednesday" — his $10 billion bet against the pound forced the Bank of England out of the European exchange rate mechanism: he made over a billion dollars in a day and earned the title of "the man who broke the Bank of England".
His theory of reflexivity — markets don't reflect reality, they create it, in self-reinforcing cycles — has influenced generations of investors. Today the fund mainly manages his philanthropic wealth.
Big funds' moves are public in SEC 13F filings: InsiderFlow tracks and explains them.
The idea that investors' expectations alter the economic reality they're supposed to reflect, creating self-feeding bubbles and crashes.
The fund manages his family's and foundations' wealth; major moves remain traceable in 13Fs.