- George Soros Retiring, Closes Quantum -

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  1. #1
    lifeoftheparty.'s Avatar
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    Post - George Soros Retiring, Closes Quantum -

    Legend George Soros is closing up shop to outside investors, retaining the hedge fund as an investment vehicle for his family's fortune.

    Quote Originally Posted by Bloomberg
    George Soros, the billionaire best known for breaking the Bank of England, is returning money to outside investors in his $25.5 billion firm, ending a career as hedge-fund manager that spanned more than four decades.

    Soros, who turns 81 next month, will hand back the money, less than $1 billion, by the end of the year, according to two people briefed on the matter. His firm will focus on managing assets solely for Soros and his family, according to a letter to investors. Keith Anderson, 51, chief investment officer since February 2008, is leaving, said the letter, signed by Soros’s sons Jonathan and Robert, who are co-deputy chairmen.

    “We wish to express our gratitude to those who chose to invest their capital with Soros Fund Management LLC over the last nearly 40 years,” they said in the letter. “We trust that you have felt well rewarded for your decision over time.”

    The move completes Soros’s transformation from a speculator, who in 1992 made $1 billion betting that the Bank of England would be forced to devalue the pound, to philanthropist statesman, a role he first imagined for himself as a Hungarian émigré studying at the London School of Economics after World War II, according to Soros’s writings. In the last 30 years, he’s given away more than $8 billion to promote democracy, foster free speech, improve education and fight poverty around the world, he said in a recent essay.
    via Bloomberg
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    ADV.1 Matt's Avatar
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    Wow. Sad to see him go... he was one of the few guys that truly got it and didn't spout nonsensical B.S. through almost every market i've seen. Crazy smart guy. I hope we'll still see him putting talking heads in their places from time to time on CNBC.
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    A legend, I highly respect the man for the way he lived his life and I am not a bit surprised that he's basically closing doors and only managing his families fortune.

    I know NN Taleb was a fan as well, i'll go to my book and type up some of the stuff where he mentions Soros in one of his books.
    amor fati

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    "Fooled by Randomness" - N.N.Taleb
    amor fati

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    amor fati

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    He just returned investor capital, which was like 5% of his assets under management due to the new regulations and paperwork
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