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The Alchemy of Finance: Reading the Mind of the Market / Edition 2

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Overview

Critical Praise . . .

"The Alchemy joins Reminiscences of a Stock Operator as a timeless instructional guide of the marketplace." - Paul Tudor Jones from the Foreword

"An extraordinary . . . inside look into the decision-making process of the most successful money manager of our time. Fantastic."- The Wall Street Journal

"A breathtakingly brilliant book. Soros is one of the core of masters . . . who can actually begin to digest the astonishing complexity . . . of the game of finance in recent years."- Esquire

"A seminal investment book . . . it should be read, underlined, and thought about page-by-page, concept-by-idea. . . . He's the best pure investor ever . . . probably the finest analyst of the world in our time." - Barton M. Biggs, Morgan Stanley

George Soros is unquestionably the most powerful and profitable investor in the world today. Dubbed by BusinessWeek as "The Man Who Moves Markets," Soros has made a billion dollars going up against the British pound. Soros is not merely a man of finance, but a thinker to reckon with as well. Now, in The Alchemy of Finance, this extraordinary man reveals the investment strategies that have made him "a superstar among money managers" (The New York Times).

A brilliant theoretical and practical guide illuminates what investing is and how financial markets work.

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Editorial Reviews

Paul Tudor Jones
The Alchemy joins Reminiscences of a Stock Operator as a timeless instructional guide of the marketplace.
Wall Street Journal
An extraordinary . . . inside look into the decision-making process of the most successful money manager of our time. Fantastic.
Esquire
A breathtakingly brilliant book. Soros is one of the core of masters . . . who can actually begin to digest the astonishing complexity . . . of the game of finance in recent years.
Barton M. Biggs
A seminal investment book . . . it should be read, underlined, and thought about page-by-page, concept-by-idea. . . . He's the best pure investor ever . . . probably the finest analyst of the world in our time.
Publishers Weekly - Publisher's Weekly
Soros, who manages the Quantum mutual fund based in Venezuela, here traces the fund's performance in a controlled experiment using leverage in many markets (stocks, bonds, indexes, currency, etc.), to test the Reaganomics ``imperial circle'' and to demonstrate his own economic theory of ``reflexivity.'' It is investors' perception of market values, claims the author, which perpetuates up-or-down price trends, foreign exchange movements, periodic government regulation, and so on. The most studious investment calculations, he concedes, are in the end more alchemy than science. As to such problems as the massive U.S. domestic and trade deficits and the Damoclean Third World debt, Soros offers innovative suggestions, including an international oil-based currency and a system of variable interest-rate bonds keyed to the volume of a borrower country's export trade. (June 30)
Library Journal
Soros, manager of the billion dollar Quantum Fund, certainly has credentials that merit attention to his personal approach to money management. As might be expected, he describes his so-called ``theory of reflexivity'' in a manner more appealing to serious market players than to the casual investor. Of more general interest is his account of a one-year real time series of investment decisions that resulted in his Quantum Fund more than doubling in value. Libraries serving a serious investment community should add this. Joseph Barth, U.S. Military Academy Lib.
Library Journal
Soros, a very wealthy investor, has a philosophical mind. This work presents his philosophy of market economics. He explains his view of the effect of market psychology on the cycles and trends of the stock market, disputing the conventional economic assumption that markets move rationally toward balance. Human perceptions intervene and do not permit that, he states. This assertion is not new; other thinkers have been over much of this ground before. The philosophy offered is sometimes abstract and complex. The concepts will not be of much help to the average person looking for specific investment tips, though the audio is well narrated by Grover Gardner. Recommended only for the most inclusive business collections.--Mark Guyer, Stark Cty. Dist. Lib., Canton, OH Copyright 2000 Cahners Business Information.
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Product Details

  • ISBN-13: 9780471043133
  • Publisher: Wiley
  • Publication date: 5/17/1994
  • Edition number: 2
  • Pages: 367
  • Product dimensions: 6.00 (w) x 9.00 (h) x 1.00 (d)

Meet the Author

GEORGE SOROS runs Soros Fund Management with its flagship vehicle, Quantum Fund, a Cura?ao-based investment firm headquartered in Manhattan. Quantum gained 68.6% in 1992 and 61.5% in 1993, and has $6 billion in net assets. Quantum Fund also spawned several other very successful funds. In addition to being a master financier, George Soros sponsors major philanthropic efforts under the umbrella of The Soros Foundations, which operate in 22 countries and spend hundreds of millions of dollars annually.
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Table of Contents

THEORY.

The Theory of Reflexivity.

Reflexivity in the Stock Market.

Reflexivity in the Currency Market.

The Credit and Regulatory Cycle.

HISTORICAL PERSPECTIVE.

The International Debt Problem.

The Collective System of Lending.

Reagan's Imperial Circle.

Evolution of the Banking System.

The ''Oligopolarization'' of America.

THE REAL-TIME EXPERIMENT.

The Starting Point: August 1985.

Phase 1: August 1985—December 1985.

Control Period: January 1986—July 1986.

Phase 2: July 1986—November 1986.

The Conclusion: November 1986.

EVALUATION.

The Scope for Financial Alchemy: An Evaluation of the Experiment.

The Quandary of the Social Sciences.

PRESCRIPTION.

Free Markets Versus Regulation.

Toward an International Central Bank.

The Paradox of Systemic Reform.

The Crash of '87.

Epilogue.

Notes.

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Sort by: Showing 1 Customer Reviews
  • Posted October 30, 2008

    more from this reviewer

    Classic Soros market reflections

    This is a remarkable book by a remarkable man. Billionaire George Soros is one of the most notorious, successful speculators of the 20th century and one of the most freehanded philanthropists. Here he outlines a theory that leads to the conclusion that markets are not morally good, that the financial system is rigged to protect the interests of the rich and powerful, and that economics is a spurious science. Much can be said in criticism of this book. It is replete with logical fallacies, muddies the arguments of those with whom the author disagrees, sets up straw men, and does not take adequate account of work done by philosophers and psychologists in some of the areas the author explores. But, getAbstract finds that there is also a great deal of good that can be said. Soros is an original thinker, at his best when he is talking about his own direct experience. He is straightforward about how his ideas have changed, and about his trading and forecasting errors. And why shouldn¿t he be, when, as he says, his errors are the keys to his success?

    1 out of 1 people found this review helpful.

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