George Soros
George Soros was born in Budapest, Hungary on August 12th, 1930 and is the Entrepreneur. At the age of 93, George Soros biography, profession, age, height, weight, eye color, hair color, build, measurements, education, career, dating/affair, family, news updates, and networth are available.
At 93 years old, George Soros has this physical status:
George Soros, Hon (born Schwartz György; August 12, 1930) is a Hungarian-American financier and philanthropist.
As of February 2018, he had a net worth of $8 billion and had contributed more than $32 billion to his philanthropic group, the Open Society Foundations in Budapest, Hungary. Soros survived Nazi Germany-controlled Hungary and immigrated to the United Kingdom in 1947.
He studied at the London School of Economics, graduating with a bachelor's degree and later a master's degree in philosophy.
Soros started his career by working at merchant banks in the United Kingdom and then the United States before opening Double Eagle, his first hedge fund, in 1969.
Soros Fund Management, his second hedge fund, was launched in 1970 with the proceeds from his first fund.
Double Eagle was renamed to Quantum Fund and Soros, the principal company Soros advised.
Quantum Fund had $12 million under administration at its start in 2011, and as of 2011, it had $25 billion, the majority of Soros' total net worth, and it made him a $1 billion profit of $1 billion during the 1992 Black Wednesday UK currency crisis.
Soros proposed Karl Popper's Adaptive Theory of Reflexivity to capital markets, giving him a realistic picture of asset bubbles and fundamental/market value of stocks, as well as value discrepancies used for shorting and swapping stocks.
He contributed more than $11 billion to various philanthropic causes between 1979 and 2011, and in 2017, his "on civil causes to reduce poverty and increase transparency" had increased, as well as universities around the world.
He influenced the demise of communism in Eastern Europe in the 1990s and 1990s, and he gave the Central European University one of Europe's top education endowments to his Hungarian hometown.
Because of his extensive support for political causes, he has been dubbed a "bugaboo of European nationalists."
Many American conservatives have disputed Soros' reputation as a singularly risky "pupmaster" behind a slew of suspected global plots, with The New York Times stating that these claims had "gone from the fringes to the mainstream" of Republican politics by 2018.
Soros, who is of Jewish origin, has often been portrayed as antisemitic in conspiracy theories.
Early life and education
Soros was born in Budapest, Hungary, to a wealthy non-observant Jewish family, who, like many upper-middle-class Hungarian Jews at the time, were unhappy with their roots. Soros has wryly referred to his house as a Jewish antisemitic home. Erzsébet (also known as Elizabeth) was born from a family that owned a flourishing silk shop. Tivadar (also known as Teodoro varc) was a lawyer and a well-known Esperanto-speaker who edited the Esperanto literary journal Literatura Mondo and taught his son to speak the language. Tivadar had served as a prisoner of war during and after World War I until he escaped from Russia and rejoined his family in Budapest. In 1924, the two were married. Soros' family changed their name from "Schwartz" in German-Jewish to "Soros" in 1936 as a defensive camouflage in Hungary's growing antisemitic Hungary. Tivadar liked the new name both because it is a palindrome and because of its meaning. "next in line" or "designated successor" in Hungarian, soros means "soar" or "today"; in Esperanto it refers to "will soar."
Soros was 13 years old in March 1944, when Nazi Germany took over Hungary. The Nazis had forbidden Jewish children from attending school, and Soros and the other schoolchildren were required to report to the Judenrat ("Jewish Council"), which had been established during the war. "The Jewish Council begged the little ones to hand out the deportation notices," Soros later wrote. I was told to come to the Jewish Council. And here I was given these little slips of paper... This piece of paper was given to my father by mail. He knew it straight away. This was a list of Hungarian Jewish lawyers. 'You hand over the paper slips and inform the people that if they do not return, they will be arrested,' he said. I'm not sure how much he knew they'd be kegged. "I did what my father said."
Soros did not return to that service; his family survived the war by purchasing documents to show that they were Christians. Soros posed as the Christian godson of a minister of Hungary's Ministry of Agriculture, who himself had a Jewish wife in hiding later this year. The official took Soros with him on one occasion rather than leaving the 14-year-old alone 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 was "the best [year] of his life" because it gave him the opportunity to experience his father's heroism. Soros lived through Budapest's 1945 Siege, in which Soviet and German forces battled house to house throughout the city. George and his mother spent some time hiding with Elza Brandeisz's relatives and even attended their Lutheran church with them.
Soros moved to England and became a London School of Economics undergraduate in 1947. Soros worked as a railway porter and as a waiter, and a Quaker charity once received £40. In Esperanto, Soros would often appear at Speakers' Corner lecturing about the virtues of internationalism, which he had learned from his father.
Soros earned a Bachelor of Science in philosophy in 1951 and a Master of Science in philosophy in 1954.
Personal life
Soros has been married three times and divorced twice. He married Annaliese Witschak (born January 3, 1934) in 1960. Annaliese was an ethnic German immigrant who had been orphaned during the war. Despite not Jewish, Soros' parents were adorned as she had also experienced the privation and displacement brought about by World War II. In 1983, they divorced.They had three children:
George Soros married Susan Weber in 1983. In 2005, the couple divorced.They have two children:
Soros met Tamiko Bolton in 2008; they married on September 21, 2013. Robert Bolton, a retired naval commander and a Japanese-American nurse, is Bolton's niece and nephew. She was born in California, obtained an MBA from the University of Miami, and now works with an internet-based dietary supplement and vitamin-sales firm.
Paul Soros, Soros' elder brother and philanthropist, died on June 15, 2013. Paul, a computer scientist, founded Soros Associates and established the Paul and Daisy Soros Fellowships for Young Americans. He was married to Daisy Soros (née Schlenger), who, like her husband, was a Jewish immigrant from Hungary and with whom he had two sons, Peter and Jeffrey. Peter Soros was married to Flora Fraser, the granddaughter of Lady Antonia Fraser and the late Sir Hugh Fraser, and Harold Pinter's stepdaughter. Fraser and Soros were separated in 2009; Soros became Fraser and Soros.
Soros was a minority partner in a movement that attempted to buy the Washington Nationals, a Major League baseball team. Any Republican lawmakers suggested that if Soros purchased the team, they might decide to eliminate Major League Baseball's antitrust exemption. Soros' name was associated with AS Roma, an Italian association football team, but the club was not sold. Soros, a financial backer of Washington Soccer L.P., the group that owned the operating rights to Major League Soccer club D.C. United when the league was established in 1995, but the club lost these rights in 2000. According to BBC filings, Soros bought a 1.9 percent stake in Manchester United's English football team Manchester United, buying 3.1 million of the club's Class-A shares on August 21, 2012.
Soros said he was not religious and did not believe in God in a 1998 interview with CBS News.
Investment career
"How can one go from an immigrant to a financier?" Alvin Shuster, former Los Angeles Times foreign editor, asked Soros in a debate in 2006. ... When did you know how to make money? "Well, I had a variety of jobs and I ended up selling luxury goods on the seaside, souvenir shops, and I thought, this wasn't really what I was cut out to do." Well, I wrote to every managing director in every commercial bank in London, and to no one or two replies, and then, that's how I got a job in a merchant bank."
Soros began his financial career at London's merchant bank Singer & Friedlander. He began as a clerk and then moved to the arbitrage branch. Robert Mayer, a fellow worker, suggested that he apply at F.M.'s brokerage house. Mayer of New York.
Soros moved to New York City in 1956, where he worked as an arbitrage trader for F. M. Mayer (1956–59). Following the establishment of the Coal and Steel Community, which later became the Common Market, he specialized in European stocks, which were becoming extremely popular with US institutional investors.
Soros went to Wertheim & Co. in 1959 after three years at F. M. Mayer. He planned to stay for five years, but not enough time to save $500,000, after which he planned to return to England to study philosophy. He served as an economist of European securities until 1963.
Soros extended his tutor's theories at the London School of Economics, Karl Popper, during this period. Market values are often influenced by participants's ideas, not just by the situation's economics. Ideas and experiences in reflexive feedback loops are influencing each other. Soros argued that this process contributes to procyclical "virtuous" or "vicious" cycles of boom and bust in comparison to more conventional neoclassical economics' equilibrium forecasts.
Soros' experiences as a vice president at Arnhold and S. Bleichroeder in 1963 to 1973 had little enthusiasm for the job; following the introduction of the Interest Equalization Tax, which undermined Soros' European trade, it undermined the company's European trading's profitability. He worked on philosophy from 1963 to 1966, with the main emphasis being on the revision of his philosophy dissertation. He established a $100,000 fund in 1966 to try out new trading tactics.
Soros founded the Double Eagle hedge fund in 1969 with $4 million in investor capital, as well as $250,000 of his own funds. It was headquartered in Curaçao, Dutch Antilles. Double Eagle, the Soros and S. Bleichroeder's First Eagle fund, was an offshoot established in 1967 by Soros and the firm's chairman Henry H. Arnhold.
The Double Eagle Fund, which was founded in 1973, was worth $12 million and became the Soros Fund's base. Both George Soros and Jim Rogers received returns on their shares of capital and 20 percent of the earnings each year.
Soros founded Soros Fund Management in 1970 and became its chairman. Jim Rogers, Stanley Druckenmiller, Mark Schwartz, Keith Anderson, and Soros' two sons were among those who worked at various times.
Soros resigned from the administration of the Double Eagle Fund in 1973 due to apparent conflicts of interest restricting his ability to operate the two accounts. He then created the Soros Fund and gave investors in the Double Eagle Fund the option of either moving to that or staying with Arnhold and S. Bleichroeder.
After the physical properties of quantum mechanics, it was later renamed the Quantum Fund. By that time, the fund's value had increased to $12 million, but only a small amount of it was Soros' own money. He and Jim Rogers revived their investment returns, as well as a substantial portion of their 20% service fees, thereby raising their stake.
The fund had grown to $400 million by 1981, followed by a 22% loss in that year, and substantial redemptions by some of the investors had reduced it to $200 million.
Soros announced in July 2011 that he had stripped funds from outside investors' funds (valued at $1 billion) and instead invested funds from his $24.5 billion family fortune, which he felt would compromise his obligations of confidentiality to his investors. At that time, the fund had average returns of over 20% per year.
The Quantum Fund made $5.5 billion in 2013, making it the most profitable hedge fund in history. The fund has earned $40 billion since its inception in 1973.
The fund revealed in 2015 that it would contribute to the financing of Fen Hotels, an Argentine hotel company, in an article. Thousands of rooms will be built in the United States over the next three years in various Latin American countries.
For months leading up to the Black Wednesday of September 1992, Soros had been in a bleak position in the pound sterling. Soros had understood the United Kingdom's unfavorable position in the European Exchange Rate Mechanism's. For Soros, the rate at which the UK was integrated into the European Exchange Rate Mechanism was too high, their inflation was also too high (triple the German rate), and British interest rates were affecting their asset prices.
Soros' fund had sold short of $10 billion in pounds by September 16, 1992, the day of Black Wednesday, profiting from the UK government's decision to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or float its currency.
In the end, the United Kingdom resigned from the European Exchange Rate Mechanism, devaluing the pound. Soros' profit on the bet was expected to be more than $1 billion. "The man who broke the Bank of England" was dubbed "the man who broke the Bank of England." Black Wednesday's estimated cost to the UK Treasury was £3.4 billion. Stanley Druckenmiller, a Soros-based tyco, saw the pound's decline at the time but wrote, "[Soros'] contribution forced him to take a monumental position."
"Our total position by Black Wednesday had to be worth nearly $10 billion by October 26, 1992," Soros said. We intended to sell more than that. We were surprised because we were told how much money we wanted to sell when Norman Lamont announced just before devalued that he would borrow nearly $30 billion to protect the pound.
On February 5, 1996, Soros is reported to have sold billions of Finnish markkas in anticipation of selling them short. The markka had been floating since the early 1990s, but not as a result of widespread depression. At the time, the Bank of Finland and the Finnish Government said that a "conspiracy" was imposable.
During the Asian financial crisis, Malaysia's prime minister, Mahathir Mohamad, accused Soros of using the money under his influence to punish the Association of Southeast Asian Nations (ASEAN) for welcoming Myanmar as a member. Mahathir made a history of antisemitic remarks, including Soros' Jewish roots ("It is a Jew who triggered the currency plunge") and implied that Soros was orchestrating the crash as part of a larger Jewish conspiracy. Mahathir met with Soros in 2006 and afterward admitted that Soros was not to blame for the disaster. Soros, the protagonist of the crisis in 1998: The Crisis of Global Capitalism: Open Society Endangered Soros, Soros, Soros outlined his role in the crisis as follows:
In 1999, economist Paul Krugman was skeptical of Soros' effect on financial markets.
Soros referred to it as the most significant issue since the 1930s in an interview about the late-2000s recession. Market fundamentalism with the belief that markets will correct themselves without the need for government involvement in financial affairs has been "some sort of an ideological excess," Soros said. The markets' moods, according to Soros's account, are "mood" of the markets being a prevailing mood of hope or skepticism with which the markets investigate closely—"actually can improve themselves so that these initially self-reinforcing but eventually unsustainable and self-defeating boom/bust sequences or bubbles occur."
In reaction to the late-2000s recession, he founded the Institute for New Economic Thinking in October 2009. This is a think tank comprised of international economic, company, and financial experts, who have been asked to investigate innovative new ways to organize the international economic and financial system.
Soros was approached by a French financier named Georges Pébereau, who asked him to join a group of investors to buy a substantial number of shares in Société Générale, a major French bank that was not established under Jacques Chirac in 1988. Soros eventually decided against participating in the group effort, opting instead to pursue his own investment strategy in four French companies, including Société Générale, Suez, Paribas, and Compagnie Générale d'Électricité.
The Commission des Opérations de Bourse (COB, the French stock exchange's enforcement authority), launched an inquiry into whether Soros' transactions in Société Générale should be considered insider trading. Soros had no Société Générale contact and had no inside scoop on the company, but he did know that a group of investors was organising a takeover bid. Soros was found innocent by initial probes, and no charges were brought forward. However, the lawsuit was reopened a few years later, and the French Supreme Court announced the guilty on June 14, 2006, but it reduced the fine to €940,000.
Soros denied any wrongdoing, saying that the announcement of the acquisition was public knowledge and that his intention to purchase shares of the company predates his own knowledge of the acquisition. He appealed to the European Court of Human Rights on various grounds, including the fact that the 14-year delay in bringing the case to trial barred a fair hearing. The court accepted the appeal on the basis of Article 7 of the European Convention on Human Rights, which guarantees that no one will be fined for an act that was not a criminal offence at the time the crime was committed. The court dismissed his appeal in a 4–3 decision in October 2011, finding that Soros had been aware of the dangers of violating insider trading rules.