George Soros: Concerned About A 2008 RepeatMarch 8, 2016 - Author: steph - No Comments
George Soros warned investors to be cautious over the coming months because the global markets are facing a crisis. Bloomberg picked these works of caution up in a recent article. Soros mentioned that the main problem right now is that China is having a hard time finding a new growth model and this is hurting the markets in the rest of the world. He then went on to say that the current situation that is occurring in the world is reminiscent of 2008. One of the main similarities is the struggle that the developing world is facing right now in creating positive interest rates.
The article then went on to say how much the world economy was depending on China. There was a major dip in Chinese equities in early January and it stopped trade fro the rest of the day. In addition, over the course of 2015, nearly 2.5 trillion dollars was taken from the global equity value. This hit to the economy is carrying over into the new year as global currency, commodity and stock markets are being hit hard during the first few weeks of the year. This is only adding to the concern over the Chinese yuan and the strength of the Chinese economy as China starts to shift to services and consumptions from manufacturing and investment.
Many investors around the world listen to George Soros very closely. Soros has had decades of success in the financial world and due to many risky bets, he has managed to create a net worth for himself of over 27 billion dollars. But Soros did not start out with lots of money. He was born to a jewish family in the 1930s. He grew up under Nazi occupation in Budapest, Hungary. When World War II was over, the communists took over and Soros’ family lived under communist rule. In 1947, Soros fled Hungary and went to London. He took of the work of a railroad porter and waiter and worked his way through the very highly esteemed London School of Economics. After graduating, Soros worked for a year in London. He then decided to emigrate to the United States and pursue his career there. For 2 decades, Soros worked for a handful of investment firms around New York City. This is how he gained his years of experience. It was on in the 1970s that Soros decided it was time to start his own firm.
After George Soros started his firm, Soros Fun Management, he saw success after success. He is one of the few investors who could bring in a return of over 30 percent on an annual basis.
Categories: Economy Crisis