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5.0 von 5 Sternen Essential reading for the advanced speculator and analyst
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...
Veröffentlicht am 8. August 1999 von Matt d

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2.0 von 5 Sternen Disappointing,
In this book, Soros openly admits that he is completely unable to predict major developments in finance and economics. In addition, he admits that he has never been able to profit consistently in commodities markets. What does that leave us with? Soros is a glorified stock picker, and the Quantum Fund, a glorified mutual fund. Soros does not discuss equity analysis...
Am 16. Dezember 1999 veröffentlicht


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2.0 von 5 Sternen Disappointing,, 16. Dezember 1999
Von Ein Kunde
In this book, Soros openly admits that he is completely unable to predict major developments in finance and economics. In addition, he admits that he has never been able to profit consistently in commodities markets. What does that leave us with? Soros is a glorified stock picker, and the Quantum Fund, a glorified mutual fund. Soros does not discuss equity analysis techniques, however; the book is comprised of macroeconomic analysis and prediction which is - by Soros' own admission - of questionable value.
Indeed, it is almost embarassing to read Soros' predictions - that the dollar will depreciate dramatically in the 90s, that Japan will surpass the US as economic leader, that the US economy will succomb to fiscal and trade deficits. Soros' predictions are not just wrong, they are the complete opposite of what actually has occurred.
Soros argues that he cannot predict anything, he can only explain economic developments as they unfold. If his predictions are invalid, however, why are his explanations valid? His predictions and explanations are premised on the same set of erroneous beliefs.
Those seeking practical and accurate financial theory should not read this book. Those seeking chapters like The Quandary of the Social Sciences and Reagan's Imperial Circle are invited to tackle this self-aggrandizing book. Better choices: Intermarket Technical Analysis by Murphy or Macro Trading and Investment Strategies by Burstein.
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5.0 von 5 Sternen Essential reading for the advanced speculator and analyst, 8. August 1999
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.
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4.0 von 5 Sternen Abstract but brilliant philosophical approach to investing., 26. Januar 1997
Von Ein Kunde
This book will be studied for years to come for its profound insights on markets and investing. It's a tough read, though. Probably impossible to understand unless you've first read stuff by and about the philosophy of Karl Popper. Read/understand Popper first. Then Soros. Good intruductions to Popper are: Brian Magee's PHILOSOPHY AND THE REAL WORLD, and Popper's autobiography, UNENDED QUEST
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1.0 von 5 Sternen Soros, the great financier but lousy economist., 11. Februar 1999
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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5.0 von 5 Sternen A masterwork from a master investor, 20. Februar 2000
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.
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1.0 von 5 Sternen Very tough to get through, 6. November 1996
Von Ein Kunde
I rate this book as a two because it is hard to find the insight put forth. If you can follow Mr. Soros's writing, you are a better person than I am. The fact that the book is written like a diary does nothing to make it easier to read. Aside from a few short economic lessons, I found the book to be way over my head, and I do not consider myself an amateur investor. Unless you are looking to trade currency swaps and futures, I would recommend that you avoid this book. George Soros is an ivesting legend, but this is more like a philosophy textbook than anything else
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4.0 von 5 Sternen Highly philosophical thoery, hard to put into practice, 21. September 1997
Von Ein Kunde
You have to read the book at least three times.
First to know that the book is not worthless.
Second time to understand the theories.
And the third time to attempt any practical approach to use the theories.
Soros is undoubtably one who can see the big picture and not just the trees.
If you are similarly inclined and want to test your theories (at your own risk) this book is a useful reckoner.
But read this if you are a serious investor and have to know what the world's second greatest investor thinks ( the first is Warran Buffet and his theories are too simple
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5.0 von 5 Sternen The best of all the books about Soros. It has stuff in it., 9. Februar 1999
Von Ein Kunde
However, it is not something to be read casually. If you want something fun to read yet has insightful information about trading and speculation, I would recommand "Liar's Poker". But this is one is no doubt a masterpiece in its own right. The authur, Soros is writting to explain his philosophy of investment. He put it in a very strict and well-thought structure. So, to those who can handle the complexity, it really opens up you mind and you would be amased what a genuise he is, as an investor and, I would say, a philosopher, too.
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2.0 von 5 Sternen Financial Insight, Literary Morass, 22. Oktober 1997
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.
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5.0 von 5 Sternen Great, but Challenging Read, 16. Juli 1998
Von 
Michael Haftl (San Francisco, CA) - Alle meine Rezensionen ansehen
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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.
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