Home » George Soros: Life on the Line (Part1)

George Soros: Life on the Line (Part1)

investment-guru - George Soros: Life on the Line (Part1)

The «Time» has named the financier George Soros “modern Robin Hood,” who robs the rich to give to the poor — in Eastern Europe and Russia. The magazine claims that Soros makes huge financial profits by speculating against western central banks and uses those profits to help the post-communist economies of Eastern Europe and the former Soviet Union to build there what he calls the “Open Society”.

George Soros was born on August 12, 1930 in Budapest in a family of successful lawyer Tivadar Schwartz and Erzebet Szucz. parents never denied their sons George and Paul in pocket money: they provided any sum, no matter how much was asked, hoping to teach them to have a responsible attitude to money. The Schwartzes were forced to change the surname to Soros (Hungarian “follower”) in 1936 in response to increased fascist sentiment in Europe.

And in 1944, during the German occupation, the family members agreed to live separately from each other, to attract less attention and get lost among the Hungarians. Thus, the family managed to escape repression, during which it 440,000 Hungarian Jews were killed.

investment-guru - George Soros: Life on the Line (Part1)

Mass arrests of Jews in Budapest, October 1944; George Soros in Hungary, 1946.

When George was 17, he decided to leave Budapest. He dreamed of a more exciting life with great prospects than in postwar Hungary. Asked by his father where he wanted to go, George said: “To Moscow, to see what socialism looks like, or to London where BBC is». During the war, the whole family often listened to BBC broadcasts. Tivadar dissuaded his son from a trip to Moscow, and George went to the capital of Britain.

“At first I had a very hard time in Britain — says Soros. — I was often starving, once I even envied the cat on the street because it was eating a herring. “

In 1953, Soros graduated from the London School of Economics and got a position in the company “Singer and Friedlander.” He was working and simultaneously training in the arbitration department, which was located next to the stock exchange. His boss was trading shares of gold mining companies.

In 1956, Soros arrived in the US invited by his father’s friend in London, who had a small brokerage firm on Wall Street. In America, George Soros began to invest his friends and acquaintances’ money, as well as remnants of his own modest salary, and after some time he started earning. One day he set a task to make half a million dollars in investments. He felt that this should be enough for him to stop working and devote all his time to philosophy, which he regarded as his sole and true vocation. But as Soros’s revenues grew, surpassing his own expectations, he set himself a new higher goal, enjoying a risky gamble and his talent of the investor.

Continue to the Part 2

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