George Soros Quotes

Analysts generally regard the stock market as the passive reflection of investors' expectations. But in fact, it is an active force in shaping them.

Equilibrium applies best only to markets that deal with known quantities. But financial markets deal with quantities that are not only largely unknown but unkownable.

The reality is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.

Risk is when there are multiple possible future states and the probabilities of those different future states occurring are known.

The achievements of natural science stand as convincing testimony to man’s ability to use reason. Unfortunately, these achievements do not ensure that human behavior is always governed by reason.

Market prices of financial assets do not accurately reflect their fundamental value because they do not even aim to do so. Prices reflect market participants’ expectations of future market prices.

Every bubble has two components: an underlying trend that prevails in reality and a misconception relating to that trend.