On this day 95 years ago, on August 12, 1930 (June 18, 1930), George Soros, a "financial tycoon", was born. George Soros, born on August 12, 1930, in Budapest, Hungary, was Jewish. His real name is GyoumlSchwartz, a Hungarian-born American-Jewish businessperson, a well-known philanthropist, currency speculator, stock investor, and political activist. He is currently Chairperson of Soros Fund Management and the Open Society Institute, and a former member of the Board of Directors of the Foreign Affairs Committee. He is known worldwide for his role in the Rose Revolution in Georgia and in the United States for raising large sums of money to try to prevent the re-election of George W. Bush as President. Soros's salary is at least higher than the GDP of the 42 member states of the United Nations, and his wealth is comparable to that of 42 countries. The speculative funds he led throughout his life have made waves on the financial marekt, overturning the river and wiping away the wealth of many countries. On January 22, 2015, George Soros announced his ultimate retirement. After that, he will no longer manage investments and will fully promote philanthropy. Soros is the founder of the Soros Foundation. In 1970, he and Jim Rogers founded the Quantum Fund. Over the next ten years, the Quantum Fund returned about 142.6% annually, recovering a total of 33.65 times the benefits and creating most of Soros' wealth. Soros's salary is at least higher than the GDP of the 42 member states of the United Nations, and his wealth is comparable to that of 42 countries. The speculative funds he led throughout his life made waves on the financial marekt, overturning the river and wiping away the wealth of many countries. Let's review the four classic battles of "spoiler" Soros. Sterling crisis, net profit of 1 billion In 1992, the development of the German economy was in full swing, and the exchange rate of the official currency of Germany, the mark, against the US dollar also continued to rise. Germany is proud of the spring, but the British economy has been in a sluggish situation. It needs to implement a low interest rate policy to stimulate economic growth. However, the German government, due to the huge fiscal deficit, worried about causing inflation, and raised the discount rate to 8.75% in July 1992. However, the British government was constrained by the European exchange rate system and had to struggle to maintain the exchange rate of the pound against the mark. The trigger for a crisis of sterling was also ignited: the high German interest rate caused the foreign exchange market to sell the pound and rush to buy the mark. For the past 200 years, the pound has been the world's main currency. However, by September 1992, speculators began to attack the weak currencies in the European exchange rate system, and the pound was the first to bear the brunt. On September 15, 1992, Soros appeared. He began to sell the pound sharply, and the price of the pound against the mark fell all the way, and the British government was also in disarray. By the early morning of the 16th, the British government had no choice but to announce a 2 percentage point increase in bank interest rates, and a few hours later announced a 3 percentage point increase, raising the base rate at that time from 10% to 15%. At the same time, he bought a lot of pounds, hoping to attract foreign short-term capital inflows to increase demand for the pound and stabilize the exchange rate of the pound. However, at the same time as the Bank of England was laying out, Soros had already started his air attack on the pound. A lot of pounds were thrown out, and a lot of Deutsche Marks were bought. Although the Bank of England bought about 3 billion pounds to turn the tide, it failed to stop the fall of the pound like an avalanche. At the close of the market on the 16th, the price of the pound against the mark fell sharply by about 5% in one day, and the price of the pound against the dollar also fell to a low level of 1 pound is equal to 1.738 US dollars. In the following month, it fell again by about 20%. The British government had to declare that the currency defense war was over, and at the same time announced that the pound would withdraw from the European exchange rate system and start floating freely. Soros and his Quantum Fund made more than a billion dollars in profits during the sterling crisis. The Thai baht fell, and tens of billions were recorded. Five years after the sterling crisis broke out, Soros targeted South East Asia. In South East Asia in 1997, most countries were immersed in a feast of assets, oblivious to the loopholes of their own economic systems. Soros once again seized the opportunity. Due to the characteristics of good liquidity in South East Asia, low risk, and huge asset bubbles, the currency quickly became a favorite target for Soros to break through. In March 1997, the Bank of Thailand announced that several finance companies and housing loan companies in the country had problems such as poor asset quality and insufficient liquidity. Soros took this as a signal to take action and ordered the sale of shares in Thai banks and finance companies, causing Bank of Thailand depositors to run on all Thai finance and securities companies. Just as everyone was overwhelmed and panicked by the sudden collapse, the bears represented by Soros began to sell the baht in large quantities. In May, the Thai government used $30 billion in foreign exchange reserves and $15 billion in international loans to try to save the crisis, but this amount was nothing compared to the huge amount of hot money. In June 1997, Soros went to war again, ordered his fund to sell US Treasury bonds to raise funds, expanded the "air war" fund, and launched a fierce attack on the Thai baht again later that month. However, after breaking the baht city, Soros was not satisfied with this. He concluded that if the baht fell sharply, other currencies would collapse with it, so he ordered to continue to expand the victory, and the whole army swept across South East Asia. The hurricane swept across Indonesia, the Philippines, Myanmar, Malaysia and other countries in an instant. However, similar to Thailand, the rescue of these regional central banks has once again fallen into a situation of "running out of ammunition". Since then, the situation has become somewhat uncontrollable: Thailand announced that it would abandon the fixed exchange rate mechanism and implement a floating exchange rate mechanism. On the same day, the exchange rate of the Thai baht against the US dollar plummeted by more than 17%, and the foreign exchange and other financial marekts were thrown into chaos. Under the influence of the fluctuation of the Thai baht, the Philippine peso, the Indonesian rupiah, and the Malaysian ringgit have become the targets of international speculators. On February 11, 1998, the Indonesian government announced that it would implement a fixed exchange rate system between the Indonesian rupiah and the US dollar to stabilize the Indonesian rupiah. This move was unanimously opposed by the international monetary fund and the United States and Western Europe. The international monetary fund threatened to withdraw its Indonesia fell into a major political and economic crisis. Affected by it, the foreign exchange market in South East Asia made waves again, and the Singapore dollar, Ringgit, Thai baht, and Philippine peso fell one after another. Flash hit Hong Kong and suffered a fiasco. In mid-July 1997, the Hong Kong dollar suffered a lot of speculative selling, and the exchange rate of the Hong Kong dollar was affected. It fell all the way, and it fell to near the psychological threshold of 7.7500 Hong Kong dollars per US dollar. The Hong Kong financial marekt was in chaos, and the major banks were crowded with people running on the bank. For the first time in many years, the Hong Kong dollar was in a hurry. The Hong Kong financial authority immediately entered the market, forcibly intervened in the market, and bought a lot of Hong Kong dollars to keep the exchange rate of the Hong Kong dollar against the US dollar above the heart-out threshold of 7.7500 Hong Kong dollars. In the first week, it did But soon, the exchange rate of the Hong Kong Hall against the US dollar fell below the threshold of 7.7500 Hong Kong dollars. The HKMA used foreign exchange reserves and intervened in the market comprehensively, which pulled the exchange rate of the Hong Kong dollar back above 7.7500 yuan, showing strong financial strength. Soros's first tentative attack failed in the HKMA's strong defense. At this time, Soros had just finished a beautiful "sweep battle" and swept the entire South East Asia financial marekt. This time, it even affected the financial marekt of the whole world. But Soros was by no means the kind of person who would give up easily. He began to make a large number of forward purchases of the Hong Kong dollar, ready to pay more attention to the glory of the battle between England and South East Asia. On July 21, 1997, Soros began to launch a new round of attack. On that day, the three-month forward premium of the US dollar against the Hong Kong dollar was 250 points, and the three-month interbank lending rate of the Hong Kong dollar rose from 5.575% to 7.06%. The HKMA immediately orchestrated a counterattack the next day. The Hong Kong government raised the interest rate of the Hong Kong dollar by issuing large amounts of government bonds, which in turn drove the exchange rate of the Hong Kong dollar against the US dollar to rise sharply. At the same time, the HKMA issued a verbal warning to two banks suspected of speculating in the Hong Kong dollar, which made some Hong Kong dollar speculators tremble and finally chose to withdraw from the Hong Kong dollar speculative team, which will undoubtedly weaken Soros's speculative power. When the Hong Kong dollar began to sell off again, the HKMA raised short-term interest rates sharply, causing the overnight lending rate between banks to skyrocket. After a series of counterattacks, Soros failed to gain any advantage in his Hong Kong campaign, which is said to have caused Soros heavy losses. This move is also one of Soros's few "defeats". The Chinese government has also repeatedly stressed that it will fully support the Hong Kong government in safeguarding the stability of the Hong Kong dollar. If necessary, the Bank of China will cooperate with the HKMA to jointly crack down on Soros's speculative activities. This is undoubtedly a heart-boosting agent for Hong Kong, but it is definitely bad news for Soros. The bad news "Soros heard" is far more than that. On July 25, 1997, the meeting of central banks of 11 Asia-Pacific countries and regions, including China, Australia, the Hong Kong Special Administrative Region, Japan, and ASEAN countries, held in Shanghai, issued a statement: The economy of the Asia-Pacific region is developing well, and we need to strengthen cooperation with each other to jointly combat the power of currency speculation. This makes Soros feel that the hope of speculating in Hong Kong dollars to make a lot of money has been dashed, and he has to go home angrily. Shorting the yen and making 1 billion US dollars is different from shorting the pound and the Thai baht before. The method of shorting the yen seems to be more cunning and sophisticated. The global economic downturn in recent years has made Soros target Japan, a volatile fat meat. An industry investor believes that the root cause of the yen being shorted by hedge funds lies in the internal causes of its economic system. In the past decade, the Japanese government has promoted government bonds vigorously, and Japan's reliance on borrowing for fiscal revenue has caused Japanese government bonds to snowball, almost reaching a situation where they cannot be paid off. According to data, compared with the debt/GDP ratio of countries in the epicenter of the European debt crisis of nearly 150%, Japan's figure is as high as 200%, but it can still be maintained by borrowing new money to pay off old debts. As a result, "shorting the yen" became the hottest speculative trade on Wall Street at the time. It is understood that from November 2012 to February 2013, the exchange rate of the yen against the dollar has fallen by nearly 20%. In February 2013, it hit a new 33-month low, the worst performance for the same period since 1985. Soros certainly wouldn't miss such a gold-mining opportunity, but that short sale was led by Scott Bessant, a prote ́ ge ́ e who has been with him for more than 20 years. In the summer of 2012, Bessant officially took over the Soros fund. When Japan, which was hit by a magnitude 9 earthquake, began to import large amounts of crude oil, he predicted that the yen would depreciate and actively looked for opportunities to short. It was not until October 2012 that Bessant went to Japan for research. After learning that Shinzo Abe, who was "eager" for further quantitative easing of the yen, had the best chance of being elected prime minister, and he found that a large amount of Japanese money had been withdrawn from high-interest assets in the Australian dollar, he felt that the time had come. In order to raise a huge amount of funds to build a position, Soros sold stocks in large quantities. Mr. Soros sold stakes in General Motors and General Electric, according to Securities Exchange Commission filings, and his fund sold 1.10 million shares of LinkedIn, 260,000 of Amazon and 2.50 million of Groupon in the last quarter. A big bet against the yen is bound to draw the "attention" of Japan's financial regulators, with Mr. Bessant's main strategy being to amplify leveraged funding through yen carry trades, buying heavily into derivatives portfolios betting on a weaker yen and rising Japanese stocks. A person close to Mr. Soros's fund said Mr. Bessant's main short yen positions were concentrated in yen puts with strike prices in the 90-95 range, and using leveraged financing to buy up Japanese stocks as a "cover". This is also Soros's usual tactic - short the foreign exchange market and long stocks and indices. So, in addition to increasing his short position in the yen, Soros also bought up Japanese stocks, which account for 10% of the company's internal portfolio. Because Soros believes that the only solution to Japan's economic woes is currency devaluation, which will lead to another phenomenon, a short-term stock index boom, it is destined to be a sure-fire business. Indeed, the Nikkei 225 index has risen by 33% from its low of 8619 in November 2012, which has made Soros a big profit.On this day 95 years ago, on August 12, 1930 (June 18, 1930), George Soros, a "financial tycoon", was born. George Soros, born on August 12, 1930, in Budapest, Hungary, was Jewish. His real name is GyoumlSchwartz, a Hungarian-born American-Jewish businessperson, a well-known philanthropist, currency speculator, stock investor, and political activist. He is currently Chairperson of Soros Fund Management and the Open Society Institute, and a former member of the Board of Directors of the Foreign Affairs Committee. He is known worldwide for his role in the Rose Revolution in Georgia and in the United States for raising large sums of money to try to prevent the re-election of George W. Bush as President. Soros's salary is at least higher than the GDP of the 42 member states of the United Nations, and his wealth is comparable to that of 42 countries. The speculative funds he led throughout his life have made waves on the financial marekt, overturning the river and wiping away the wealth of many countries. On January 22, 2015, George Soros announced his ultimate retirement. After that, he will no longer manage investments and will fully promote philanthropy. Soros is the founder of the Soros Foundation. In 1970, he and Jim Rogers founded the Quantum Fund. Over the next ten years, the Quantum Fund returned about 142.6% annually, recovering a total of 33.65 times the benefits and creating most of Soros' wealth. Soros's salary is at least higher than the GDP of the 42 member states of the United Nations, and his wealth is comparable to that of 42 countries. The speculative funds he led throughout his life made waves on the financial marekt, overturning the river and wiping away the wealth of many countries. Let's review the four classic battles of "spoiler" Soros. Sterling crisis, net profit of 1 billion In 1992, the development of the German economy was in full swing, and the exchange rate of the official currency of Germany, the mark, against the US dollar also continued to rise. Germany is proud of the spring, but the British economy has been in a sluggish situation. It needs to implement a low interest rate policy to stimulate economic growth. However, the German government, due to the huge fiscal deficit, worried about causing inflation, and raised the discount rate to 8.75% in July 1992. However, the British government was constrained by the European exchange rate system and had to struggle to maintain the exchange rate of the pound against the mark. The trigger for a crisis of sterling was also ignited: the high German interest rate caused the foreign exchange market to sell the pound and rush to buy the mark. For the past 200 years, the pound has been the world's main currency. However, by September 1992, speculators began to attack the weak currencies in the European exchange rate system, and the pound was the first to bear the brunt. On September 15, 1992, Soros appeared. He began to sell the pound sharply, and the price of the pound against the mark fell all the way, and the British government was also in disarray. By the early morning of the 16th, the British government had no choice but to announce a 2 percentage point increase in bank interest rates, and a few hours later announced a 3 percentage point increase, raising the base rate at that time from 10% to 15%. At the same time, he bought a lot of pounds, hoping to attract foreign short-term capital inflows to increase demand for the pound and stabilize the exchange rate of the pound. However, at the same time as the Bank of England was laying out, Soros had already started his air attack on the pound. A lot of pounds were thrown out, and a lot of Deutsche Marks were bought. Although the Bank of England bought about 3 billion pounds to turn the tide, it failed to stop the fall of the pound like an avalanche. At the close of the market on the 16th, the price of the pound against the mark fell sharply by about 5% in one day, and the price of the pound against the dollar also fell to a low level of 1 pound is equal to 1.738 US dollars. In the following month, it fell again by about 20%. The British government had to declare that the currency defense war was over, and at the same time announced that the pound would withdraw from the European exchange rate system and start floating freely. Soros and his Quantum Fund made more than a billion dollars in profits during the sterling crisis. The Thai baht fell, and tens of billions were recorded. Five years after the sterling crisis broke out, Soros targeted South East Asia. In South East Asia in 1997, most countries were immersed in a feast of assets, oblivious to the loopholes of their own economic systems. Soros once again seized the opportunity. Due to the characteristics of good liquidity in South East Asia, low risk, and huge asset bubbles, the currency quickly became a favorite target for Soros to break through. In March 1997, the Bank of Thailand announced that several finance companies and housing loan companies in the country had problems such as poor asset quality and insufficient liquidity. Soros took this as a signal to take action and ordered the sale of shares in Thai banks and finance companies, causing Bank of Thailand depositors to run on all Thai finance and securities companies. Just as everyone was overwhelmed and panicked by the sudden collapse, the bears represented by Soros began to sell the baht in large quantities. In May, the Thai government used $30 billion in foreign exchange reserves and $15 billion in international loans to try to save the crisis, but this amount was nothing compared to the huge amount of hot money. In June 1997, Soros went to war again, ordered his fund to sell US Treasury bonds to raise funds, expanded the "air war" fund, and launched a fierce attack on the Thai baht again later that month. However, after breaking the baht city, Soros was not satisfied with this. He concluded that if the baht fell sharply, other currencies would collapse with it, so he ordered to continue to expand the victory, and the whole army swept across South East Asia. The hurricane swept across Indonesia, the Philippines, Myanmar, Malaysia and other countries in an instant. However, similar to Thailand, the rescue of these regional central banks has once again fallen into a situation of "running out of ammunition". Since then, the situation has become somewhat uncontrollable: Thailand announced that it would abandon the fixed exchange rate mechanism and implement a floating exchange rate mechanism. On the same day, the exchange rate of the Thai baht against the US dollar plummeted by more than 17%, and the foreign exchange and other financial marekts were thrown into chaos. Under the influence of the fluctuation of the Thai baht, the Philippine peso, the Indonesian rupiah, and the Malaysian ringgit have become the targets of international speculators. On February 11, 1998, the Indonesian government announced that it would implement a fixed exchange rate system between the Indonesian rupiah and the US dollar to stabilize the Indonesian rupiah. This move was unanimously opposed by the international monetary fund and the United States and Western Europe. The international monetary fund threatened to withdraw its Indonesia fell into a major political and economic crisis. Affected by it, the foreign exchange market in South East Asia made waves again, and the Singapore dollar, Ringgit, Thai baht, and Philippine peso fell one after another. Flash hit Hong Kong and suffered a fiasco. In mid-July 1997, the Hong Kong dollar suffered a lot of speculative selling, and the exchange rate of the Hong Kong dollar was affected. It fell all the way, and it fell to near the psychological threshold of 7.7500 Hong Kong dollars per US dollar. The Hong Kong financial marekt was in chaos, and the major banks were crowded with people running on the bank. For the first time in many years, the Hong Kong dollar was in a hurry. The Hong Kong financial authority immediately entered the market, forcibly intervened in the market, and bought a lot of Hong Kong dollars to keep the exchange rate of the Hong Kong dollar against the US dollar above the heart-out threshold of 7.7500 Hong Kong dollars. In the first week, it did But soon, the exchange rate of the Hong Kong Hall against the US dollar fell below the threshold of 7.7500 Hong Kong dollars. The HKMA used foreign exchange reserves and intervened in the market comprehensively, which pulled the exchange rate of the Hong Kong dollar back above 7.7500 yuan, showing strong financial strength. Soros's first tentative attack failed in the HKMA's strong defense. At this time, Soros had just finished a beautiful "sweep battle" and swept the entire South East Asia financial marekt. This time, it even affected the financial marekt of the whole world. But Soros was by no means the kind of person who would give up easily. He began to make a large number of forward purchases of the Hong Kong dollar, ready to pay more attention to the glory of the battle between England and South East Asia. On July 21, 1997, Soros began to launch a new round of attack. On that day, the three-month forward premium of the US dollar against the Hong Kong dollar was 250 points, and the three-month interbank lending rate of the Hong Kong dollar rose from 5.575% to 7.06%. The HKMA immediately orchestrated a counterattack the next day. The Hong Kong government raised the interest rate of the Hong Kong dollar by issuing large amounts of government bonds, which in turn drove the exchange rate of the Hong Kong dollar against the US dollar to rise sharply. At the same time, the HKMA issued a verbal warning to two banks suspected of speculating in the Hong Kong dollar, which made some Hong Kong dollar speculators tremble and finally chose to withdraw from the Hong Kong dollar speculative team, which will undoubtedly weaken Soros's speculative power. When the Hong Kong dollar began to sell off again, the HKMA raised short-term interest rates sharply, causing the overnight lending rate between banks to skyrocket. After a series of counterattacks, Soros failed to gain any advantage in his Hong Kong campaign, which is said to have caused Soros heavy losses. This move is also one of Soros's few "defeats". The Chinese government has also repeatedly stressed that it will fully support the Hong Kong government in safeguarding the stability of the Hong Kong dollar. If necessary, the Bank of China will cooperate with the HKMA to jointly crack down on Soros's speculative activities. This is undoubtedly a heart-boosting agent for Hong Kong, but it is definitely bad news for Soros. The bad news "Soros heard" is far more than that. On July 25, 1997, the meeting of central banks of 11 Asia-Pacific countries and regions, including China, Australia, the Hong Kong Special Administrative Region, Japan, and ASEAN countries, held in Shanghai, issued a statement: The economy of the Asia-Pacific region is developing well, and we need to strengthen cooperation with each other to jointly combat the power of currency speculation. This makes Soros feel that the hope of speculating in Hong Kong dollars to make a lot of money has been dashed, and he has to go home angrily. Shorting the yen and making 1 billion US dollars is different from shorting the pound and the Thai baht before. The method of shorting the yen seems to be more cunning and sophisticated. The global economic downturn in recent years has made Soros target Japan, a volatile fat meat. An industry investor believes that the root cause of the yen being shorted by hedge funds lies in the internal causes of its economic system. In the past decade, the Japanese government has promoted government bonds vigorously, and Japan's reliance on borrowing for fiscal revenue has caused Japanese government bonds to snowball, almost reaching a situation where they cannot be paid off. According to data, compared with the debt/GDP ratio of countries in the epicenter of the European debt crisis of nearly 150%, Japan's figure is as high as 200%, but it can still be maintained by borrowing new money to pay off old debts. As a result, "shorting the yen" became the hottest speculative trade on Wall Street at the time. It is understood that from November 2012 to February 2013, the exchange rate of the yen against the dollar has fallen by nearly 20%. In February 2013, it hit a new 33-month low, the worst performance for the same period since 1985. Soros certainly wouldn't miss such a gold-mining opportunity, but that short sale was led by Scott Bessant, a prote ́ ge ́ e who has been with him for more than 20 years. In the summer of 2012, Bessant officially took over the Soros fund. When Japan, which was hit by a magnitude 9 earthquake, began to import large amounts of crude oil, he predicted that the yen would depreciate and actively looked for opportunities to short. It was not until October 2012 that Bessant went to Japan for research. After learning that Shinzo Abe, who was "eager" for further quantitative easing of the yen, had the best chance of being elected prime minister, and he found that a large amount of Japanese money had been withdrawn from high-interest assets in the Australian dollar, he felt that the time had come. In order to raise a huge amount of funds to build a position, Soros sold stocks in large quantities. Mr. Soros sold stakes in General Motors and General Electric, according to Securities Exchange Commission filings, and his fund sold 1.10 million shares of LinkedIn, 260,000 of Amazon and 2.50 million of Groupon in the last quarter. A big bet against the yen is bound to draw the "attention" of Japan's financial regulators, with Mr. Bessant's main strategy being to amplify leveraged funding through yen carry trades, buying heavily into derivatives portfolios betting on a weaker yen and rising Japanese stocks. A person close to Mr. Soros's fund said Mr. Bessant's main short yen positions were concentrated in yen puts with strike prices in the 90-95 range, and using leveraged financing to buy up Japanese stocks as a "cover". This is also Soros's usual tactic - short the foreign exchange market and long stocks and indices. So, in addition to increasing his short position in the yen, Soros also bought up Japanese stocks, which account for 10% of the company's internal portfolio. Because Soros believes that the only solution to Japan's economic woes is currency devaluation, which will lead to another phenomenon, a short-term stock index boom, it is destined to be a sure-fire business. Indeed, the Nikkei 225 index has risen by 33% from its low of 8619 in November 2012, which has made Soros a big profit.