- Paperback: 391 pages
- Publisher: Wiley; 2007 or Later Printing edition (June 15, 2015)
- Language: English
- ISBN-10: 0471445495
- ISBN-13: 978-0471445494
- Product Dimensions: 6 x 1.2 x 9 inches
- Shipping Weight: 1.1 pounds (View shipping rates and policies)
- Average Customer Review: 108 customer reviews
- Amazon Best Sellers Rank: #17,299 in Books (See Top 100 in Books)
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The Alchemy of Finance 2007 or Later Printing Edition
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From the Back Cover
Critical Praise for The Alchemy of Finance
"The Alchemy of Finance joins Reminiscences of a Stock Operator as a timeless instructional guide of the marketplace."
––Paul Tudor Jones
From the Foreword to the First Edition
"An extraordinary . . . inside look into the decision-making process of the most successful money manager of our time. Fantastic."
––The Wall Street Journal
"A breathtakingly brilliant book. Soros is one of the core of masters . . . who can actually begin to digest the astonishing complexity . . . of the game of finance in recent years."
"A seminal investment book . . . it should be read, underlined, and thought about page by page, concept by idea. . . . He's the best pure investor ever . . . probably the finest analyst of the world in our time."
––Barton M. Biggs, Director, BKF Capital Group, Inc.
Updated to include a new Preface and Introduction by Soros, and a Foreword by Paul A. Volcker
George Soros is unquestionably the most powerful and profitable investor in the world today. Dubbed by BusinessWeek as "The Man Who Moves Markets," Soros once made a billion dollars by betting that the British pound would be devalued. Soros is not merely a man of finance, but a thinker to reckon with as well. In The Alchemy of Finance, this extraordinary man reveals the investment strategies that have made him "a superstar among money managers" (The New York Times).
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I would recommend to anyone who wanted to peer inside the Palindromes mind to go and first read "Soros on Soros" which is a kind of brief overview of the ideas offered in this book but done in an interview style so the writing is much more cogent and readable. But, once you have finished that I would definitely recommend reading "Alchemy..." The ideas and information offered inside are powerful and game changing to those who can understand them- which certainly doesn't take a PHD, just an open mind and bit of thought.
In fact, it was after reading this book that the young Stanley Drunkenmiller sought out George Soros and asked to work with him, and Paul Tudor Jones, made it a requirement to read and understand this book before joining his fund. If that is not enough of a referral then I don't know what is. Read this book, take notes, and internalize the lessons and ideas inside and you will much better off for it.
Soros is holding back almost all of his secrets in this book. Investors in 2013 and beyond aren't going to learn much in the way of practical information but do get some philosophical questions to consider. You can learn from the mistakes of others by reading this. History is doomed to repeat (or at least rhyme) so you can learn from this investment legend's perspective. The title is intriguing but the book is very complicated and doesn't do a great job of explaining things throughout.
Practically all of the examples from the financial markets used by Soros to show how his uncertainty principle(the reference to Heisenberg's uncertainty principle is defective since the probability distributions are known.What Heisenberg meant by uncertainty was risk.Only one of the two hypothesized probability distributions in Heisenberg's example can exist at any one moment of time) is operationalized could just as easily have been mistaken for Keynes's chapter 12 analysis in the GT.The value in Soros's book is that it provides a more modern set of examples that updates Keynes's chapter 12 analysis of how uncertainty impacts decision making.Risk is a very special case that occurs when there is no uncertainty about the future.Uncertainty automatically makes probability estimates indeterminate.They become intervals.
Soros will have to be much more specific in the future about his uncertainty principle(reflexivity) so that a reader will be able to differentiate what Soros has done from what Keynes did(one must also mention Frank Knight's and Joseph Schumpeter's contributions in this area,although they are not nearly as specific and technical as the contributions of Keynes and Ellsberg).
Soros needs to be devote much more time to reading and digesting Keynes's works.The few one liners that refer to Keynes in this book illustrate that Soros has not done all of his homework yet.A clear cut comparison -contrast between Keynes and Soros would allow a reader to decide what is original in Soros's approach and what is merely a variation on Keynes's theme of uncertainty impacting many of the most important financial and investment decisions that will determine the future.
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It was tough to get through the first 30 mins.Read more