Quote:
Originally posted by Petr@Aug 12 2003, 10:35 AM
Serge is correct.
http://archive.salon.com/people/bc/2001/03/27/soros/
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No wager was bigger than the time in September 1992 when he risked $10 billion -- billion with a B -- that the British pound would fall. His instinct was right: That night, while Soros slept in his apartment on New York's Fifth Avenue, he made $1 billion from the trade. Ultimately his profit reached almost $2 billion -- and earned him international notoriety
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And then it all went to hell. Soros lost $2 billion in Russia's default in 1998. The following year he made a big bet that Internet stocks would fall. The basic idea was right, but he was about a year too early, and he quickly lost $700 million. Then he rushed to buy up a bunch of tech stocks, which sank. His embarrassing losses mounted to almost $3 billion when the NASDAQ ultimately did crash in the spring of 2000. That's when Soros announced that he was withdrawing from an active role at Quantum, which he would transform from a high-risk speculative fund into a conservative institution -- a move like Babe Ruth pledging that he would only try to hit singles from now on.
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thank you, Petr!
small correction to your article quote, though...
"His instinct was right"
is not exactly correct.
it was NOT a hunch,
it was a statement of UK Minister of Fincna (ExChecker (sp?) that in his opinion British Pound is overvalued,
Soros took it to heart and made a killing
;-)))