Wednesday, April 2, 2014

A GLIMPSE IN THE LIFE OF JIM ROGERS AND GEORGE SOROS

JIM ROGERS
Rogers was born in Baltimore,Maryland. He started in business at the age of five by selling peanuts and by picking up empty bottles that fans left behind at baseball games. He graduated with a bachelors degree in History from Yale university in 1964. Rogers then acquired a second BA degree in Philosophy, Politics and Economics from Oxford university in 1966.
In 1973, Soros and Rogers both founded the QUANTUM FUND. During the following 10 years, the portfolio gained 4200% while the S&P advanced about 47%.The Quantum Fund was one of the first truly international funds.
In 1980, Rogers decided to "retire", and spent some of his time traveling on a motorcycle around the world. he traveled through China, as well as around the world, on motorcycle, over 100,000 miles (160,000 km) across six continents, which was picked up in the Guinness Book of world records.Between January 1, 1999, and January 5, 2002, Rogers did another Guinness World Record journey through 116 countries, covering 245,000 kilometers with his wife, Paige Parker, in a custom-made Mercedes.
In May 2012 he remarked during an interview with Forbes magazine that "there's going to be a huge shift in American society, American culture, in the places where one is going to get rich. The stock brokers are going to be driving taxis. The smart ones will learn to drive tractors so they can work for the smart farmers. The farmers are going to be driving Lamborghinis. I’m telling you. You should start Forbes Farming."
QUOTES:-
1 “Those who can not adjust to change will be swept aside by it. Those who recognize change and react accordingly will benefit.”
2 “If anybody laughs at your idea, view it as a sign of potential success!”
GEORGE SOROS
Soros was born in Budapest,Hungary to a nonobservant Jewish family. His father Tivader was a lawyer and had been a prisoner of war during and after World War I until he escaped from Russia and rejoined his family in Budapest.
Soros later said that he grew up in a Jewish home and that his parents were cautious with their religious roots.Soros took a job with the Jewish council, which had been established during the Nazi occupation of Hungary.
In 1945, Soros survived the Battle of Budapest in which Soviet and German forces fought house-to-house through the city.Soros emigrated to England in 1947 and became an impoverished student at the London school of Economics. While a student Soros worked as a railway porter and as a waiter.
In 1956, Soros moved to New York where he worked as an arbitrage trader for F. M. Mayer (1956–59) and as an analyst for Wertheim & Co. (1959–63). He then established the QUANTUM FUND in partnership with Jim Rogers.
On September 16, 1992,Black wednesday Soros' fund sold short more than $10 billion in pounds.Soros's profit on the bet was estimated at over $1 billion.He was dubbed "the man who broke the Bank of England".
QUOTES:-
1. “If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.” – Personal emotions have no place in investing. If you want to be successful in the long-run, base your investment decisions on rationality and discipline.
2. “I’m only rich because I know when I’m wrong…I basically have survived by recognizing my mistakes.” – You must recognize and admit your mistakes when you make them, cut your losses short, and move on to the next logical step.
3. “Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test. The main difference is that the hypothesis that underlies an investment decision is intended to make money and not to establish a universally valid generalization.” – The simple goal of investing is to make money, not to be right all the time. As a trader, I abide by this mantra and it makes it easy for me to accept losses easily and to stick to my investing plan.

3 comments:

Sumit Singh said...

Brilliant article.

Vishal T Thakkar said...

Thank You Very Much Sir.... Since last so many days i daily wish new post(comment) from your End as it works as a tonic for learning trader like me. they give me confirmation that our path is difficult But not IMPOSSIBLE.....

The First quote by Soros That “If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.” Because in my 5 years of Equity Broking Experience i have seen people trading for their entertainment and after incurring loss they partly blame to market and partly to their Luck.

Sir, its my Humble Request to you is please try to post daily your learning thoughts because your thoughts add some fuel to my passion of being a successful Trader.

Thanking You,

Vishal Thakkar
09662504195

Ssameer Suniel Limaye said...

Thank you for sharing this Sudarshanbhai.