7 Leadership Quotes by 'The man who broke the Bank of England'
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George Soros is an American business tycoon, investor, philanthropist and author. He is the chairman of Soros Fund Management. He is also known as ‘The man who broke the Bank of England’ due to his short sale of US $10 billion worth of pounds, thus, garnering a profit of $1 billion. This was during the '1992 Black Wednesday UK Currency Crisis'.
The bold move by this world-renowned entrepreneur and Chairman of Soros Fund Management in the early 90s brought the international spotlight on him. He speculated that the British government would be forced to break from the European Exchange Rate Mechanism (ERM) and allow the British pound to devalue as compared to other currencies.
It was a controversial move but the effects and profits were gigantic. Let us look at some of the quotes of this business magnate that will aid in challenging the thought process of every entrepreneur:
—"Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected."
—"The worse a situation becomes, the less it takes to turn it around, and the bigger the upside”
—"I'm only rich because I know when I'm wrong...I basically have survived by recognizing my mistakes."
—"A global economy is characterized not only by the free movement of goods and services but, more important, by the free movement of ideas and of capital."
—"It is much easier to put existing resources to better use, than to develop resources where they do not exist."
—"Every bubble consists of a trend that can be observed in the real world and a misconception relating to that trend. The two elements interact with each other in a reflexive manner."
—"The only thing that could hurt me is if my success encouraged me to return to my childhood fantasies of omnipotence -- but that is not likely to happen as long as I remain engaged in the financial markets, because they constantly remind me of my limitations."