George Soros:A Rags To Riches Story

Hungarian-American investor and philanthropist George Soros is one of the world’s richest men. Since escaping Nazi-occupied Hungary in 1947, he has amassed a fortune estimated at over $25.2 billion. Acknowledged as being among the most successful investors in history, many call him “The Man Who Broke the Bank of England.” He got that title in 1992 during the United Kingdom’s currency crisis when he made $1 billion in profit on Black Wednesday by his short sale of the British pound. A much beloved philanthropist, George Soros has given over $11 billion to a wide range of philanthropic causes since 1979.

Soros was born in Budapest, Hungary in 1930. He escaped to the United Kingdom when Nazi Germany took over Hungary. After earning bachelor’s and master’s degrees in philosophy from the London School of Economics, he worked for a series of merchant banks. In 1956 he immigrated to New York City and found work with F.M. Mayer as an arbitrage trader specializing in European stocks. Three years later he was hired as a European stock analyst by Wertheim & Co. and remained with the company until 1963. It was during this time Soros drew on the ideas of Karl Popper and created his Theory of Reflexivity that would become the basis of his success in investing.

While working as a vice president at Arnhold and S. Bleichroeder between 1963 and 1973, Soros experimented with newly developed trading strategies based on reflexivity. In 1969, George Soros used $250,000 of his money and $4 million in investor capital and created his first fund, Double Eagle hedge fund, later renamed the Quantum Fund. In 1970, with the profit George Soros made, he founded his second hedge fund, Soros Fund Management. By 2013 the Quantum Fund had made $40 billion. The fund made $5.5 billion in 2013 alone. That made it the most successful hedge fund ever.

Read more: http://www.politico.com/story/2016/07/george-soros-democratic-convention-226267

George Soros had become involved in international philanthropy. One of his first actions was in support of the fight against apartheid. Soros is also credited helping to facilitate Eastern Europe’s peaceful change to capitalism and eschewing of communism in the 1980s and 90s. In 1993 George Soros founded is philanthropic organization the Open Society Foundations. Its goal is to promote justice, public health, education and independent media. The organization has its headquarters in New York and branches in 37 countries. Learn more on Discover the Networks about George Soros.

Through the OSF George Soros supports American progressive and liberal political causes. He also provided Central European University with among the largest higher education endowments in European history. The school is located in his hometown. George Soros has given over $11 billion to philanthropic causes worldwide. Soros continues to support a wide range of charitable causes to this day. George Soros established the Open Society Foundations.

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