robert slater - soros unauthorized biography

[...]... needed to invest a minimum of $1 million Soros owned, according to most reports, onethird of the Quantum Funds Soros had not obtained his money “the old-fashioned way.” The nineteenth-century captains of American industry-entrepreneurs like Rockefeller or Carnegie-had obtained wealth by building things, by 21 The World’s Greatest Investor producing oil and steel George Soros neither owned nor ran his own... fragile-looking, and light-haired, Elizabeth was a traditional housewife, looking after her two sons, presiding over a home that seemed more Hungarian than Jewish-for, like many upper-middleclass Hungarian Jews, Tivadar and Elizabeth were distinctly uncomfortable with their religious roots “I grew up,” Soros told acquaintances later in life, “in a Jewish, anti-Semitic home.” Because he was blue-eyed... worth of sterling Leaving for his Fifth Avenue apartment, Soros seemed a man of extreme self-condence He slept well that night The next morning at 7:00, the phone rang at Soros s home It was Stan Druckenmiller with news Soros heard the trader say that all had gone well While George Soros had slept, he racked up a prot of $958 million When Soros s gains from other positions he took during the ERM... called September 15-the day they were forced to pull the pound out of the ERM-Black Wednesday Soros called it White Wednesday It was this bet, this single act of placing $10 billion on the fact that Britain would have to devalue the pound, that made George Soros world famous It was, and remains, his greatest coup as an investor —– 17 The World’s Greatest Investor Because of that bet, Soros - ”The World’s... Others-frequently Western governments, sometimes private foundations-had tried to make a dent in these societies Never, however, had a private individual from the West sought to make such far-reaching changes Soros believed he was equal to the challenge Just as he had taught himself to do with his investments, he would start slowly, monitor his progress carefully, spend his money prudently His hope-and... back in his high, leather chair behind an oval desk, George Soros gazed out the large windows to the left, taking in the breathtaking view of Central Park and the rush-hour activity some thirty-three oors below He was thrilled to be once again part of The Game Lately, when he entered the Soros Fund Management ofce in midtown Manhattan, Soros had begun to feel more like a visitor than the boss But... less than amused By 1994, the myths surrounding Soros were so pervasive that Washington was beginning to pay attention If indeed a George Soros could move markets, and if fortunes could be made or lost by the actions of one man, was he not a danger? Should George Soros not be reined in? That became one of the main themes surrounding the man who by the mid-1990s had scaled a height in the nancial world... for earning money - a great deal of money It seemed to come easily Perhaps that was why he felt tainted by money He wanted to do more with his life than simply accumulate wealth Not that Soros considered nancial speculation immoral or thought it mere gambling He made no excuses for what he was doing; he simply did not get a kick out of it Soros yearned to make a contribution to others-a contribution... ultrasecretive investment partnership of wealthy people who were willing to take incredible risks with their money in order to get even richer Soros s fund sold short, used complex nancial instruments, and borrowed large quantities of money-strategies not available to mom-and-pop investors When hedge funds began years earlier, a small group of managers adopted a strategy of mixing their stock acquisitions These... $100,000 in 1969 when Soros established the Quantum Fund, and reinvested all dividends, he or she would have been worth $130 million by the spring of 1994 - a compound growth rate of 35 percent Achieving this kind of return on a much smaller fund, say one of $50 or $100 million, would be considered remarkable; to do so with a multibillion-dollar portfolio has amazed Wall Street A share in Soros s Quantum . brother, Jack Slater; my brother-in-law, Judd Winick; my nephews, Michael Winick, Mark Winick, Jeffrey Slater, Mitchell Slater, Craig Jacobs, and Jerry Bedrin; and my cousin, Melvin Slater. They. million. Soros owned, according to most reports, one- third of the Quantum Funds. Soros had not obtained his money “the old-fashioned way.” The nineteenth-century captains of American industry-entrepreneurs. would have been pleas- antly surprised and amused to nd out that I nally got his message. To him, above all, I give my thanks. I dedicate Soros to Joseph G. Slater. Robert Slater Preface 10 September