Billionaire George Soros is on it again. Every time this name is mentioned, people sit back and watch keenly for the turn of events. The 85-year-old Soros was born in 1930 in Hungary, and started his career in his mid-20, precisely at 26. He has been a reputable manager for various banks for 17 years up to 1973 when he opted to quit. During his working years, F.M. Mayer, Wertheim and Company, Arnhold and S. Bleichroeder were just some of the notable companies where he played his managerial role.
Going on his own and starting up a Soros Fund management company paid off, as it’s documented that he could file up to 30% of returns per annum. At times, the firm could file returns of over 100% in a year, which is attributed to his aggressiveness in running his business. This business was quite a fortune, and in the 1980s, George Soros was already on the list of the world’s wealthiest individuals. He is now a philanthropist with his Open Society Foundation firm. Through this foundation, hundreds upon hundreds of organizations are being funded either directly or indirectly.
Though retired now and living a quiet life, the billionaire has recently hit the headlines again, looking concerned about the unpredictable China’s economy. Recently, Soros Fund Management LLC is said to have sold some of her stock to purchase some gold, and share from gold miners predicting a crisis in various markets. The company manages Soros and family wealth to a tune of $30billion. Clever investors know that gold is worthwhile in the midst of hard economic times. Soros Fund Management LLC could not afford to get this fact wrong.
Since his retirement, he has continually left investment options and decisions to his team and does not have much influence on how the money is invested. He decided to do this; so that he can have an ample time focusing on his philanthropic and political endeavors. It is important to know that he is among the biggest contributors to Hilary Clinton and the Democrats’ party. So it was not until lately when the billionaire has been spotted frequenting his office and spending better part of the day, perhaps getting ready for the Chinese economic tragedy.
Soros believes that the Chinese economy will soon go down, citing that the country doesn’t currently practice transparent political system. He was also captured saying that the only way China can avoid this economic crash landing, is by not supplying loans all over as it currently is, and focus more on healing bad debts and reviving loss-making enterprises. He observes that the county’s economy reminds him of the Us financial crisis during the 2007/8.
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